Bankinter | DBRS upgrades its rating to A+ from A. Stable outlook. Based on strong economic growth, reduction of external debt and improvement in public finances. Deficit is expected to fall to 3% of GDP this year and public debt to 100% of GDP by 2026. Analysis team’s view: Good news for Spanish debt, whose 10-year bond trades with a yield of 2.79% and a risk premium of +70bp against…
Alphavalue / Divacons | The European Investment Bank and Naturgy on Friday agreed a €1 billion loan for solar PV and onshore wind power plants and the modernisation of existing facilities in Spain. The first tranche of this financing, for €400 million, was signed in Madrid, including a portion for battery energy storage projects for renewable energies. This project will increase Spain’s renewable power generation capacity by 2.3 GW, contributing…
In a 41st Congress with no room for self-criticism, the PSOE has rallied around its leader – and his wife – after ousting hours earlier the territorial leader of the PSOE in Madrid, who was not sufficiently committed to the Sánchez cause. As former president Zapatero recalled on the first day of the Congress, in the PSOE they have ‘loyalty as a rule.’ So, there was applause and more applause,…
Link Securities | Grifols (GRF) is in negotiations with banks to refinance bonds maturing next year and a credit line, for a combined amount of €1.4 billion, as confirmed by the CEO of the pharmaceutical company, Nacho Abia, in an interview with Bloomberg reported by the digital portal Bolsamania.com. Abia explained that the company’s ‘plan A’ is to obtain a refinancing agreement for the €370 million in bonds maturing in…
The Council of Ministers has authorized Saudi Telecom (STC) to increase its stake in Telefónica from the current 4.9% to 9.97%. This was confirmed by the Minister of Economy, Trade, and Business, Carlos Cuerpo, at the subsequent press conference. Regarding whether the Saudi operator will request a seat on the Board of Directors of the listed Spanish company, the Minister stated that ‘that matter corresponds to the company itself.’ In…
A total of 29 magistrates—11 of them from the Supreme Court—have so far supported the four criminal proceedings that will be the elephant in the room at the 41st PSOE congress, which starts this Friday in Seville. The four have a common factor: they involve positions and individuals linked to the President of the Government, Pedro Sánchez. Three of them are investigating corruption crimes, as explained by the digital newspaper…
Link Securities | The Governing Bodies of the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges announced that, in accordance with the resolution adopted by the National Securities Market Commission (CNMV) on 21 November 2024 and the provisions of article 10.7 of Royal Decree 1066/2007, of 27 July, on the rules governing takeover bids, once the settlement of the operations of the takeover bid for Applus Services’ shares by delisting of…
Link Securities | The Puig family has taken advantage of the departure of the Santo Domingo family from the capital of COLONIAL (COL) to strengthen its position in the shareholding of the Catalan REIT. Exea Inversiones Inmobiliarias, the holding company that brings together the family’s investments, bought 5.7 million COL shares last Friday during the accelerated placement, a package valued at around €29.8 million, according to Expansión newspaper. This transaction…
Santiago Martínez Morando, Head of Economic and Financial Analysis at Ibercaja | According to preliminary data, CPI growth rebounded in Spain to 2.4% year-on-year in November from 1.8% in October and the low of 1.5% reached in September, which was the lowest level since March 2021. The CPI is still very much determined by the volatility of energy prices, and the National Statistics Institute (INE) points to the acceleration being…
The Canadian fund Brookfield has decided to withdraw its interest in a public exclusion offer to acquire Grifols due to disagreements over the price with the board of directors of the Spanish pharmaceutical company, as previously reported by Bloomberg. “After conducting a thorough due diligence and considering the reactions of the Grifols Transaction Committee and the Grifols Board of Directors regarding the potential offer communicated to the market on November…