EU FINANCIALS: FINANCIALS: Sabadell (SABSM Baa1 Pos/BBB+ Pos/BBB+) Q3 Results - Focus on BBVA
Oct-31 09:03
Results a little lacklustre, but unexciting for creditors. Focus will remain on possible BBVA merger.
- Group NII down -0.7% QoQ to €1,253m, up 6.7% for 9M24 YoY. Fee income is also down marginally on the quarter to €336mn
- Asset quality improving for 7th consecutive quarter. Cost of risk 44bps, down 2bps QoQ. NPL's continue to fall to 3.14% vs 3.5% OYA. Provisions now up to 61% of Stage 3 loans.
- CET1 increases 0.3% QoQ to 13.8%. Organic capital generation is only 26bps though in the quarter, 10bps increase from fair value adjustments and -6bps from RWA growth, which is good.
Call replay available here - https://www.sb.lt/en/investors
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EURIBOR: EURIBOR FIX - 01/10/24
Oct-01 09:03
Source: EMMI/Bloomberg
- EUR001W 3.3280 -0.0550
- EUR001M 3.3300 -0.0230
- EUR003M 3.2520 -0.0270
- EUR006M 3.0920 -0.0130
- EUR012M 2.7490 0.0020
**MNI: EUROZONE SEP FLASH HICP +1.8% Y/Y
Oct-01 09:00
- MNI: EUROZONE SEP FLASH HICP +1.8% Y/Y
- MNI: EUROZONE SEP FLASH CORE HICP +2.7% Y/Y
GILTS: Short 20-Year Supply Expected to Go Smoothly
Oct-01 08:58
The result of the DMO’s first auction of the new fiscal quarter is due shortly, with GBP2.25bln nominal of the short 20-year 4.75% Oct-43 gilt on offer
- No real signs of intraday pre-auction concession for 20s on the 10-/20-/30-Year gilt fly, although last week saw 20s hit the cheapest closing level since February on that structure.
- Elsewhere, Gilts hit fresh cycle closing cheaps vs. swaps on Monday.
- In terms of the auction history, the gilt was launched via syndication in November 2023 and has been reopened twice per quarter via auction since which auction sizes ranging from GBP2.00-2.25bln.
- Every auction has seen strong demand with bid-to-covers ranging from 3.29-3.67x and tails ranging from 0.1-0.4bp.
- We expect another strong auction this time out.
- The line will be auctioned again on on 12 November.
