Banco Santander reportedly reconsidering its UK tactics. NordLB new 3yr senior non-preferred bond. Bank of England delays Basel implementation to 2027. Sustainable supply sees steady start on portfolio growth and reds due. Bank bond performance
Banco Santander reportedly reconsidering its UK tactics. NordLB new 3yr senior non-preferred bond. Bank of England delays Basel implementation to 2027. Sustainable supply sees steady start on portfolio growth and reds due. Bank bond performance
In a rather surprising move, Telefonica’s Board has ousted its CEO, Jose Maria Alvarez-Pallete and replaced him with a new candidate, Marc Murtra. In this brief note, we run through our thoughts on this and what this might mean for next steps.
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDRA, SANTANDER, SECTOR ENERGÉTICO, TELEFÓNICA. Las bolsas se apoyan en los resultados empresariales El dato de inflación subyacente en EE.UU. sirvió para que las bolsas retomaran las subidas gracias a una relajación en las expectativas de inflación, cierta recomposición en los recortes de tipos en 2025 y finalmente un retroceso en las rentabilidades de la deuda soberana. También ayudó el buen inicio de la campaña de resultados en EE.UU, el alto fu...
NEWS SUMMARY: ENERGY SECTOR, INDRA, SANTANDER, TELEFÓNICA. Stock exchanges underpinned by business results The US core inflation data caused stock exchanges to resume gains thanks to some easing in inflation and rate cut expectations in 2025 and tightening in sovereign debt yields. The start of the earnings season in the US, the ceasefire in Gaza and the good macroeconomic data released in China last Friday contributed to this performance. Thus, in the STOXX 600, the best-performing sectors we...
We are hosting our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 211 companies will be presenting over the two days. In the following note, we provide some initial feedback from the companies on day 1. Out of the 104 feedbacks collected during the first day, 40 were clearly positive, 59 rather Neutral, and only 6 negative. Among the positive names, we would particularly highlight Accor, URW, Euronext, Bureau Veritas, Renke, ID Logistics, Roche Bobois, Ionos, Companie des Alpes...
Over the past few months, we have been writing on the increased signs of competitive intensity in the German mobile market. We are only nine days into the New Year and sadly there are signs of this further heating up with new moves by DT and 1&1. In this report, we review those moves in more detail and consider the potential impact on all the companies involved (DT, Vodafone, Telefonica and 1&1).
Poco momentum hasta que publiquen guidance 2025 en Rdos. 4T’24. A la espera del guidance’25 en Rdos. 4T’24 reina la cautela y un apetito limitado por el sector a la espera de que se descarten escenarios muy negativos, en nuestra opinión injustificados. Nosotros esperamos una caída media de ingresos de -3,3% en 2025 (vs -1% consenso) y -10% en BDI (vs -3% consenso) para un EURIBOR de 2,18%. Creemos que queda valor en un sector holgado de capital (13,3% CET1 medio) con una yield por dividendo de ~...
NEWS SUMMARY: BANKING SECTOR. Rising debt yields once again pressure stock markets European stock markets rose early in the session but ended up reeling in part of those initial gains after a bearish opening for US markets. The main driver was the rising sovereign debt yields following the release of better US macro data and in view of investors selling bond to make room for the US treasury’s 10Y bond auction. In the STOXX 600, the best-performing sectors were once again Energy and those linked...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR BANCOS. La escalada de la rentabilidad de la deuda vuelve a presionar las bolsas Las bolsas europeas, que subían por la mañana, acabaron cediendo parte de sus ganancias al cierre tras una apertura bajista del mercado americano. El principal catalizador fue la escalada en la rentabilidad de la deuda soberana a largo plazo, tras la publicación de unos mejores datos macro en EE.UU. y ante las ventas de bonos por parte de los inversores para ha...
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