Telefonica is considering selling mobile and towers and fibre cables to its subsidiary Telxius (50.01%9 with the aim of giving greater visibility to the value of these assets, taking account of the major recognition telecommunications infrastructure is receiving in the markets.
Christine Lagarde, the nominee to be the European Central Bank’s next president, vows for the issuance of financial instruments that group bonds from different EU members which could act as refuge assets and increase the supply of bonds with high credit quality in the EMU.
Bankinter | Iberdrola will enter the Stoxx 50 index on 23 September. The Spanish electricity company will form part of the Stoxx 50 index which groups together the 50 largest companies in 17 European countries, including Switzerland and the UK.
Experts at UBP believe that fiscal stimulus or, more effectively, fiscal- monetary coordination presents the most potent upside catalyst to risk-assets.
Chris Iggo (Axa IM) | Suddenly the Brexit stakes have been raised. Prime Minister Johnson has made a call that convincing the world that he is prepared to leave the EU without a deal and that he is prepared to take risks with democratic and parliamentary convention are worth it if it results in the UK and the EU reaching a compromise withdrawal agreement before October 31st. It is a gamble and the tactics are being challenged by both political and public responses. Yet an alternative course of action is hard to see given the lack of credible anti-no-deal strategies so far. If Johnson’s bet pays off, the UK leaves the EU with a deal, sterling rallies, and confidence to the economic outlook can return. If not, economic and political chaos will continue and probably worsen. I said I would adhere to “Sober September” – that might prove to be very challenging!
Sabadell | Blackstone Infrastructure Partners (29% Enagas) has launched a non-binding offer to increase its holding in the US Tallgrass from 44% to 100%, which would mean that Enagas would go from 12.5% to 25% indirect if it decides to participate, which has still not been decided.
Alphavalue | OHL, through its subsidiaries Judlau Contracting and Community Asphalt, has signed contracts to carry out two contacts in the US for about 70 M€.
Banc Sabadell | According to the press, Denver International Airport (US) has unilaterally cancelled the contract which was awarded in 2017 to the Great Hall Partners consortium (in which Ferrovial holds 80%) to remodel and operate commercially for 34 years its main terminal.
Thomas Lehr (Flossbach von Storch) | The US-China trade conflict is keeping markets on tenterhooks. Should we therefore avoid equities? We encourage investors to be courageous. Quality prevails. An argument in favour of long term investment.
Bankinter | The media company Prisa is negotiating exclusively with Cofina the sale of Media Capital, its Portuguese subsidiary. In the past it negotiated the same sale with Altice for 440 Mn€, but the competition authorities did not approce the operation.