Renta4 | Cellnex announced an issue of senior bonds convertible into shares of 700 Mn€, extendible to an additional 150 Mn€. It will be exclusive for institutional investors, will mature on 5 July 2028 with a coupon of 0.5% and a repurchase value on maturing of between 103.74% and 108.58%, which means a performance at maturity between 0.9% and 1.4%, below the average current price of the company of 2.2%.
Alphavalue | The Spanish government prepares measures to block corporate operations among listed companies in which the State has a stake.
The Spanish hotel chain announced a single dividend payment for 2018 of 0.183 euros/share (+8.9% vs 2017; in line with what was expected), date ex date 5 July and date of payment 9 July. Yield 2.2%.
Shareholders approved the payment of a gross dividend of 1.175 euros/share charged to 2018, 3.5% more than the previous year.
The latest profit warning from Nucor for Q2 (1.20-1.25% vs consensus 1.48$) seems to confirm the weakening of tendencies in the steel sector in this period.
Baker McKenzie | There were no flotations in Spain in the first half of 2019, consolidating the progressive decline in these operations since 2017.
Alphavalue | The ECB´s reflationary strategy has caused doubts among investors about the business plans of Spanish banks, in particular Caixabank, articulated in terms of the improvement in the net interest margin over the expected future rise in interest rates (which, incidentally, we do not expect any time soon).
Renta4 | In Spain, the Technical Advisory Committee of the Ibex decided in its ordinary meeting, as expected, to include MasMovil in the index from 24 June, replacing Tecnicas Reunidas.
Telefonica’s dividend payment of 0.40 eur per share in cash will be divided into two payments of 0.20 euros / share.
Renta 4 | Mediaset Spa and Mediaset España have announced their merger through a share exchange under the name of MediaForEurope (MFE), which will be the new parent company, with the intention of creating a pan European platform, which will trade in the Italian and Spanish stock markets, able to unite a combined audience of 107 million viewers.