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Ibex, Spanish economy 14th December 2020

The Bank Of England Lifts Restrictions: Santander UK May Return To Paying A Dividend

According to the central bank, the lenders will be able to resume payments once their adequate capitalisation has been verified. The Bank of England urges prudence regarding the return of dividends and will maintain some requirements. These include not exceeding 25% of the profits of the last eight quarters, or 0.2% of their risk-weighted assets. Everything points to the ECB lifting its veto on dividends tomorrow.

Spanish economy 14th December 2020

Spain’s Housing Prices Surprised, Increasing Again In Q3, Sustained By New Housing

Bankia Estudios | Housing prices rebounded in 3Q20 (+1.1% quarter-on-quarter), after remaining practically stable in the previous quarter, so that they are 16% below the highs of 2007 and 35% above the lows of 2014. The rebound was concentrated in new home prices: +4.7% quarter-on-quarter after the one-off fall in the previous quarter (-2.2%); while in year-on-year terms it rose to 7.5%, the highest rate since 1Q19. The prices of the new housing segment have grown by 50% accumulated from minimums and, after the growth of 3Q20, are around the previous maximums; while the prices of used properties are 25% lower.

Ibex, Markets, Spanish economy 11th December 2020

Banco Sabadell Sounds Out Credit Agricole, BNP And Zurich For TSB Sale

After the failed talks on merger with BBVA, the Catalan lender has noted expressions of interest in its UK subsidiary TSB, due to to be sold in 2021 at a price of over 800 million euros. So the bank may be exploring possibilities with Credit Agricole, BNP Paribas or Zurich Insurance Group and other European firms to reach alliances. Market rumours point to the difficulty of transferring TSB at a reasonable price and also flag Banco Santander as one of the candidates to buy it.

Spanish economy 11th December 2020

Spain Industrial Production Moderates Its Fall In October And Is Almost Back To The Pre-Crisis Level

The General Index of Industrial Production (IPI) plunged 6.1% in October compared with a year earlier. This was an increase of more than five percentage points on September’s yearly decline (-0.6%) but seasonally adjusted it recorded a year-on-year fall of 1.6% in October, moderating the September decline by 1.5 points (-3.1%). In monthly terms, and within the adjusted series, the index rose by 0.6%, three tenths of a percentage point less than in September. This growth is well off the double-digit increases recorded in May, June and July.

Spanish economy 10th December 2020

Spain Charges Investors For Its 10-Year Bond For The First Time In History

Today Spain issued €1.403 M at a new auction of bonds and securities, within the average range predicted. And it did so selling the 10-year bond with a negative yield for the first time in history. In fact, in the secondary market, the Spanish bond has been marking historical minimums for weeks. Until now, this “anomaly” was something typical of countries like Germany, with well balanced public accounts. Spain and Portugal have already joined this club. The Portuguese bond yield fell to -0.013% on Tuesday.

Spanish economy 10th December 2020

The Amount Of Renewables With Access Permission To REE Shows Spanish Network Is Starting To Be Saturated

Renta 4 | Withdrawals from network access points are continuing. To the over 20 GW of renewable projects abandoned in September, we must now add another almost 5 GW during the month of October. As of October 31st 2020, the number of renewables’ plans with access permits has risen to 121.7 GW. This means only a further 0.5 GW have obtained the access point, a clear sign the transport network is fairly saturated.

Ibex, Markets, Spanish economy 10th December 2020

Around One Third Of Spaniards Resorted To Their Savings During The Pandemic

Thirty one per cent of Spanish citizens have had to use their savings during the pandemic. This is at least double that of France (15%), Germany (14%) and the Netherlands (12%). In addition, 19% of Spaniards have had difficulty in meeting their housing costs. In these three above-mentioned countries, the percentage of those who acknowledge this problem is around 10%. This is data from the latest Focus on Spanish Society, a publication edited by Funcas.

Spanish economy 9th December 2020

Spain’s 10-Year IRR In A Zone Of Historic Lows

The yield on the ten-year Spanish sovereign bond in the secondary market hit a new historic low of 0.024% on Tuesday, below the August 2019 low of 0.035%. While the interest on the equivalent German bond was -0.611%, the risk premium offered to investors by Spanish bonds with respect to the ‘bund’ reference was around 63.77 basis points. The Portuguese bond yield fell into negative territory for the first time, standing at -0.013%.

Markets, Spanish economy, Spanish Small & Mid Caps 9th December 2020

Logista, Recognized As A World Leader In Sustainability In The CDP “A List” For The 5th Year In A Row

Logista, a leading distribution company in southern Europe, was recognized as a world leader in sustainability by CDP, an international non-profit organization, by entering its prestigious A List for its fight against climate change. This is the fifth year in a row that Logista achieves this recognition, being the first European distributor to achieve it over such a long period of time.

Ibex, Markets, Spanish economy 9th December 2020

Repsol Is Expected To Float Its Renewables Subsidiary In Less Than Two Years

Repsol announced the IPO of its renewables area or an alliance with a third party in its Strategic Plan 2021/2025 presented on November 26th. The operation could be carried out in less than two years and it will always maintain control of the shareholders. The company expects to raise at least 1.4 billion euros with the floating, which would mean valuing the division at around 3 billion euros. It would be one of the largest operations of the last decade.

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