In Spain

Sabadell Torre Sabadell

Moody’s affirms Banco Sabadell’s long-term deposit rating at “Baa1” and senior unsecured debt rating of CAM Global Finance vehicle at “Baa2”

Link Securities | Moody’s Ratings has confirmed on Tuesday the “Baa1” rating on Banco Sabadell’s long-term deposits and the “Baa2” rating on the senior unsecured debt of its CAM Global Finance vehicle, Bolsamania.com reported yesterday. The outlook on both ratings remains “positive”. At the same time, the agency has affirmed the bank’s ‘Ba1’ subordinated debt rating and ‘Baa3’ junior senior unsecured debt rating, as well as the bank’s ‘A3’ long-term…


indra edificio

Indra begins process of selling Minsait Payments separately from parent company, with value of €500-600 million

Intermoney | Indra informed the National Securities Market Commission (CNMV) yesterday, with the market closed, that the board of directors had approved the formal process of selling Minsait Payments separately from its parent company, having detected a high level of interest in ķthe market for the means of payment business. According to several media reports, the value of the subsidiary could be in the region of €500-600 million. This would…


Aena nuevita

Aena bids for €500-million airport expansion project in Cali

Aena, together with two local partners, has presented the project to expand Cali airport (Colombia), which would involve an investment of €500 million. The Spanish operator is currently the concessionaire of this infrastructure, although the Colombian government is expected to put the airport out to tender next year. Aena thus opts to continue as operator, while maintaining its 50% stake and consolidating the concession by the equity method. The project…


bbva sabadell fusion 2

BBVA CEO insists offer is solid, backs Sabadell’s value; Sabadell CEO says valuation insufficient

Link Securities | The CEO of BBVA (BBVA), Onur Genç, said that the merger between the bank and Banco Sabadell (SAB) ‘is a textbook operation, ideal for everyone’, according to the Bolsamanía portal. Genç explained that the strong correlation between the share prices of the two banks reflects that the offer is solid and supports the value of Sabadell. He said this during his participation in the 15th Financial Forum…


Closed

Bankruptcy proceedings up to September number 6,268, up 26%

Informa D&B | A total of 6,268 insolvency proceedings and 20,731 dissolutions have been registered in Spain in the three quarters to September 2024, according to data on insolvency proceedings and dissolutions extracted by Informa D&B (a subsidiary of Cesce), a leading provider of Commercial, Financial, Sectorial and Marketing Information. Bankruptcy proceedings are up 26% compared to those accumulated in the same nine months in 2023, while dissolutions are down…


Markets

Cox, which was awarded the remains of Abengoa, to go public valued at more than €1,000 million

COX, the water and energy treatment facilities services group, will be listed on the Continuous Market and aims to raise €300 million from institutional investors. The Cox group, known for having acquired Abengoa’s assets last year, has announced its intention to list on the continuous market in Spain with a placement of new shares, via a capital increase, with which it intends to raise at least €300 million. Taking into…


Talgo diferente

Basque Government negotiates with Spanish government to acquire stake in Talgo’s share capital

Link Securities | The Government of the Basque Country is negotiating with the Spanish Government its entry into the capital of Talgo (TLGO) to offer a financial solution to the company and safeguard its Spanishness, according to the newspaper elEconomista. However, the Basque government’s offer is subject, as with CriteriaCaixa, to the appearance of an industrial partner capable of offering space to increase production. Although talks are at a preliminary…


banks general

Drop in Euribor causes downward revision of expected profits in Spanish banking sector

Morgan Stanley | Our analyst expects the NII of Spanish banks to fall by 0.9% quarter-on-quarter on average due to seasonality, while the growth in deposits will offset lower rates in the short term. He believes that the guidance for 2024 will remain unchanged. Looking ahead to the numbers for 2025/26 and following the downgrade of the sector this week, he reduces the Euribor estimate from 2.5% to 2.25% on…


Madrid stock market

Europastry goes public with a valuation of €1.3-1.5 billion

The Spanish frozen dough giant, Europastry, will debut on the stock market on October 10, at a price that is expected to be set tomorrow, with a range between €15.85 and €18.75 per share. This will help boost its growth strategy and reduce debt. After several attempts in the past, the IPO process now includes a Public Offering of new shares (OPS) and a Public Sale Offering (OPV). The valuation…


marca spain

Spain receives 10.9 million international tourists in August (up 7.3%), with total expenditure of €15,336 (up 13%)

Link Securities | The Statistics on Tourist Movements at Borders (FRONTUR), produced by the National Statistics Institute (INE) shows that Spain received 10.9 million international tourists in August, 7.3% more than in the same month of 2023. Over the month, France was the main country of residence for tourists arriving in Spain, with more than 2.1 million tourists and an increase of 8.3% compared to August 2023. From the United…