Banc Sabadell : In the context of the new scenario of armed conflict in Israel, it should be noted that CAF (CAF) has two projects underway in the country. These are the Jerusalem light rail project and the Purple Line project of the Tel Aviv light rail, which together account for ~7% of the company’s portfolio. Assessment: News with a negative bias although with limited impact for now as the…
Intermoney | As reported yesterday by the company, the Italian Council of State has confirmed to the SIS consortium, formed by Fininc and Sacyr (Buy, PO, €), the award of the operation of a series of motorways in the vicinity of Turin; these assets, already in operation, total 320 kilometres. This contract, awarded by the Italian Ministry of Infrastructure and Transport in June 2021, has now been confirmed by the…
Santander : Issuance of €738 billion YTD (year to date) continues to set an all-time record for the last few years, thanks to record financial issuance. This year’s financial issuance of €434 billion surpassed the previous record of €379 billion in 2022 YTD. Within these, the €183 billion of covered bond issuance was also above the previous record of €176 billion last year. This year’s corporate issuance of €303mm exceeds…
According to the Governor of the Bank of Spain, Pablo Hernández de Cos, in his speech at the XIV Financial Meeting organised by EXPANSIÓN and KPMG, “more than 50% of the effects of interest rate hikes are yet to come and we will see them in the coming quarters”. The also member of the Governing Council of the ECB has indicated that they have been “surprised” by the rapid transmission…
Norbolsa | Metro Bank announced on Sunday a £325m capital increase and a £600m debt refinancing, following a weekend of urgent talks to strengthen its balance sheet and improve its capital ratios. This deal would hand majority control to its largest investor, Jaime Gilinski (53% when the transaction is completed). The debt restructuring will extend the maturity of its loans and holders of the £250m bond due June 28 will…
BancaMarch : The Bank of Israel has announced the sale of $30bn of foreign currency – 5.5% of Israeli GDP – and an additional $15bn in swaps. The shekel-dollar pairing is down -2% to 3.92 in the wake of the Gaza attack, values not seen in almost eight years. The Israeli central bank plans to intervene in the markets in order to provide liquidity and stabilise the currency. Since 2008,…
Link Securities | The company has carried out a corporate reorganisation of Clece, the holding company that groups the activities of cleaning, integral maintenance, social services, airport and health care, according to the digital newspaper ElConfidencial.com. ACS has split the group into three divisions, after several private equity funds have shown interest in some of its businesses in recent months, while Ferrovial, Sacyr and OHLA have sold similar companies at…
Repsol is looking for a partner for a portfolio valued at €800 million in an operation that has been christened as Project Ebro; Endesa is looking for an ally to help it develop projects valued at €2,000 million (Project Ra); and Iberdrola is looking for a travelling companion to install renewables for €7,000 million (Project Maverick) in the USA. The three major Spanish energy companies account for almost half of…
Alphavalue/DIVACONS | Apollo’s takeover bid for 100% of Applus+ (APPS) is pending approval from the national competition authorities of China, Kuwait and Saudi Arabia, Apollo informed the Spanish Securities and Exchange Commission (CNMV) on Thursday. In this regard, the US fund highlighted that it has already received authorisation from the competition authorities of Brazil (11 August), Canada (14 August) and Chile (15 September), as well as from the European Commission…
Banc Sabadell: Shares fell -1.7% in Thursday’s session after British Prime Minister Rishi Sunak suggested the possibility of a vote on a total ban on the sale of tobacco in the UK to new generations. This would raise the legal age for buying tobacco by one year every year, so that those born after a certain year would not be able to buy tobacco legally for the rest of their…