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Spanish Banks: De Cos Hinting at CCyB Activation, Would Be Spread Positive

FINANCIALS

Spanish banks - Bank of Spain has been considering activating the counter-cyclical buffer, BBVA mgmt yesterday stated that it's unnecessary and today we have the below headlines:


  • BANK OF SPAIN GOVERNOR: SPANISH CENTRAL BANK CONSIDERS SETTING POSITIVE LEVEL FOR BANKS' COUNTERCYCLICAL CAPITAL BUFFER
  • ECB'S DE COS: ECB SHOULD START CUTTING RATES IN JUNE IF INFLATION CONTINUES TO SLOW DOWN AS EXPECTED
  • ECB'S DE COS: GIVEN HIGH UNCERTAINTY ECB WILL FOLLOW DATA-DEPENDENT APPROACH WHERE DECISIONS ARE TAKEN AT EACH MEETING
  • DE COS: BANK OF SPAIN WILL ANNOUNCE ITS DECISION ON WHETHER TO ACTIVATE BANK'S CAPITAL BUFFER SOON
View: activating the buffer will crimp equity return plans but bolster banks' creditworthiness, in our view - likely a spread positive.

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