Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
  • TickerBBVA
  • ISINES0113211835
  • ExchangeMadrid Stock Exchange
  • SectorBanks
  • CountrySpain
Research Department

INFORME DIARIO 08 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BANKINTER, BBVA, REPSOL, SANTANDER. EUROPA: BAYER, DEUSTCHE POST Esperada toma de beneficios Caídas en las bosas europeas después del rally del día anterior, en el que tampoco ayudaron las peores perspectivas de la CE para el 2020, que espera que la economía española caiga un -10,9% este año, frente a la caída del -9,4% de hace dos meses y que para el conjunto de la U.E. se espera una contracción de la actividad del -8,7% en 2020 (vs -7,7% anterior) seguido de un rebote del 6,1% en 2021 (vs 6,3% anterior). La inflación bordearía terreno negativo ...

Research Department

IBERIAN DAILY 08 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, BBVA, REPSOL, SANTANDER. MARKETS YESTERDAY AND TODAY Profit taking on the markets There were losses on European stock markets after the previous day’s rally, with the worse outlook from the EC for 2020 not helping (it expects the Spanish economy to fall -10.9% this year vs. .9.4% two months ago). In the entire EU, the EC expects a -8.7% drop in 2020 (vs. -7.7% previously), followed by a +6.1% rally in 2021 (vs. 6.3% previously). Inflation would be close to negative this year (0.3% in 2020 vs. 0.2% previously), with slight recovery in 2021 to 1.1%. Thus, in the Euro S...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Analyse court terme - BBVA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,9309 €. La tendance de fond serait remise en cause en cas de franchissement de 6,2824 €.

Matthieu DRIOL

Short term view - BBVA : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.9309. The background trend would be questioned should prices rise above €6.2824.

Matthieu DRIOL

Analyse court terme - BBVA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,931 €. La tendance de fond serait remise en cause en cas de franchissement de 6,282 €.

Banco Bilbao Vizcaya Argentaria Sa: 1 director bought

A director at Banco Bilbao Vizcaya Argentaria Sa bought 10,000 shares at 2.520EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules....

Research Department

INFORME DIARIO 08 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BANKINTER, BBVA, REPSOL, SANTANDER. EUROPA: BAYER, DEUSTCHE POST Esperada toma de beneficios Caídas en las bosas europeas después del rally del día anterior, en el que tampoco ayudaron las peores perspectivas de la CE para el 2020, que espera que la economía española caiga un -10,9% este año, frente a la caída del -9,4% de hace dos meses y que para el conjunto de la U.E. se espera una contracción de la actividad del -8,7% en 2020 (vs -7,7% anterior) seguido de un rebote del 6,1% en 2021 (vs 6,3% anterior). La inflación bordearía terreno negativo ...

Research Department

IBERIAN DAILY 08 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKINTER, BBVA, REPSOL, SANTANDER. MARKETS YESTERDAY AND TODAY Profit taking on the markets There were losses on European stock markets after the previous day’s rally, with the worse outlook from the EC for 2020 not helping (it expects the Spanish economy to fall -10.9% this year vs. .9.4% two months ago). In the entire EU, the EC expects a -8.7% drop in 2020 (vs. -7.7% previously), followed by a +6.1% rally in 2021 (vs. 6.3% previously). Inflation would be close to negative this year (0.3% in 2020 vs. 0.2% previously), with slight recovery in 2021 to 1.1%. Thus, in the Euro S...

Esther Castro ...
  • Maria Paz Ojeda

BANKING SECTOR: ECB GUIDELINES ON M&A SUPERVISION (ANÁLISIS BANCO SABADELL)

ECB GUIDELINES ON M&A SUPERVISION. MOVING FORWARD IN THE GAME CHANGER. Yesterday the ECB released the draft of its guidelines on supervision and capital requirements in M&A moves. The key aspects are: (i) the business model being sustainable and the macroprudential capital requirements being met. Thus, final Pillar 2 (P2G+P2R) will be the weighted average of the integrated financial institutions, (ii) scant details on the key consolidation aspect: badwill (to date it has not been considered in integrations). The guideline now recognises it as long as the banks ensure its calculation is correct...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Jean Sassus ...
  • Steven Gould

BBVA : Zone of turbulence set to worsen…

>Increased caution in the short and medium term - Following a company contact and taking into account developments in the public health/macroeconomic situations on the group’s key markets (Mexico, Turkey, etc.) since the Q1 2020 results publication, we adopt an even more cautious stance in our 2020-2022e scenario for BBVA. We therefore revise down our earnings estimates for the period 20201e2022e by an average of 14%. This revision was driven notably by the upward adju...

