Issuance in 2023 reached €860 billion, marking the second highest annual issuance ever, behind only €869 billion in 2019. By country, French companies lead this year’s primary with €75 billion, followed by German (€66 billion), UK (€52 billion) and US (€45 billion) companies. This year’s financial issuance of €499 billion exceeds the €490 billion for the whole of 2022 and is above all annual issuance since 2008. Within financials, the…
Link Securities| Moody’s affirmed Enel’s long-term credit rating at “Baa1”, while maintaining Enel’s short-term rating at “P-2”. The rating agency said the rating confirmation mainly reflects Enel’s prospects of restoring its financial profile to a level in line with the current “Baa1” rating. The rating continues to reflect the Enel group’s large scale and geographic diversification, as well as the group’s business model, which will continue to be predominantly driven…
Intermoney | The Spanish company (Hold, PO29) is considering selling its 50% stake in AGS, the holding company for Glasgow, Aberdeen and Southampton airports. The remaining 50% is held by Macquarie, according to Expansión. AGS is currently in the process of refinancing its debt, some £930 million, after which the Spanish construction company would carry out the sale. Expansión’s sources indicate a valuation for AGS of less than £1,000 million…
Morgan Stanley| Inditex (ITX) reported very solid Q3 results with a slight beat in EBIT driven by a strong performance in gross margins, which rose 150bps year-on-year and beat consensus estimates by 70bps. Moreover, all this has led the company to raise margin guidance for FY23. On the other hand, sales came in line with consensus, with +12% cc growth, and current trading activity (1 November to 11 December) points…
Alphavalue / Divacons| Global coal demand will reach a record 8.5 billion tonnes this year. According to a report on this raw material published by the International Energy Agency (IEA) on Friday and reported by Europa Press, this rise in demand will mean an increase of 1.4%. However, the Paris-based institution points out the deep divergences between economies, in addition to the expectation that consumption will gradually decline until 2026.
Fernando González Urbaneja| The SMI (Minimum Wage) is one of the assets of the Sánchez government that the vice-president of Sumar chalks up as a win. It is a minor but very visual asset, raising the SMI sounds good, especially to all those who do not have to pay it. Because raising the SMI is a free power of the government, since it is a wage cost for companies that…
Renta 4| Solaria (SLR), through a CNMV (National Securities Market Commission) filing, has announced the acquisition of 500MW of photovoltaic modules at a price of €0.09.3 per watt from a Tier 1 manufacturer, which represents a 62% decrease compared to last year’s prices. Assessment: Positive. After 2 years of inflation, the main materials that make up the photovoltaic parks have resumed the downward trend in costs. The price paid by…
Banca March : Germany opts to tighten its belt. The German country has managed to agree on significant budget cuts of €17 billion in the wake of the funding gap, as the transfer of unused pandemic funds for climate purposes has been declared illegal. Thus, adjustments will be made in construction subsidies, transport spending, as well as in green energy and industry support. Climate funds will reduce spending by €12…
Alphavalue / Divacons| Spanish banks had the worst capital ratio in Europe in the annual transparency exercise conducted by the European Banking Authority (EBA) for the second time in a row, behind even their Greek peers. Specifically, the ten Spanish banks that took part in this EBA exercise recorded a CET fully-loaded capital ratio of 12.64% in 2Q23, the cut-off date for this year. This figure increased by +34 basis…
The Consumer Price Index fell by 0.3% in November, according to the National Statistics Institute (INE), reaching a year-on-year rate of 3.2%. Core inflation also fell in November, reaching 4.5%, its lowest level since April 2022. The Consumer Price Index (CPI) fell by three tenths in November, reducing its year-on-year rate to 3.2%, according to data published by the National Statistics Institute (INE). One of the main reasons for this…