Top Stories

In Spain

Merlin Properties

Companies, Ibex, Spanish economy 21st November 2022

Merlin Properties subscribes to a 5-year syndicated loan for € 600 M; this assures the repayment of all debt maturities to 2027

Renta 4 | According to information provided to the Stock Market Regulator, Merlin Properties has subscribed to green corporate financing with various banks. This allows it to add 660 million euros to its disposable liquidity, reaching a total of 2 billion, and means that the repayment of all its debt maturities to 2027 is assured. The financing consists of a syndicated 5-year loan for 600 million euros with 5 lenders (BBVA,…

Telefonica

Companies, Ibex, Spanish economy 21st November 2022

Telefónica: a more bullish message on the telco sector than on other occasions

MS | The general feeling is that Telefónica’s message at the TMT 2022 was more bullish than on other occasions. The most important elements: Telefónica is managing the current volatile macro environment well. 2. A generalised hike in prices: the company’s prices are linked to inflation in Brazil, HISPAM and the UK. In Spain, the message has been very direct, speaking about raising prices to levels of inflation as well…

Companies restructuring

Spanish economy 21st November 2022

New record: 311 insolvency proceedings in a single day

On 15 November, the Official State Gazette published 311 insolvency proceedings, the highest number in a single day since records began. However, as José Martínez, managing director of the consultancy firm Gesico, explains, “243 insolvency proceedings correspond to individuals, both self-employed and employed individuals who have been forced to apply for the Second Chance Law because they are unable to pay their debts, According to Martínez, “This situation is caused…

GarciaPage

Spanish economy 21st November 2022

Emiliano García Page, Socialist President of Castilla La Mancha: “The toll for the ERC votes in Madrid is very expensive for Spain and for the PSOE”

In an interview granted yesterday to the newspaper La Razón, the socialist leader explains that he speaks “from his conscience” for “many other socialists” who have the same opinion but do not have a voice. Q- What is the cost to Spain of repealing the crime of sedition? asks La RazónA- The current president of the Generalitat set 2030 as the date for a new illegal referendum, if I remember…

ACS

Companies, Ibex, Spanish economy 21st November 2022

ACS forms the consortium YTK with some US firms to build a factory in Ohio for electric vehicle batteries

Link Securities | Asian industrial firms Honda and LG Energy have commissioned the construction company Turner, a subsidiary of ACS, to build a factory for electric vehicle batteries in the county of Fayette, Ohio (US), according to today’s Cinco Dias. The initial budget for the installation is $3.5 billion (some 3.380 billion euros) of the $4.4 billion (some 4.245 billion euros) being considered for the whole initiative. ACS’ partners in…

Cellnex

Companies, Ibex, Spanish economy 20th November 2022

Cellnex will consider buybacks and distribute dividends when TowerCo generates positive FCFs in 2024

Morgan Stanley |The main issues dealt with on Cellnex’s panel of the TMT: Capital allocation is the priority: The company has announced that it will consider carrying out buybacks and distributing dividends when TowerCo generates positive FCFs in 2024. The next priority is to take advantage of BTS capacities/organic growth, which in the context of 5G offers new challenges. The “Greenfield” projects also have attractive yield profiles according to the…

Telefonica chuli

Companies, Ibex, Spanish economy 19th November 2022

Telefónica has confirmed that it will raise prices an average 6.8% from Jan 2023

Norbolsa | Telefónica CEO, Ángel Vilá, has confirmed that in the next few days the company will officially announce an average rise in tariffs for Movistar clients in Spain of 6.8%. This will come into effect from January 2023. The rise in tariffs will not be lineal, but will vary according to the services contracted. Up to now, the Spanish telco was implementing its strategy «more for more». This consisted…

Markets

Companies, Markets, Spanish economy 19th November 2022

Downward revisions in Europe have only just begun; usually takes 7-8 months until they touch bottom

Morgan Stanley | Q3’22 results have been very similar to those of Q2’22 and Q1’22, substantially better-than-expected in terms of revenues and also strong in terms of profits, although to a lesser degree. There was a fairly negative skew in publications, with those stocks which published better-than-expected figures rising very little, while those which presented worse numbers fell sharply. Financials and energy were the two sectors which published better figures,…

jsj3

Spanish economy, Spanish Politics 18th November 2022

The Government maintains the Basque quota (6.24%) and secures the PNV’s support for the budget

Although 41 years have already passed since the rate at which the Basque quota to the State was first agreed, there will be no changes for the next five-year period (22-27). The 6.24%, the percentage of Basque funding for the common expenses borne by the central Administration -defence, Royal House, embassies, etc.- is going to be maintained for another five years.This has been agreed in Madrid by the central and…

Lamanodedios

Spanish economy, Spanish Politics 18th November 2022

Who said fear? Sánchez’s government has already raised the debt by 300 billion euros, which marks a new record high: 1.504 trillion (116% of GDP)

Debt set a new all-time high in September, at 1.504 trillion euros, which represents an increase in relative terms of 0.8% compared to the previous month, reaching 116% of GDP. By administrations, government debt rose in September to 1,329,016 billion euros, 6.8% more than a year ago and 1.15% higher than in the previous quarter, marking an all-time high. For their part, the debt of the autonomous communities fell by…