Today’s market chatter in Spain

ACF. Red Electrica bids for the optical fiber of ADIF, worth €450M. It is a 16,000-kilometer network alongside Spanish railways. ACF analysts point out this move was not expected and could be misunderstood by market markers as it operates in a different sector.

Building company Sacyr would allegedly be close to increase capital or issue convertible bonds for a value of €400M to reduce debt and reinforce its balance sheet. BANKIA believes that could enable the company to take on new investment projects while ACF underestimate news’ trustworthiness. SABADELL doesn’t find very logical to get capital from the market without priorly explaining its destination, beyond just reducing debt goals. Particularly because Sacyr has no date of maturity of debts in 2014.

LINK. Value adjustment on ‘Tech-bubble’ shares in Wall Street spreads to sectors like financial and cyclical stocks. However, global macro situation, central banks’ unconditional support and many attractive prices shares maintain equity securities as the most advisable investment.

SANTANDER and SABADELL. Renewable energies’ cut will harm utilities companies right in the process of cost reduction and profitability. Gas reform will be milder than the one undertaken in the electric sector. Eolic energy is the most affected (cut worth €609M, 33.7%).

BANKINTER. IMF’s upgrade in growth forecast wouldn’t make up for a worsening of the Russian conflict. Greece could be back in the bonds market this week!