Data centers: at the crossroads...

This report explores the rise of digital infrastructure in the global economy in a threefold perspective:i/ Providing an overview of data centers’ main uses and key technical features, amid accelerating development of Artificial Intelligence (AI);ii/ Discussing the growing nexus between the rise of the digital economy and the ongoing transformation of the energy sector;iii/ Suggesting the importance of a holistic approach for promoting greater sustainability in the data center industry.

Sigh of relief in EU on news of tariff standstill until 9 July

Buy BBVASM 4.875% 36c30 vs SANTAN 5% 34c29

We are positive on BBVASM T2 curve vs SANTAN T2 with a material tightening potential as BBVASM has been trading inside SANTAN in SP as well as in SNP but is lagging in T2. We play the tightening of BBVASM in the T2 callable space by Buying BBVASM 4⅞ 2036 c30 and Selling SANTAN 5 2034 c29. In terms of fundamentals, we do not see any rationale that would justify the underperformance of BBVASM vs S ANTAN in the T2 space. The two banks are the national champions in Spain, with strong credit fundamentals . B oth banks have significant exposures to Latam and BBVASM’s c redit p ro...