Banco Santander Rating AA-, stable perspective
Marco Troiano (Scope Ratings) | We assign the rating BBB- to the AT1 bonds of 7.5% of Santander issued in February 2019 for an amount of 1.2 billion dollars.
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Merlin could create a Socimi in Portugal or list on the Lisbon stock market
Bankinter | The company announced in its shareholders´ general assembly yesterday that it would be considering creating a Socimi in Portigal that would be consituted before the end of the year.
Mapfre: 85% of improvement in post tax profits should come from Brazil and US
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
World Gives America One Year to Stop Trump or Face Sanctions
John Feffer via Fair Observer | Several countries have already withdrawn recognition of the Trump government and recognized Nancy Pelosi instead as the legitimate leader of the country. The deputy assistant undersecretary general of the United Nations has given the United States a one-year warning. If the country doesn’t clean up its act and become a responsible world citizen, Ithell Colhoquon announced yesterday, the international community will impose sanctions on…
ECB review: never say never
BofA Merrill Lynch | Our base case remains: if data stabilises, the ECB will be keen on hiking at the end of this year. But our conviction level is low (and declining) – similar to the ECB’s. The alternative, we argued, would be no hike this year, a long extension of forward guidance beyond market pricing and tiering.
TLTRO III could offer 0% or negative interest to banks which transform liquidity into loans
Link Securities | Members of the ECB´s Council are inclining in favor of compensating banks for loans to individuals and companies, although they are skeptical about offering lenders relief for the charge they receive for their idle balances.
Ferrovial: Partial Sale of Services Subsidiary Most Likely
Sabadell | The funds Lone Star and Apollo have demonstrated interest in acquiring 100% of Ferrovial’s services subsidiary. Goldman Sachs distributed the indicative document (teaser) several weeks ago.
Repsol production falls -2.5% in 1Q19
Renta 4 | Spanish oil company Repsol published its operational data for Q119. In the first quarter of the year, the price of Brent Crude (63.1$/b) fell -5% yoy and -8% compared to Q418 because of the strong reduction in crude prices since their highs at the beginning of October (-42% until the end of December, although with a subsequent recovery of +28% from the beginning of 2019 until the end of March).
Santander: excessive digital focus, tied to domestic market
Alphavalue | During the last decade, Banco Santander has successfully diversified constructing a portfolio of low risk/high growth activities. Although it should guarantee the longevity of the group, it has not translated into profits for smaller shareholders.
Carlyle’s purchase of 30% Cepsa implies elevated PER: 14.1 X, compared with 12.5X for Repsol
Bankinter | Private equity group Carlyle has bought 30% of CEPSA for approximately $3.6 billion (€3.2 billion) and has reserved the right to increase its holding to 40%.