Jose Antonio Cerrada Tomeo

On the importance of being positive. In this #ECB Macroprudential Bullettin co-written with Mara Pirovano and Luis Herrera Bravo, we run a costs and benefits analysis on the Positive Neutral Rate of the counter-cyclical buffer. On the benefits side, a positive neutral buffer increases —> 🏦 Banks resilience over different phases of the financial cycle 💪 The releasable space to counteract negative shocks On the costs side, a timely activation of the positive neutral buffer can help —> 🏗️ building resilience under favourable conditions (e.g. high banks profitability) and substantially reducing activation costs for the economy

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BBVA has launched a substantial takeover bid for Banco Sabadell valued at €12 billion. This move marks a significant shake-up in the industry, proposing an all-share deal that could not only increase BBVA's assets but also potentially elevate it to the third-largest bank in the eurozone by market value. At the back of such a transformational move in the European banking industry, a few international outlets, including the Financial Times, quoted Alantra Equities’ expert views on the potential merger and the options and value drivers for each bank. This culminates a week in which our ECM teams have launched the largest IPO ever on the Italian EGM market and organized a Conference with some of the most relevant small and mid-caps in Iberia. Kudos to Fernando Lafuente Seseña, Pedro Garnica, Stefano Bellavita, and Francisco Riquel Correa! #OneAlantra #Banking #capitalmarkets #Finance #MergersAndAcquisitions #BBVA #Sabadell #nextgeo

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I'm delighted to have hosted a roundtable on Alternative Investments and Private Markets at the Global Private Banker Summit in London today with José Luis González. Both sessions were a success, with many participants. We had the opportunity to discuss the following topics: - Private Markets' environment and challenges - Innovative solutions to access Private Markets such as semi liquid evergreen funds - Democratisation of the asset class through the ELTIF / ELTAF. Societe Generale Private Banking - SGPB #PrivateMarkets

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📈💼 Dodging that tax bullet! 💼📈 Join us at PCC Wealth Management, where our team is dedicated to saving you money and securing your financial future. Here's how we can assist you today: 🔹 Proactive Wealth Management: We analyze your financial situation thoroughly to create a personalized strategy based on your assets, investments, and future liabilities. 🔹 Tax Mitigation Strategies: Our advisers pinpoint the best investment opportunities to reduce your tax burdens in your country of residence and home country. 🔹 Cross-Border Expertise: Leveraging our international taxation and inheritance laws knowledge, we ensure a smooth wealth transfer to your loved ones without substantial tax penalties. 🔹 Legal Consultation: Teaming up with top legal professionals, we guarantee adherence to local and international regulations for optimal tax efficiency and legacy protection. At Private Client Consultancy, we empower you to dodge that tax bullet, granting you the financial freedom you deserve. Let's safeguard your financial future and legacy together. For more details, contact me today or visit our website at https://pccwealth.com/. You can also reach out via email at [email protected] or phone at +351 913508059. Our brochure - https://lnkd.in/dMu7_AvB #expats #FinancialSuccess #investment #financialplanning #SecureYourFuture #financialadvice #FinancialMastery #WealthManagement #LegacyPlanning #SecureYourLegacy #SuccessionPlanning #Inheritance #InheritanceTax #Insurance

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The Circular 24/856: a revolution or evolution? Our specialists are discussing this new circular on the protection of investors at UCI level, which will enter into force on 1 January, 2025, and repeal the Circular 2002/77. Give the video a watch to understand the scope of the change as well as get updates of the Asset Management world with Claudia Schuppan, Frédéric Botteman and Yannick Christophe 👇 https://lnkd.in/e2VpiXB8 #Circular #Alternatives #AWM

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The Circular 24/856: a revolution or evolution? Our specialists are discussing this new circular on the protection of investors at UCI level, which will enter into force on 1 January, 2025, and repeal the Circular 2002/77. Give the video a watch to understand the scope of the change as well as get updates of the Asset Management world with Claudia Schuppan, Frédéric Botteman and Yannick Christophe 👇 https://lnkd.in/e2VpiXB8 #Circular #Alternatives #AWM

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Yesterday Banco Santander decided to access the GBP market for the second time this year in order to further diversify the issuer's funding base and take advantage of the competitive levels in terms of relative value against EUR. The issuer priced a GBP 400m Senior Non-Preferred transaction at UKT +135bps, tightening 10bps from IPTs and offering a NIP of 15bps (+13pb vs. Euro). As is typical in this market, the UK and Ireland accounts represented approximately the 70% of the total amount, followed by Germany (14%) and France (5%). In terms of investor type, most orders came from asset managers (61%) and banks (16%), which together accounted for over 75% of orders. We want to thank Banco Santander as Global Coordinator, and Natwest, Nomura, RBC & Santander as JLM for such a good execution in a primary market day with a heavy supply. José Antonio Soler Ramos, Marta Gonzalez Deprit, CFA, Sergio Sánchez, Juan Carlos Sanchez, Gabriel Castellanos, Jaime Cruz Ballesteros, Luis Miguel Coronel León, José María Ciruelos Lozano, John Yandell, Marta Santos Collado

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Thrilled to welcome iBroker Global Markets SV, SA as a trading participant on Equiduct 🚀 Their total commitment with electronic retail brokerage, global market reach and technological savvy are quite unique and makes us a perfect match. Certainly, Equiduct should not be overlooked by brokers in order to deliver Best Execution to their retail clients in Spanish equities. With an average presence in the EBBO of 94% of the trading session and an average volume of €128k at the top bid-ask price level — both the highest among all competitors (source: BMLL) — Apex is a guarantee of liquidity and execution quality for Spanish retail brokers. Furthermore, in November 2024, we've seen our average EBBO Setting jumped to 5% with our members increasingly using of our new ALP price improvement functionality (source: BMLL). Feel free to reach out for further information! #bestexecution #retailtrading #Apex

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Save the Date: October 15 Join Pilar Gómez-Bravo, MFS co-CIO of fixed income, as she explores the best opportunities across the fixed income universe and more: •how to balance the macro and geopolitical drivers ahead •what central bank rate cuts mean for duration positioning •how the easing cycle may impact credit drivers and fundamentals •reasons for optimism in fixed income bit.ly/3XQah4X.

