Link Securities | The Bank of Spain (BdE) published on Monday that Spanish public debt increased by €46.143 billion in 2024, to €1,621,515 billion, which is its highest level for an annual close. In terms of Spain’s GDP, public debt stood at 101.8% at the end of 2024, 3.3 percentage points less than in 2023. The improvement in the public debt ratio has a lot to do with the upward…
According to data from the Spanish Association of Automobile and Truck Manufacturers (Anfac), car production in Spain fell by 27.2% in January, reaching 168,076 units produced. Anfac states that the main causes of this sharp decline are the adjustments in work shifts made at production centers and their adaptation to the introduction of new electrified models, and it reminds that the drop in production occurs at “a critical moment for…
Luis Alcaide | In the past month of December, exports increased by 2.7% year-on-year, while for the entire year of 2024, they grew a modest 0.2%. Exports did not decline for the whole year, but their value in euros also did not advance; they practically remained stagnant. The total figures for 2024 amounted to €384.465 billion, lower than the €387.599 billion reached in 2022. This decrease in export volumes is…
This is clearly explained, in just a few paragraphs, by Jaime Terceiro, an illustrious Spanish economist and member of the Royal Academy of Moral and Political Sciences, who in a speech at the end of last year stated: ‘It is repeated over and over that our economy is growing almost four times faster than the European average with an employment level that reaches its maximum values. This is true, but…
Link Securities | Capital Group, historical shareholder of Grifols, faces its exit by placing its stake in the company’s capital below 3%, Expansión newspaper reported yesterday. On 7 February, as recorded in the records of the National Securities Market Commission (CNMV), Capital Group reduced its stake in GRF to 2.902%, from the 3.406% declared on 5 February. Of the 2.9% declared by the fund, 0.45% is also on loan to…
Link Securities | BBVA (BBVA) has put part of Madrid Nuevo Norte up for sale, according to Cinco Días. The bank, which controls almost 76% of the development company, has hired Rothschild for the operation and is looking for a partner to provide resources as the so-called Operation Chamartín has begun to get underway. The sources consulted by the newspaper indicate that it would be conventional for Rothschild to look…
Norbolsa | Government opposition to the Polish bid clears the way for an agreement with the Basque consortium. Yesterday Talgo shares plunged 9% to €3.28/share affected by this decision. So it looks like we will find out today if an agreement is finally reached with the consortium to acquire 29.8% of Talgo. On Wednesday we learnt that Pesa would be willing to launch a takeover bid for 100% of Talgo,…
The President of the United States, Donald Trump, has extended his threat of tariffs to Basque steel as part of his electoral promises, announcing an imposition of up to 25% surcharge on all steel, iron, or aluminum entering the United States. This measure directly affects the company located in the Basque Country, Tubos Reunidos, which is already analyzing how to overcome the impact. If implemented (according to the new president…
Link Securities | OHLA (OHLA) updated the National Securities Market Commission (CNMV) with information regarding the recapitalisation process of OHLA and its subsidiaries, which includes the modification of the terms and conditions of the senior secured bond issue of OHL Operaciones, S.A.U. EUR €487,266,804 Split Coupon Senior Secured Notes due 2026 (of which €440,405,980.55 in principal is outstanding) (ISIN: XS2356570239 / XS2356571120), the partial amortisation of the Bonds and the…
Bankinter | Figures for 2024 (versus consensus): Premiums €28,122 million (up 4.5%) versus €27,781 million, Net profit €902 million (up 30%) versus €888 million, Non-Life Combined Ratio 94.4% vs 95.0%, Solvency 202.4% versus 197.6% at the end of 2023. Bankinter analysis team’s opinion: Premiums grow solidly in 2024 (6.6% at constant exchange rates) to €28,122 million, beating expectations. The biggest surprise comes from the margins side. The Non-Life combined ratio…