Credit Morning 06/16/2025

Renault: Luca de Meo to step down as CEO|

Morning Crédit 16/06/2025

Luca de Meo (Renault) devrait devenir CEO de Kering|

Coffee, Croissants & Credit/Telefonica, BT

S&P constructive on Telefonica, Telefonica sells another daughter company. BT's CEO shares how she wants to improve BT's performance

IBERIAN DAILY 16 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, CAIXABANK, CHANGES IBEX, ELECTRICITY SECTOR, NEINOR HOMES, TELEFÓNICA. Geopolitical tensions in the Middle East halt stock market gains The trade agreement between the US and China, and the solid inflation data in the US, were overshadowed by the increased geopolitical tensions between Iran and Israel. In the STOXX 600, the best-performing sectors and the only ones in positive territory were Energy, Utilities and Pharma, with Financial Services and Telecoms falling th...

INFORME DIARIO 16 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, CAIXABANK, CAMBIOS IBEX, NEINOR, SECTOR ELECTRICO ESPAÑA, TELEFÓNICA. EUROPA: KERING, UNICREDIT. La tensión geopolítica en Oriente Medio frena la subidas de las bolsas El acuerdo comercial entre EE.UU. y China y los buenos datos de inflación en EE.UU. se vieron ensombrecidos por el incremento de las tensiones geopolíticas entre Irán e Israel. En el STOXX 600 los mejores sectores y los únicos en positivo fueron Energía, Utilities y Farma, fr...

Grifols S.A.: 1 director

A director at Grifols S.A. bought 735,923 shares at 10.520EUR and the significance rating of the trade was 100/100. 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 clearl...

Morning Crédit 12/06/2025

Fnac Darty – Investor Day : plan de renforcement des marges et des cash-flows avec maintien d’un levier bas|TDF : les actionnaires auraient choisi des banques pour diriger une possible vente|Clariane va céder son réseau Petits-fils à Crédit Agricole Santé & Territoires pour 345 m EUR|Déclarations d’Andrea Orcel sur Commerzbank et BPM|

Credit Morning 06/12/2025

Fnac Darty – Investor Day: a plan to strengthen margins and cash flows while maintaining a low leverage target|TDF: shareholders have reportedly chosen banks to manage a potential sale (Bloomberg)|Clariane is selling its Petits-fils network to Crédit Agricole Santé & Territoires for €345m.|Andrea Orcel's statements on Commerzbank and BPM|

Credit Outlook update/An unstoppable force against an immovable object

As we approach summer and reflect upon the already very busy and volatile first half of the year, we review our Credit Markets Outlook for 2025 and offer an update on our views, positioning and forecasts for the remainder of the year. We include our Picks and Pans on the Utilities, TMT, Real Estate and Bank sectors.

Credit Morning 06/10/2025

Telefonica and MasOrange have reportedly held informal talks about a potential acquisition of Vodafone Espagne (Bloomberg)|Review of Swiss banking regulation – Impact on UBS and Swiss Banks’ AT1|

Morning Crédit 10/06/2025

Telefonica et MasOrange aurait eu des discussions informelles sur une éventuelle acquisition de Vodafone Espagne (Bloomberg)|Suisse : révision de la réglementation bancaire – Impacts pour UBS et les AT1 des banques suisses|

IBERIAN DAILY 09 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAIXABANK, ENCE, FERROVIAL, NATURGY, TELEFÓNICA, VISCOFAN. Stock markets try to climb above highs Despite the absence of good macroeconomic data last week, stock markets ended with gains, fuelled by the US (the S&P500 rose around +1.7%) and by the better employment data at the end of the week. In the STOXX 600, the best-performing sectors last weekk were Technology and Pharma, whereas Autos and Media ended with the biggest drops. On the macro side, in the euro zone, the 1Q’25 GDP ...

INFORME DIARIO 09 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, ENCE, FERROVIAL, NATURGY, TELEFÓNICA, VISCOFAN. Las bolsas siguen intentando superar los máximos A pesar de una semana sin buenos datos macro, las bolsas terminaron al alza con el empuje de EE.UU. donde el S&P 500 subió un +1,1%. En el STOXX 600 los mejores sectores de la semana fueron Tecnología y Farma frente a Autos y Media que fueron los que más cayeron. En la Eurozona el PIB 1T’25 se revisó al alza 0,3 p.p. hasta el 1,5% a/a mientras...

Morning Crédit 23/05/2025

Carrefour et Ahold Delhaize aurait envisagé un rapprochement, sans succès|Grifols : Moody’s relève le rating corporate de B3/positive à B2/positive|

Credit Morning 05/23/2025

Carrefour and Ahold Delhaize reportedly considered a merger, without success|Grifols: Moody’s raises the corporate rating from B3/positive to B2/positive|

Coffee, Croissants & Credit/BT, Telefonica, AT&T

Telecom - BT reports soft FY25 results. Telefonica sells Uruguay operations. AT&T acquires consumer fibre business of Lumen

IBERIAN DAILY 22 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: RENEWABLES SECTOR, TELEFÓNICA. Market not ready to fall There were slight drops on European stock markets in view of the tension to be generated by the fiscal plan being negotiated by the Trump administration. In a divided STOXX 600, the winning sectors of the day were Telecoms and Technology, whereas Consumer Goods and Retail suffered the biggest losses. On the macro side, in the UK April’s inflation rose unexpectedly to 3.5% YoY (15-month high), as did the core figure, which ros...

INFORME DIARIO 22 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR RENOVABLES, TELEFÓNICA. El mercado se resiste a bajar Tímidas caídas en las bolsas europeas, ante las tensiones que generará el plan fiscal que está negociando la administración Trump. En un STOXX 600 dividido, los sectores ganadores del día fueron Telecomunicacion y Tecnología, mientras que B. Consumo y Retail sufrieron las mayores correcciones. Por el lado macro, en R. Unido la inflación de abril sorprendió al alza repuntando hasta 3,5% int...

INVEST SECURITIES - GRIFOLS : L'immunoglobuline mène la danse, objecti...

Credit Morning 05/15/2025

Maxeda: solid Q4 results and Q1 expected to be strong. Further bond buybacks.|Ubisoft: sharp decline in 2024/25 earnings, no rebound expected in 2025/26|Forvia is considering selling its spare parts division|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|