Singular Bank | The ECB revises and determines minimum capital requirements for each lender annually so that, in function of its own funds, it has an established guarantee of solvency. In this respect, for 2023, BBVA will have to have a CET1 ratio of 8.72% (vs 8.60% in 2022) and a total capital level of 12.97% (vs 12.76%). In the case of Sabadell, the CET1 will have to be 8.65%, compared…
Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments. Analyst team’s view: Positive news because: (i) it expands its position in renewables. We…
Company insolvency proceedings stood at 693 registrations in November, 71.5% more than in the same month of the previous year, according to the advance monthly data published on Thursday by the Association of Registrars. Madrid, with 213 insolvency proceedings, Catalonia, with 125, and the Valencian Community, with 107, accounted for nearly seven out of every ten insolvency proceedings filed in November. The Association of Registrars explained in its statement that…
Pensions will rise by 8.46% in 2023. The INE has published the final CPI figure for November, 6.8%, and the average for the last 12 months is now 8.46%, a figure that was already announced a fortnight ago and which will be used to calculate the revaluation of nine million pensions next year. In this way, the maximum pension will be 42,829.29 euros per year (3,059.2 euros per month in…
Intermoney | On Monday afternoon, Meliá published a new valuation of its property assets, which was carried out by CBRE. In it, the value of the assets under ownership totalled 4.041 billion euros, to which is added the 600 million for the company’s participation in assets held under joint ventures. This would imply an increase of 5.8% in the valuation vs 2018, when the last one was carried out, despite…
Link Securities | The alliance of ACS and Acciona is going up against FCC in one of the biggest tenders there are currently in the UK: the remodelling of the Haweswater Aqueduct, located in the north east of England, according to elEconomista.es. The Spanish firms form part of the terna selected by the UK water company United Utilities to bid for the contract for the design, construction, financing and maintainenance,…
Germán García Mellado (A&G) | Regarding interest rates, we expect a 50 basis point rise for Thursday’s meeting, placing the deposit facility at 2%. We do not believe that Lagarde will specify the steps to be taken for the first meetings in 2023 or detail the terminal rate of this cycle of rate hikes. She will therefore maintain a stance similar to that shown since the post-summer meetings, in which…
Morgan Stanley | The tech team is expecting a complicated year, with a slowdown in growth and inflation and interest rates still at high levels. Although rates will become more moderate, they believe it will be difficult for stocks to perform well if earnings expectations come under pressure. For that reason, they prefer to stick with defensive stocks. ASML, SAP and Sage. Further along, it will make sense to add…
Renta 4 | On December 9th, as was expected, the development of the H2Med project, interconnecting Portugal, Spain and France for the transport of hydrogen, was agreed. An investment of 2.850 billion is anticipated (2.5 billion for the underwater connection between France and Spain, and 350 million for the connection between Portugal and Spain). Up to 50% of the total amount could be subsidised (requests for aid expected on December…
The Cabinet is preparing to extend the anti-takeover shield that it put in place in 2020, at the height of the pandemic, to protect companies in key sectors from foreign bids, according to government sources. The measure, which gives the government the power to veto the entry of foreign capital into these sectors, was due to expire on 31 December this year and is being extended until 31 December 2024….