MNI BRIEF: German Insolvency Rate Slows, 2025 Pickup Expected

MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: Brazil Annual Inflation Rises To 4.87% In November

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: US REDBOOK: DEC STORE SALES +4.2% V YR AGO MO

US Q3 REV NONFARM PRODUCTIVITY +2.2%; Y/Y +2.0%

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FINANCIALS: Sabadell Results Due This Morning

FINANCIALS

Sabadell (SABSM : BBB- pos/BBB) results are due this morning. The overriding news is around the BBVA bid and results would have to be stellar to drive further spread tightening, in our view. Bankinter results last Thursday were solid but we’ve few other laterals to look to.

  • Last results (25 Apr) were good with revenues well above consensus, including NII, better loan losses and guidance upgrades for both. This was driven by both Spanish and UK business and a share buyback (4% of market cap) was launched.
  • The overriding news in the period was the bid from BBVA, which was rebuffed, raised and then BBVA ultimately went hostile, which is relatively unusual in Eurobank M&A. This has clearly moved asset prices.
  • Danske’s spreads have come in 23bp since those results (€IG banks -3bp) and the equity is up 29% (SX7P +3.5%).
  • Revenue estimates are 2% and 4% higher (for this year and next) since results, with EPS 5% and 16% up, respectively.

Results are due pre-market with a conf call due at 0800 (London time). 

BulletCredit Bullets
BulletCredit Bullets

To read the full story

Close

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.