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Banco Santander has launched today a successful new USD 3.75bn Multi Tranche: 4NC3 FRN, 4NC3 FXD & 7yr FXD Senior Preferred transaction. With this transaction Banco Santander reopens the Yankee market, becoming the first European bank to issue in USD after the hiatus in June.   With the market still digesting the latest macro/political events, investors showed appetite across all three tranches since the outset, with both the 4NC3 and 7yr FXD tranches keeping a similar and stable demand throughout the transaction.   The total book peaked at USD 11bn, and the low price sensitivity and quality of investors allowed Santander to narrow IPTs by 25 basis points and enabled us to launch the deal with a NIP of 5bps on the 4NC3-year FXD and 5bps on the 7-year FXD, as well as maintaining a significant oversubscription on all three tranches (priced at 95# for the 4NC3 FXD (with the equivalent FRN tranche at SOFR +112#) and 120# for the 7yr bullet FXD). Total book size USD 10.5bn.   We would especially like to thank the investors in the USD market for their constant support, in a market that is core for us, and in which we are honored to find so much interest every time we visit.   Thanks to the tireless work of our IR and legal teams. Without this teamwork we would not be able to achieve such exceptional results.   Congrat to Banco Santander as Global Coordinator, and to Barclays, BOAM, Jefferies, GS, MS, Santander, Scotia and WF as JLM. As is becoming a regular feature of Santander's USD transactions, Diversity & Inclusion (D&I) firms will participate in the underwriting group, counting this time with Cabrera Capital Markets LLC & Loop Capital Markets LLC. José Antonio Soler Ramos, Marta Gonzalez Deprit, CFA, Gema Navamuel, Carlos Berastain, José María Ciruelos Lozano, John Yandell, Marta Santos Collado, Gabriel Castellanos, Jaime Cruz Ballesteros, Luis Miguel Coronel León, Abraham Douek, Nihar Rach, Rob Kay, Juan Carlos Sanchez

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Exciting Sustainable Finance news

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In today’s blog, Jakub Lichwa dives into the recent merger discussions between BBVA and Banco Sabadell, which would strengthen BBVA’s SME franchise in the Spanish market and rebalance its reliance away from Mexico, towards Europe. Jakub looks at the M&A trend that is starting to form across Europe and concludes that we should not rule out further transactions in the European banking space. Read more: https://okt.to/EATCtQ #m&a #banks #europeanmergers

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🚨 The ESG Disconnect: Communication vs. Execution 🚨 Interestingly, even as some companies have dialled back their ESG messaging 📣 (#greenhushing 🤫), the number of impactful projects and assets under management is on the rise. 📈 BBVA’s Alfonso de la Lastra in today’s #IESE #PCD lesson highlighted this crucial disconnect which represents food for thought… **Why are some institutions deliberately choosing NOT to communicate their ESG efforts effectively?** 🌎🌱👩🏻‍💼 In this context, I’m proud of #BBVA’s achievements and fearless communication regarding #Sustainability, including recent bets in #Climatech and alliance with KKR in its Global Climate Strategy. https://lnkd.in/eBF4FEua #ESG #Sustainability #BBVACIB #BBVA #Greenhushing

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Save the Date: October 15 Join Pilar Gómez-Bravo, MFS co-CIO of fixed income, as she explores the best opportunities across the fixed income universe and more: •how to balance the macro and geopolitical drivers ahead •what central bank rate cuts mean for duration positioning •how the easing cycle may impact credit drivers and fundamentals •reasons for optimism in fixed income bit.ly/3XQah4X.

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Save the Date: October 15 Join Pilar Gómez-Bravo, MFS co-CIO of fixed income, as she explores the best opportunities across the fixed income universe and more: •how to balance the macro and geopolitical drivers ahead •what central bank rate cuts mean for duration positioning •how the easing cycle may impact credit drivers and fundamentals •reasons for optimism in fixed income bit.ly/3XQah4X.

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"Are you looking for market opportunities to expand the boundaries of investing? Maria Lucia Aguilar-Wittmann, Co-Head Infrastructure Fund & Co-Investments at ACP | Allianz Capital Partners , will discuss how Private Markets offer a diverse range of opportunities to investors, combining assets classes with different return and diversification potentials, allowing investors to potentially improve their portfolio efficiency. Join Maria at IPEM in Paris for a session on "Mapping infrastructure and real assets returns" to gain insight on a comprehensive and in-depth look at a wide range of alternative investment strategies. These strategies range from clean energy renewables to infrastructure investing in emerging economies, as well as supporting the growth of Latin America's electric system. See you in Paris from 9-11 September 2024! 📍Meet our investment team at Booth R114, Level 1, Hall Paris, The Palais des Congrè 👉Find out more: https://bit.ly/3Akkhvc 📅Panel detail: September 10 (Day 1) at 11:15am CEST, Summit Room 2 #IPEMParis2024 #IPEM #PrivateMarkets #PrivateDebt #PrivateCredit #Infrastructure #RealAssets For fund distributors and professional investors only. Investing involves risk.

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