BARCELONA | The Spanish financial markets regulator CNMV admitted Copenhagen-based Greentech’s voluntary cash tender offer on all ordinary shares of Fersa. Greentech had submitted last Friday its prospectus to the CNMV for its voluntary public offer of acquisition of 100% of Fersa, offering €0.40 in cash for each Fersa share. By submitting the prospectus and legal [...]
All posts by thecorner.eu team
Goldman Sachs forecasts 50pc price increase for Santander, BBVA
MADRID | Finance daily newspaper Expansion reported Tuesday that investment bank Goldman Sachs expects Santander and BBVA stock price to go up by 50 percent, according to an analysts’ note. The confidence of Goldman Sachs experts goes far beyond the two big Spanish banks, too. All medium-sized banks in Spain had their ratings updated with higher value, apart from Bankinter, whose share [...]
Deutsche Bank issues its first €15 billion in bonds, mortgage notes in Spain
MADRID |Deutsche Bank changed its financing strategy by registering a fixed income prospectus in Spain for the first time in history, as reported by the Spanish journal Expansión. The German entity will issue mainly bonds and mortgage notes for an amount of €15 billion, according to the initial information document, which has been sent to the [...]
European fiscal union? Eurobonds? Good luck convincing Germany
Luis Arroyo, in Madrid | It’s the talk of the town. The euro zone desperately needs to become a fiscal union and, voilà , everything will be sorted. But I wonder: how do we get there? Have a look at the chart below, which reflects fiscal pressure levels in core Europe economies and in some of the [...]
Spain’s blue chips top European 10 companies’ ranking by dividend yield
By Luis Torralba, in Valencia | Telefónica, Banco Santander, Iberdrola, BBVA and Repsol, that is, the so-called Spanish ‘blue chips’ or front line corporations ​​are currently all placed among the top ten Euro Stoxx50 stocks by dividend yield. This is quite an interesting piece of information to bear in mind when allocating capital, because it is one [...]
IMF reports 70pc of Spain’s banking system already cleaned up
By Julia Pastor, in Madrid | The idea of a suffocated Spanish banking sector spreads like fire throughout the markets: Bankia’s nationalisation, Moody’s cut, the French president François Hollande advising to recapitalise the sector… But the International Monetary Fund will publish next week a report that assures 70% of Spain’s financial entities are already restructured. This news [...]
Germany must let the ECB print euros as soon as possible, says Nordkapp
By Tania Suárez, in Madrid | Pablo Diez, from the asset management department at Nordkapp, explained in a conversation with The Corner that Spain’s unemployment ratio distorts the image the market has about the country’s economy as a whole, and investors believe Spain is at higher risk of default than other euro peripheral countries. He also said [...]
Highly tax-charged: it’s personal in Sweden, corporative in France
Taxpayers may be under the impression that their pockets have suffered an increasing attention from their countries’ administrations. They are right to complain. The average standard VAT rate in the EU has risen strongly since 2008. In 2012, the standard VAT rate varies from 15.0% in Luxembourg and 17.0% in Cyprus to 27.0% in Hungary and [...]
Monday’s chart: that bank deposit flight
From Afi analysts in Madrid, an investor note came Monday with the picture of that much talked about capital flight from the euro peripheral banking systems in the form of non-financial private sector bank deposits. The variation this year, although somewhat noticeable, has not accelerated and volumes remain above 2010 levels in Portugal, Spain and [...]
Threadneedle warns fears of austerity destabilises US bond market
LONDON | Investment company Threadneedle told clients that the market has increasingly moved its US economic forecasts towards more conservative views. Threadneedle explained in a technical note that, although it had updated its forecast for US economic growth in 2012 from 1.5% to 2% after some strong first quarter data, it too remained of the view that [...]
