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Spanish economy

indra edificio

Spanish economy 9th October 2024

Indra begins process of selling Minsait Payments separately from parent company, with value of €500-600 million

Intermoney | Indra informed the National Securities Market Commission (CNMV) yesterday, with the market closed, that the board of directors had approved the formal process of selling Minsait Payments separately from its parent company, having detected a high level of interest in ķthe market for the means of payment business. According to several media reports, the value of the subsidiary could be in the region of €500-600 million. This would…

Aena nuevita

Spanish economy 9th October 2024

Aena bids for €500-million airport expansion project in Cali

Aena, together with two local partners, has presented the project to expand Cali airport (Colombia), which would involve an investment of €500 million. The Spanish operator is currently the concessionaire of this infrastructure, although the Colombian government is expected to put the airport out to tender next year. Aena thus opts to continue as operator, while maintaining its 50% stake and consolidating the concession by the equity method. The project…

Closed

Spanish economy 8th October 2024

Bankruptcy proceedings up to September number 6,268, up 26%

Informa D&B | A total of 6,268 insolvency proceedings and 20,731 dissolutions have been registered in Spain in the three quarters to September 2024, according to data on insolvency proceedings and dissolutions extracted by Informa D&B (a subsidiary of Cesce), a leading provider of Commercial, Financial, Sectorial and Marketing Information. Bankruptcy proceedings are up 26% compared to those accumulated in the same nine months in 2023, while dissolutions are down…

Markets

Spanish economy 8th October 2024

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

Spanish economy 7th October 2024

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

Spanish economy 7th October 2024

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

Spanish economy 4th October 2024

“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

Spanish economy 4th October 2024

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

In Spain, Spanish economy 2nd October 2024

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

Spanish economy 26th September 2024

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…