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BBVA-Sabadell: Bid Confirmed, Caixa-BCP The Next Focus

FINANCIALS

BBVA (BBVASM; A3/A/A-) and Sabadell (SABSM; BBB+ pos) more headlines coming. This does look like #2 bank in Spain buying #4, so competition issues not straightforward (but UK is arguably a more concentrated market). More headlines coming through (and leaves BCP with only Caixbank as a suitor if this goes through):


  • SABADELL CONFIRMS IT HAS RECEIVED BBVA'S PROPOSAL
  • SABADELL BOARD TO ANALYZE ALL ASPECTS OF BBVA MERGER PROPOSAL
  • BBVA CONFIRMS ADVISORS HAVE BEEN APPOINTED FOR SABADELL DEAL
  • BBVA CONFIRMS INTEREST IN SABADELL DEAL
View: spread positive for SABSM but, arguably M&A risk needs discounting into BBVA (perhaps CABKSM, too, if this opens the door to a BCP deal).
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