Aurelio Medel (5Días) | Power manifests itself through the occupation of spaces and is exercised through the application of a programme. First the chairs, then the BOE (the Official Stare Gazette) . This is how the change of a country’s government is transmitted. Then the legislature advances and the viscous period comes in which the end of the cycle is glimpsed, causing the pieces to shift. This happened in the…
Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has admitted that BBVA may take ownership of Banco Sabadell, but not merge with it, Invertia.com reported on Friday. He also pointed out that “the merger is what the government has to authorise”. Cuerpo has remarked that the takeover bid by BBVA for SAB has to go through a process that includes the approval of the National Securities…
According to data from the Bank of Spain (BdE), Spanish public debt rose in 1Q2024 to 109% of GDP, 1.3 percentage points higher than at the end of 2023, while it set an all-time high at €1,613,063 million, 5.1% higher than in the same quarter of the previous year. Data published on Friday by the Spanish Central Bank (BdE) show that at the end of 1Q2024, the State’s debt amounted…
Banco Sabadell: The State Industrial Ownership Corporation (SEPI) has informed the National Securities Market Commission (CNMV) that on May 15th it reached a stake of more than 9% in the capital of Telefónica (from the previous 8%). We recall that SEPI’s objective is to reach 10% of TEF’s capital. Assessment: Positive news with limited impact, in fact now that SEPI has almost achieved its objective, the share will lose this…
The sale and purchase of homes recorded a decline of 19.3% in March compared to the same month in 2023, to a total of 44,878 operations, according to the National Statistics Institute (INE), which revealed that this rate has fallen in thirteen of the last fourteen months. The data published by the National Statistics Institute (INE) leave the 5.8% rise recorded in February, with which the statistics broke a 12-month…
Jefferies | The Bank of Spain announced the intention to gradually implement a 100bp CCyB for the banks, alongside a revision of the methodology through which the buffer is set. The announcement should not come as a surprise, given recent debate during the 1Q24 earnings season. We see a manageable impact from the higher capital requirements, and no immediate risk to the banks’ stated CET1 ratio targets or capital distribution…
Banco Sabadell : According to press reports, Criteria and TAQA are negotiating the distribution of power in a hypothetical joint control within Naturgy. The same sources indicate that this could lead to a balance in the capital (Criteria and TAQA with very similar stakes) although initially Criteria would only intend to slightly increase its 26.7%. We recall that other sources pointed out yesterday that the main issue to be resolved…
The European Commission (EC), in its new macroeconomic estimates, has revised Spain’s Gross Domestic Product (GDP) growth in 2024 upwards, from 1.7% to 2.1%. This is well above the Eurozone average (0.8% and 1.4% respectively) and ahead of the major economies (Germany will have no growth this year and France and Italy just 0.7% and 0.9%), and is a four-tenths improvement on what the Commission thought would happen in February,…
Link Securities | Telefónica (TEF) informs that on 13 May 2024, the public deed for the reduction of share capital in the amount of €80,296,591, through the redemption of 80,296,591 treasury shares, was registered at the Madrid Mercantile Registry. As a result, the share capital of the company has been set at €5,670,161,554, divided into 5,670,161,554 ordinary shares of €1 par value each, which confer a total of 5,670,161,554 votes…
Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has conveyed to the president of the supervisory board of the European Central Bank (ECB), Claudia Buch, his “concerns” regarding the hostile takeover bid launched by BBVA (BBVA) on Banco Sabadell (SAB) in a bilateral meeting. This was confirmed by Mr Cuerpo in statements to the media on his arrival at the meeting of Eurozone finance ministers. “We…