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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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FINANCIALS: BBVA-SAB: UK Clearance Immaterial; Deal Failure Negative For SAB
BBVA (BBVASM: Baa2 develop/BBB+/BBB+) has had the indirect acquisition of TSB in the UK cleared by regulators in London. Not credit material but a small step in BBVA’s potential takeover of Sabadell (SABSM: /BBB- pos/BBB). Any failure of this deal would appear a meaningful credit negative for Sabadell.
- The UK’s PRA has cleared the TSB takeover by BBVA, TSB being owned by Sabadell which the Spanish giant is bidding for. This clearance is one of the conditions of BBVA’s takeover, but it was widely expected to be granted (BBVA has effectively no retail market position in the UK).
- The Sabadell takeover deal remains on a very long timeline with Spain regulators and is the subject of meaningful political lobbying, we believe. The last update on timelines was at BBVA’s 1H24 results (31-Jul) which indicated Spanish competition clearance was still awaited and indications were that any shareholder vote wouldn’t be until 4Q24, at the earliest.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.