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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…

Telefonica dos

Spanish economy 26th September 2024

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

Spanish economy 26th September 2024

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

Spanish economy 25th September 2024

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…

Iberdrola

Spanish economy 24th September 2024

Iberdrola places €2.15 billion in bonds for the purchase of the British ENW

Iberdrola, with €45.153 billion in debt at the end of the first half, has just completed the largest senior bond issuance in its history, raising €2.15 billion in the markets. This is the eighth financial operation—between loans and bond issuances—that the company led by Ignacio Galán has carried out this year, totaling €5.925 billion.The senior bond issuance closed this Monday will, according to the company itself, finance its expansion in…

grifols edificio

Spanish economy 23rd September 2024

Brookfield fund extends study process for another month to decide whether to present takeover bid for Grifols

Bankinter | Brookfield has not obtained the necessary funds to present the takeover bid nor has it reached an agreement with the banks to refinance Grifols’ debt, which amounts to around €10,000 million, so it is to extend one more month the study process to decide whether to present a takeover bid for Grifols. Opinion of the analysis team: Negative news. On 8 July, we learned that Brookfield was analysing…

congreso

Spanish economy 23rd September 2024

Congress of Deputies re-examines deficit path for fourth time with Government lacking sufficient support

This Thursday, September 26, the Plenary of Congress, will debate and vote on the budgetary stability and public debt objectives for the administrations for the next three years, with the Government lacking sufficient support to overcome its parliamentary processing. Thus, the path will return to the Lower House two months after being rejected by the votes against from the PP, Vox, UPN, and Junts. Now, the Lower House will once…

grifols

Spanish economy 23rd September 2024

Group of funds ask for seat on board to be able to monitor Brookfield’s possible takeover bid for Grifols

Bankinter | Flat Footed, Mason Capital Management and Sachem Head funds jointly control 7.7% of Grifols (GRF) and have asked for a seat on the Grifols board. Their objective is to monitor the takeover bid process being analysed by Brookfield and to ensure that a high premium is paid. Opinion of the Bankinter analysis team: Negative news and a new complication in the development of the possible takeover bid for…

Naturgy edificio 640x420

Spanish economy 22nd September 2024

Government authorises BlackRock’s entry into Naturgy but bars stock exchange delisting

Banc Sabadell: The Council of Ministers approved the entry of Blackrock in Naturgy (NTGY) after the purchase of GIP (20% NTGY) last January with the guarantees established for strategic companies. Although Blackrock would have requested the possibility of assessing a future delisting or analysing a sale of assets (such as the one included in the Gemini Project), it would have been denied. It will have to face the same conditions…