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Spanish economy 27th December 2024

Mortgage lending accelerates in Spain: mortgages taken out grow 60.8% year-on-year in October

BancaMarch | Mortgage lending is accelerating in Spain. According to figures from the National Statistics Institute (INE), October was a historic month with a strong increase in mortgage activity. In October the number of mortgages taken out on homes grew by no less than 60.8% year-on-year (51,535 mortgages), making it the month with the highest number of mortgages granted since September 2010. The average amount of these operations stood at…

In Spain 26th December 2024

Grifols completes bond issue earmarked for redemptions, settlements and corporate purposes

Link Securities | Grifols (GRF) informed the National Securities Market Commission (CNMV), in relation to a bond issue reported on 11 December that: the Bonds have been issued and the proceeds have been received and, therefore, the issue has been completed. The net proceeds of the issue have been used (i) together with cash on hand, to redeem in full on 27 December 2024 GRF’s 1.625% Senior Secured Notes due…

Spanish economy 26th December 2024

Spain grows 3.3% year-on-year in 3Q24, but moderation expected in 4Q24 with added difficulty of DANA impact

Bankinter: 3Q GDP (final) grows 3.3% year-on-year (versus 3.4% year-on-year preliminary and 3.2% previous),while in quarter-on-quarter terms confirms 0.8% quarter-on-quarter preliminary (and 0.8% previous). Link to the document. Analysis team’s view: Our estimates for the year anticipate 3.1% year-on-year growth, following the strength confirmed in the first 9M of the year (with a slight year-on-year change in Q3, but maintaining 0.8% quarter-on-quarter and projecting 2.2% year-on-year for 2025. We estimate…

Spanish economy 23rd December 2024

Enagás: ICSID agrees with Enagás in dispute with Peru over GSP and recognises compensation of €186 million

Bankinter | The International Centre for Settlement of Investment Disputes (ICSID) has ruled in favour of Enagás in its litigation against Peru and has ordered the South American country to pay Enagás $194m (€186m) for the proceedings initiated in relation to the Gasoducto Sur Peruano (GSP) project. Enagás filed for arbitration to recover its investment in the GSP after the Peruvian government terminated the gas pipeline concession on 23 January…

In Spain 23rd December 2024

Government approves 2025 energy tax extension today – but it won’t pass Congress

Norbolsa | This Monday a royal decree law will be approved with the extension of the tax on large energy companies to 2025, a commitment of the Government with its partners -ERC, Bildu and BNG- but it seems unlikely that it will get the approval of Congress due to the opposition of PNV and Junts. As with any decree law, the extension of the energy tax will have to be…

Spanish economy 23rd December 2024

Telefónica begins sale of up to 40% of stake in British fiber for €1.2 billion

Telefónica has started distributing the sale documents for the fiber optic company it shares with Liberty Global in the UK through the operator Virgin Media O2 (VMO2). The company’s goal is to raise around €1.2 billion by placing between 20% and 40% of its infrastructure company. According to Mergermarket, the aforementioned Hispano-British NetCo could be valued between £4 billion and £5 billion (€4.8 billion and €6 billion), in a deal…

In Spain 20th December 2024

Government loses 20 votes in Congress in just one day

The PSOE suffered around twenty defeats in the Plenary of Congress this Thursday, which sets a record for them in a single day (the previous record was eight). With this, they closed the first year of Government with 75 defeats that not only pertain to control initiatives without legal effects but also to laws.In the first round of votes during the plenary session, when amendments to the Law Against Food…

In Spain 20th December 2024

New Madrid neighborhood gets go-ahead: Madrid Nuevo Norte, largest urban development in Europe

After 30 years of blockage, the definitive step has just been taken for the largest urban development in Spain and Europe to become a reality. Crea Madrid Nuevo Norte (CreaMNN, the project developer, participated by BBVA, Merlin, and Sanjose) and the public railway entities (Adif, Adif Alta Velocidad, Renfe Operadora, and Renfe Ingeniería y Mantenimiento) have formalized before a notary the transfer of the lands of the railway facilities in…

Spanish economy 20th December 2024

Amadeus to pay interim dividend of €0.50/share on 17 January; total amount in 2024 expected to be €1.32 vs. €1.24 in 2023

Intermoney | Amadeus (Hold, PO 65 €) announced yesterday, with the market open, that it will distribute to its shareholders an interim dividend of €0.50/share on 17 January. The stock will trade ex date on 15 January. The Group reiterates its dividend policy of a pay-out of between 40 and 50% of consolidated profit for the year. Specifically, for 2024, the Board of Directors expects to be close to the…

Spanish economy 19th December 2024

Bankinter complies with binding MREL of 20.31% of total risk exposure and 6.39% of leverage ratio exposure

Link Securities | The Bank of Spain (BdE) has informed Bankinter that the Single Resolution Board, as the group’s resolution authority, has taken a decision determining the minimum requirement for Total and Subordinated own funds and eligible liabilities (MREL) for Bankinter. This decision sets a binding total MREL requirement, to be met as from its notification, at the consolidated level, of 20.31% of the Total Risk Exposure Amount (TREA) and…

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