Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…

Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…

Alphavalue / Divacons | BBVA CEO Onur Genç has repeated in an interview with Expansión newspaper that they will not improve the offer for Banco Sabadell. Mr Genç hopes that the government will eventually appreciate the strength of the deal. The CEO explains that the decision has not been easy for the bank, but defends that it is a “transformative” transaction for BBVA Spain and “extremely favourable for Sabadell shareholders”….