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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…

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…

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…

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…

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…

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…

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…

Spanish economy 18th September 2024

Bad business? Spain increases public debt by 3.8% in twelve months, reaching 108% of GDP, in order to grow by 2.8% in 2024

The Bank of Spain (BdE) raised its growth forecast for this year by five tenths to 2.8% yesterday, while calling for transparent and prompt fiscal consolidation. It also announced that the total public debt of Spain’s administrations decreased by €8.931 billion in July compared to June (-0.5%), reaching €1.616 trillion, the second-highest figure in historical series. This is slightly less than 108% of GDP. The decrease in public debt in…

Spanish economy 17th September 2024

Weight of exports in Spain’s GDP rises from 26% to 39% between 2008 and 2023, according to Bank of Spain

Alphavalue / Divacons | Between 2008 and 2023, Spanish exports have grown by almost 50% in real terms and their weight in the GDP has increased by 13 percentage points, from 26% to 39%, an “extraordinary growth” which has been generalised by products and destinations and which has been higher than that of other large Eurozone economies, according to the latest blog published by the Bank of Spain. Thus, in…

Spanish economy 17th September 2024

Santander, BBVA, and CaixaBank Join BIS ‘Agora Project’ to Develop New Cross-Border Payment Methods Using Blockchain Technology

Santander, BBVA, and CaixaBank have been selected by the Bank for International Settlements (BIS) to participate in an initiative launched by the Basel-based institution to develop new cross-border payment methods using technologies similar to cryptocurrencies. Named the Agora Project, this BIS initiative aims to “explore how tokenization can strengthen cross-border payments,” according to the organization, which is considered the central bank of central banks, based in Basel, Switzerland. Specifically, the…

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