Bank Capital/It's getting hot in here

We take a look at the broad developments in euro-denominated AT1 markets. So far this year the tight trading levels have reflected as banks continuing to remain very active in primary markets. With the uncertain geopolitical landscape, we would remain selective on issuers and in terms of bonds.

INDITEX: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 8.274 Bn (+1.5% vs. +3.1% BS(e) and +2.8% consensus); EBIT: € 1.641 Bn (+0.3% vs. +1.8% BS(e) and +0.9% consensus); Net Profit: € 1.305 Bn (+0.9% vs. +0.8% BS(e) and +0.8% consensus);

INDITEX: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 8.274 M euros (+1,5% vs +3,1% BS(e) y +2,8% consenso); EBIT: 1.641 M euros (+0,3% vs +1,8% BS(e) y +0,9% consenso); BDI: 1.305 M euros (+0,9% vs +0,8% BS(e) y +0,8% consenso).

IBERIAN DAILY 11 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CHANGES IBEX 35, INDITEX, SACYR. Flat stock markets Stock markets remained calm, awaiting relevant macroeconomic data (May’s inflation will be released today in the US) or newsflow on the negotiations with China. In the STOXX 600, the best-performing sectors were Autos and Energy, whereas Banks and Financial Services ended with the biggest drops. On the macro side, in the euro zone, June’s Sentix index climbed more than expected to the highest level in one year, also providing the...

INFORME DIARIO 11 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAMBIOS IBEX, INDITEX, SACYR. Bolsas planas Continuó la tregua una jornada más, con pocos movimientos a la espera de datos macro relevantes (hoy se publica la inflación de mayo en EE.UU.) o novedades en las negociaciones con China. En el STOXX 600 los mejores sectores en positivo fueron Autos y Energía, frente a Bancos y Servicios Financieros que fueron los que más cayeron. Por el lado macro, en la Eurozona el índice Sentix de junio repuntó más de ...

IBERIAN DAILY 10 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AMPER, ARCELORMITTAL, CAF. All eyes on US-China negotiations The week kicked off without relevant macroeconomic data, with European stock markets sliding slightly except the Ibex that ended with sight gains. In the STOXX 600, the best-performing sectors were Travel&Leisure and Real Estate, whereas defensive industries such as Household and Utilities ended with the biggest drops. On the macro side, the Treasury Secretary S. Bessent and the Trade Secretary H. Lutnick viewed the mee...

IBERIAN DAILY 06 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, INDITEX. IBEX reaches 14,200 Stock markets ended stable in a session in which the ECB followed the expected script. In the STOXX 600, the best-performing sectors were cyclicals like Basic Materials and Construction, whereas Consumer Goods and Chemicals ended with the biggest drops. On the macro side, in Germany industrial orders rose unexpectedly in April. In the euro zone, the June ECB meeting brought a -25bps rate cut, as expected, and C. Lagarde suggested th...

INFORME DIARIO 06 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDITEX, SECTOR ELÉCTRICO. EUROPA: AIRBUS, KERING. El Ibex alcanza los 14.200 puntos Las bolsas terminaron estables en una sesión en que el BCE cumplió con el guion esperado. En el STOXX 600 los mejores sectores fueron cíclicos como R. Básicos y Construcción, mientras que B. Consumo y Químicas terminaron con las mayores cesiones. Por el lado macro, en Alemania los pedidos industriales sorprendieron avanzando en abril de forma inesperada. En la Euroz...

IBERIAN DAILY 12 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...

NEWS SUMMARY: ALMIRALL, CAIXABANK, IBERDROLA, INDRA, NEINOR, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’25 results to be released over the coming days in Spain. Stability returns to stock markets, nearing highs It was a week of gains for most European indices, with the market remaining confident in a prolonged de-escalation of the trade war. Thus, the Ibex r...

INFORME DIARIO 12 MAYO + RDOS. ESPAÑA Y EUROPA 1T’25. IDEAS DESTACADAS...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CAIXABANK, IBERDROLA, INDRA, NEINOR HOMES, SANTANDER. EUROPA: UNICREDIT. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’25 que se publicarán en España y Europa en los próximos días. Vuelve la estabilidad y se acercan los máximos Semana de avances en la mayoría de índices europeos, con un merca...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/06/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/05/2025

INFORME DIARIO 06 MAYO + RDOS. ESPAÑA Y EUROPA 1T’25. IDEAS DESTACADAS...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, IBERDROLA, INDRA, SANTANDER. EUROPA: PHILIPS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’25 que se publicarán en España y Europa en los próximos días. El Ibex recupera los 13.500 puntos Las bolsas de Europa se decantaron en su mayoría por las subidas a excepción del CAC, que terminó en negativo...

Santander : A reassuring Q1 2025 & divestment confirmed in Poland

IBERIAN DAILY 06 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...

NEWS SUMMARY: CAF, IBERDROLA, INDRA, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’25 results to be released over the coming days in Spain. IBEX back above 13,500 European stock markets mostly rose, except the CAC which ended in the red and the Eurostoxx 50, which was flat. In the STOXX 600, most sectors posted gains (14/20), led by Insurance and Real Estate, w...

Santander : T1 2025 rassurant & cession confirmée en Pologne

Credit Morning 05/05/2025

Eutelsat appoints J-F. Fallacher as CEO and confirms its full-year guidance|Santander - Sale of 49% of Santander Polska to Erste Bank for € 7bn|

Morning Crédit 05/05/2025

Eutelsat nomme J-F. Fallacher en tant que CEO et confirme sa guidance annuelle|Cession de 49% de Santander Polska à Erste Bank pour 7 mds EUR|

SANTANDER: VENTA DEL 49% DE SANTANDER POLONIA (ANÁLISIS BANCO SABADELL...

Acaba de anunciar que Erste Group Bank AG adquirirá una participación de aproximadamente el 49% de Santander Bank Polska S.A.

Credit Morning 05/02/2025

The acquisition of IFF Pharma Solutions has been completed|Ontex Q1 25 call notes: Not alarming yet|Biogroup released weak results in 2024|