Banco Bilbao Vizcaya Argentaria, S.A.: Update to credit analysis

Our credit view of Banco Bilbao Vizcaya Argentaria, S.A., reflecting its extraordinary business diversification and overall sound financial profile.

Arnaud Journois ...
  • Elisabeth Rudman

DBRS Morningstar Revises Trend on BBVA’s COR Ratings to Stable after Sovereign Rating Action

Please refer to PDF document for more detail about our research: DBRS Morningstar Revises Trend on BBVA’s COR Ratings to Stable after Sovereign Rating Action

Arnaud Journois ...
  • Elisabeth Rudman

BBVA Paves the Way to Social Bonds as a Response to COVID-19

Banco Bilbao Vizcaya Argentaria SA (BBVA or the Group; rated A (high), Stable Trend) launched on May 27, 2020 an inaugural EUR 1 billion Social Bond specifically aimed at mitigating the economic and social impact caused by the Coronavirus Disease (COVID-19) pandemic - the first European bank to do so. The bond is a Senior Debt instrument issued under the Group's Global Medium-Term Note (GMTN) programme, with a five-year maturity and an interest rate of Mid-Swap (MS) + 112 bps. This issuance is also aiming at refinancing other Senior Debt instruments maturing next year.

Arnaud Journois ...
  • Elisabeth Rudman

Banco Bilbao Vizcaya Argentaria, S.A.: Rating Report

DBRS Ratings GmbH (DBRS Morningstar) released a new rating report on Banco Bilbao Vizcaya Argentaria, S.A.

Arnaud Journois ...
  • Elisabeth Rudman
  • Marcos Alvarez

Bancassurance Deal with Allianz Positive for BBVA

Banco Bilbao Vizcaya Argentaria SA (BBVA or the Group; rated A (high), Stable) and Allianz SE (Allianz or the Insurer) announced on April 27, 2020, that they had reached an agreement to implement a strategic bancassurance partnership. The transaction encompasses the creation of an insurance joint-venture (JV) between Allianz and the Insurance arm of the Group, BBVA Seguros, with a 15-year agreement to distribute non-life insurance products manufactured by Allianz on an exclusive basis in Spain. Allianz is set to acquire 50% plus one share of the joint venture for EUR 277 million. In addition, ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2020

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Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Florent Laroche-Joubert
  • Jean Sassus
  • Pierre Tegner
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/05/2020

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Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Florent Laroche-Joubert
  • Jean Sassus
  • Pierre Tegner
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/05/2020

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Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Thanks to a better fundamental star rating, BBV.ARGT.SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to BBV.ARGT.SA (ES), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 5, 2020, the closing price was EUR 3.53 and its expected value was estimated at EUR 2.84.

Expert Corporate Governance Service (ECGS)

BBVA - AGM 13 March 2020

Although the independent representation on the Board is formally higher than 50% (67% according to the Company), we have serious concerns over the excessive remuneration of 3 Directors who are considered as independent by BBVA (above € 500,000 including shares granted). Therefore, our estimated number of independent Directors is 47%. Due to our concerns over the lack of independent representation on the Board, we recommend that shareholders oppose the re-appointment of Ms. Susana Rodríguez Vidarte (item 2.2), who is not independent because in office for more than 12 years, and the appointment ...

Expert Corporate Governance Service (ECGS)

BBVA, March 14 2019

In item 2.1, the Board proposes to appoint the former CEO Mr. Carlos Torres Vila as executive Chairman. We strongly regret that the roles of management and control are not separated, and we have serious concerns over the excessive remuneration of the Lead Independent Director (€ 584'000 in 2018, including cash and restricted shares), an amount that may seriously compromise his independent judgement of the Bank's management. Therefore, we recommend opposition. In item 2.2, the Board proposes to appoint the new CEO, Mr. Onur Genç, as executive Director. We have concerns over the short experienc...

Expert Corporate Governance Service (ECGS)

BBVA - March, 14 2019

In item 2.1, the Board proposes to appoint the former CEO Mr. Carlos Torres Vila as executive Chairman. We strongly regret that the roles of management and control are not separated, and we have serious concerns over the excessive remuneration of the Lead Independent Director (€ 584'000 in 2018, including cash and restricted shares), an amount that may seriously compromise his independent judgement of the Bank's management. Therefore, we recommend opposition. In item 2.2, the Board proposes to appoint Mr. Onur Genç as Group CEO. We have concerns over the short experience of Mr Genç in bankin...

Banco Bilbao – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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