Spanish economy

Markets

Cox, which was awarded the remains of Abengoa, to go public valued at more than €1,000 million

COX, the water and energy treatment facilities services group, will be listed on the Continuous Market and aims to raise €300 million from institutional investors. The Cox group, known for having acquired Abengoa’s assets last year, has announced its intention to list on the continuous market in Spain with a placement of new shares, via a capital increase, with which it intends to raise at least €300 million. Taking into…


banks general

Drop in Euribor causes downward revision of expected profits in Spanish banking sector

Morgan Stanley | Our analyst expects the NII of Spanish banks to fall by 0.9% quarter-on-quarter on average due to seasonality, while the growth in deposits will offset lower rates in the short term. He believes that the guidance for 2024 will remain unchanged. Looking ahead to the numbers for 2025/26 and following the downgrade of the sector this week, he reduces the Euribor estimate from 2.5% to 2.25% on…


Madrid stock market

Europastry goes public with a valuation of €1.3-1.5 billion

The Spanish frozen dough giant, Europastry, will debut on the stock market on October 10, at a price that is expected to be set tomorrow, with a range between €15.85 and €18.75 per share. This will help boost its growth strategy and reduce debt. After several attempts in the past, the IPO process now includes a Public Offering of new shares (OPS) and a Public Sale Offering (OPV). The valuation…


Sabadell sells toxic assets

“We do think Sabadell shareholders value having part of the proposed compensation paid in cash, as protection in the face of potential volatility in BBVA’s share price”

Jefferies | BBVA’s Adjusted Offer to Sabadell: Cash Component Was a Given. The adjusted offer made by BBVA to SAB, including the newly added cash component, comes as no surprise, as it is well in line with the adjustment terms described in the initial offer. We note a delay in the timeline of the deal would mechanically increase the cash proportion of the offer, which would have to reflect all…


pmi sector manufacturero marzo

Spain shows muscle in eurozone and within periphery: only country where manufacturing demand shows no clear signs of weakness

While manufacturing PMIs slump to 45pt (48.8p) in the EZ, with Germany at 42.4 and France at 43.9, Spain unexpectedly rebounds to May highs: up to 53 (50.5 in August). Italy starts to feel the German cold given its industrial links and falls back (48.3, 49.4p). Time will tell how much European slippage the Spanish economy can withstand but for the time being, this geography, and beta (tier 2 names),…


bancos 4grandes

Bank of Spain sets up countercyclical capital buffer to strengthen solvency, shareholder remuneration policy not affected

Bankinter : The Bank of Spain (BdE) is to establish a countercyclical capital buffer (CCB) to strengthen the solvency of the sector. The CCB will be 0.5% of Risk Weighted Assets (RWAs) from 4Q 2024 and may reach 1.0% in 4Q 2025 (standard level for systemic risks). Bankinter’s research team’s opinion: Increasing capital requirements is not good news for the sector, but the impact is limited because: (1) The BdE…


grifols edificio

CNMV issues warning to Grifols, Gotham and General Industrial Partners fund for very serious breaches of law

Bankinter: The National Securities Market Commission (CNMV) has issued a warning to Grifols (GRF), Gotham and the General Industrial Partners (GIP) fund for very serious infringements. In the case of Grifols, according to the CNMV, the group provided information “with inaccurate or untruthful data or which omits relevant aspects in accordance” with accounting standards in the annual reports for 2021, 2022 and 2023, as well as in the accounts for…


Telefonica dos

Telefónica and Vodafone to sell 40% of fiber subsidiary for €800 million

Telefónica and Vodafone are accelerating their plans to bring in a minority partner to their newly created subsidiary that groups their optical fiber. The company chaired by José María Álvarez-Pallete aims to replicate the scheme it has implemented in other countries, and for this, it has hired two investment banks, Barclays and BBVA. The plan involves opening the capital up to 40% and leaving Telefónica with a majority stake. The…


Santander. new

Santander to pay interim dividend out of 2024 earnings of €0.10/share, almost 25% of H1 profit

Link Securities | In application of Banco Santander’s current shareholder remuneration policy, which consists of a total shareholder remuneration target of around 50% of the Group’s ordinary profit, distributed approximately equally between a cash dividend and share buybacks, the Board of Directors yesterday approved the payment of an interim cash dividend out of 2024 earnings of 0.10 gross per share, equivalent to around 25% of the Group’s ordinary profit in…


Naturgy edificio 640x420

Naturgy launches offer to buy back secured bonds for €1,000 million

Alphavalue/DIVACONS | The gas and electricity company has launched a buyback offer for a maximum amount of €1 billion, aimed at holders of several series of covered bonds maturing between 2025 and 2028, the company informed the Spanish Securities and Exchange Commission (CNMV) on Monday. In particular, through Naturgy Finance Iberia, the company has announced an invitation to the holders of a series of guaranteed bonds for an amount of…