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The Corner

The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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World economy 27th May 2024

Sacyr and OHLA among shortlisted bidders in tender for toll road concession in Peru with €950m investment

Link Securities | Sacyr (SCYR) and OHLA (OHLA), together with five other rivals, have been shortlisted in a tender in Peru for a toll road concession that will require an investment of $1,026 million (around €950 million). This is the “Longitudinal de la Sierra Tramo 4” project, which includes the design, financing, construction, operation and maintenance of 965 kilometres of toll roads over a concession period of 25 years. The…

Spanish economy 27th May 2024

20th MidCap forum kicks off at Spanish Stock Exchange

The MedCap forum, organised by Bolsas y Mercados Españoles, celebrates its 20th edition between Tuesday 28th and Thursday 30th May. Designed as a meeting point between the main small and mid-cap companies and national and international institutional investors, this year it will be attended by more than a hundred issuers and other market operators. The main objective of MedCap is to boost the liquidity and financing capacity of listed small…

Spanish economy 27th May 2024

Cost of insuring Sabadell’s debt (104 bp) is double that of BBVA (42 bp)

Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…

Spanish economy 27th May 2024

Acciona Energy expects to reach capacity increase target in 2024, but acknowledges this does not currently allow it to generate €1.1 billion Ebitda

Intermoney | Acciona (Buy, PO €200) and Acciona Energía (Buy, PO €29) have published their 3-month trading statements (TS), in which they do not provide P&L data, only operational data. The companies will not hold conference calls. Acciona Energy’s key operating data is shown in the attached table, along with our forecasts for 2024e as a whole. Overall, ANE expects to reach its capacity increase target of 1,700 MW in…

European economy 27th May 2024

EU car registrations up 13.7% year-on-year in April vs. 5.2% drop in March

Link Securities | The European Automobile Manufacturers Association (ACEA) yesterday reported that European Union (EU) passenger car registrations rose 13.7% year-on-year in April (-5.2% in March) to 914,000 units, driven by solid increases in all major markets. Sales in most EU markets recorded gains, including Spain (23.1%), Germany (19.8%), France (10.9%) and Italy (7.7%). In turn, electric car registrations in the EU grew by 14.8% to 108,500 units and their…

European economy 24th May 2024

Eurozone economic recovery accelerates: new orders rise at fastest pace in more than a year

CdM | The economic recovery in the eurozone gained momentum in May. “It seems that the results could not have been better”. The PMI index “reveals that the euro area economy is strengthening further”. Indeed, the pace of expansion was solid, accelerating for the second month in a row to the fastest in twelve months. The overall expansion was again driven by the services sector, with business activity increasing for…

In Spain 24th May 2024

Government withdraws Land Law to avoid another defeat in Parliament

The Government decided yesterday to withdraw its Land Law hours before it was due to be voted on in Congress, given the evidence that neither its government partners (Sumar) nor the parliamentary majority that supports it (Junts, ERC, PNV, Bildu…) were going to vote in favour, which left its possible approval in the hands of the opposition – the PP and Vox. The government thus avoids a second defeat in…

Spanish economy 24th May 2024

Spanish companies’ sales down by 10% in March making it 12 consecutive months of falls

The turnover of Spanish companies suffered a 10.6% drop in March compared to the same month in 2023, its biggest fall since February 2021, according to data provided today by the National Statistics Institute (INE). Although it should be borne in mind that last year Easter fell in March and in 2024 the positive effect of these dates corresponded to April, the truth is that if seasonal and calendar effects…

Spanish economy 24th May 2024

Indra finalises decision to sell stake in Minsait and hires Citi and AZ Capital to manage process

Renta 4 | According to press reports, Indra has hired Citi and AZ Capital for the Minsait sale process. The valuation of the investment banks carried out in the last weeks presents a very wide range, between €1.3 and €2.1 billion. The management announced at the Investor Day on 6 March its intention to sell a minority or majority stake in its technology subsidiary. The objective is to start the…

European economy 23rd May 2024

ESMA publishes 20 recommendations to boost European markets

Emisores | The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the position paper Building more efficient and attractive capital markets in the EU, which includes 20 recommendations to “strengthen EU capital markets and address the needs of European citizens and businesses.” ESMA’s recommendations for a well-functioning capital market focus on three dimensions: citizens, businesses and the EU regulatory and supervisory framework. According…

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