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Articles by The Corner

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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.
endesa cartel

In Spain 18th November 2024

Purchase of Acciona’s hydro assets enables Endesa to increase market share in renewable generation

Renta 4 | The company has reached an agreement to acquire Acciona’s hydro assets in Spain. The deal consists of 656 MW of 34 plants generating 1.3 TWh in 2023, for which Endesa has agreed to pay €1,000 million debt-free, financed with its own funds, and which is expected to close in 1H25, subject to the relevant regulatory approvals. Assessment: The remaining useful life of these assets is limited in…

petroleo extractora

In the World 18th November 2024

IEA raises oil demand growth forecast for 2024, but slightly cuts estimates for next year

Link Securities | As reported yesterday by Dow Jones, the International Energy Agency (IEA) raised its oil demand growth forecast for 2024, but slightly cut estimates for next year, citing the impact of China’s economic slowdown on consumption. The IEA now estimates that global demand will grow by 921,000 barrels per day (bpd) in 2024 from the 862,000 bpd previously estimated, largely due to higher-than-expected diesel deliveries in OECD countries….

grifols edificio

Spanish economy 18th November 2024

Brookfield closes refinancing of Grifols debt for €11,000 million with Deutsche Bank and Banco Santander

Link Securities | The Canadian private equity fund Brookfield has taken a definitive step to take control of GRIFOLS (GRF) through a takeover bid for 65% of the capital, as reported on Thursday by the newspaper ElConfidencial. According to sources close to the operation, the fund closed with Deutsche Bank and Banco Santander (SAN) the refinancing of the company’s debt of €11,000 million, the largest syndicated loan signed in Spain….

sanchez elections

In Spain 15th November 2024

Fiscal Abuses: Government Discriminates Against Companies for Ideological Reasons

Aurelio Medel (5 Días) | In Spain, Parliament remains trapped by the whims of minor parties that support Pedro Sánchez’s Government, putting him in the position of either adopting their clientelist interests or renouncing to govern. The political negotiation regarding the tax on banks and energy companies, sectors that have historically been attributed with the greatest capacity for influence in Spain, is a vivid portrait of the blackmail from these…

InmoColonial

Spanish economy 15th November 2024

Colonial to consider investment strategy and location of activities if tax regime for REITs withdrawn

Link Securities | The company has officially responded to the Government’s proposal to withdraw the tax regime for REITs, the newspaper elEconomista.es reported yesterday. According to Juan José Brugera, Chairman of the company, “the changes that some are proposing are very serious. The REITs regime is nothing more than the adaptation to the Spanish case of the rules established in international markets. These types of modifications turn the Spanish market…

grifols edificio

Spanish economy 15th November 2024

Brookfield obtains funds to refinance Grifols’ near €10,000 million debt

Bankinter | The Brookfield fund has agreed a syndicated loan for €11,000M with Santander and Deutsche Bank to finance Grifols’ €9,850 million of gross financial debt (and €9,200 million of net debt) Analysis team’s opinion: Positive news that improves the prospects for Brookfield to present the takeover bid for Grifols that it has been studying since July. The funds from the syndicated loan will be used to refinance the current…

alemania reichstang

European economy 15th November 2024

Germany’s October ZEW index surprises on downside with 7.4 points vs. 13.1 previously, while EU index declines to 12.5 from 20.1 previously

Link Securities | The ZEW institute published yesterday that its index measuring sentiment about Germany’s economy among major investors and analysts declined in November to 7.4 points from 13.1 points in October, also below the 13.3 points expected by FactSet’s consensus of analysts. This was negatively influenced by Donald Trump’s victory in the US presidential election and the collapse of the German coalition government. The index measuring their perception of…

eeuu precios 1

In the World 15th November 2024

US inflation rebounds slightly to 2.6% year-on-year vs. 2.4% previously, core stable at 3.3%

Bankinter | Inflation was in line with expectations. October CPI rose 2.6% vs. 2.4% previously. Month-on-month, it rose 0.2%. The Underlying rate rebounded to 3.3% year-on-year and 0.3% month-on-month. Analysis team’s view: Inflation rose by two tenths, but this was not surprising and the market made a good reading. What is really important is that prices will probably continue to rise in the coming months, especially from 2025 onwards, when…

Spain ratings

In Spain 14th November 2024

Liquid times, solid economy?

José Ramón Díez (Caixabank Research) | At the speed of events in today’s geopolitical world, it is difficult to take a step back from the heated reality and reflect on the medium-term economic outlook and trends. In the first week of November alone (when these lines are being written) we have witnessed a resouding victory for Donald Trump and the Republican Party in the US Senate and House of Representatives,…

Aena nuevita

In Spain 14th November 2024

Traffic at Aena’s airports up to €266.1 million, 9% year-to-date, or 11% more than pre-pandemic

Intermoney | Aena (Buy, PO €205) yesterday announced its monthly traffic data for October. Passenger numbers in Spain rose 6% year-on-year last month to 28.2 million. Both Barajas and El Prat grew by more than 5%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Valencia (up 4%) and Ibiza (down 1%). The national total in October was 14% higher than…