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Thursday, May 23, 2:09 PM "We think the impact will be between €5B and €10B," the Bank of Spain tells FT, in the first official estimate of the additional provisions Spain's banks will need to take against bad loans as the government prepares to do away with "extend and pretend." Although the extra provisioning will no doubt weigh on results, expectations are that Banco Santander (SAN -0.2%) and BBVA +1.86% will have no trouble absorbing the hit, though it isn't clear that the same can be said of smaller banks. Comment! [Global & FX]
Friday, May 17, 9:35 PM Of the €208.2B in non-performing loans Spanish banks have refinanced (in order to avoid recognizing them as NPLs), nearly half are treated as though they are not distressed, dubiously eliminating the need to take provisions against them, FT says. These banks have until September to reclassify restructured loans under tougher guidelines, a mandate that will likely necessitate fresh provisioning at some institutions. Between them, Santander (SAN), BBVA, and Caixabank (CAIXY.PK) had €76B in refinanced debt on their books at the end of last year. 11 Comments [Financials, Global & FX]
Friday, May 3, 2:38 PM Spain's Banco Bilbao (BBVA +0.6%) gives up a the better part of its gains for the day after a downgrade to sell from Citigroup. No details yet, but it could be a valuation call on a stock that's risen more than 80% since last summer. Comment! [Financials, On the Move]
Friday, April 26, 6:44 AM Banco Bilbao Vizcaya Argentaria (BBVA): Q1 Net profit of €1.73B (+72.6% Y/Y). (PR) Comment! [Earnings, Breaking News, Financials]
Monday, March 18, 5:10 AM European bank shares slide following news of the levy on deposits in Cyprus, which has prompted concerns of a run on banks elsewhere in the eurozone. The Stoxx Europe 600 Banks index -2.1%. In Madrid, BBVA -3.7%; in Milan, Banca Popolare di Milano -3.9%, Intesa Sanpaolo -3.3%, Mediobanca -4.6%, Banca Monte dei Paschi di Siena -3.8%. In Paris, SocGen -4.2%, Credit Agricole -2.9%, BNP Paribas -3.3%. In Frankfurt, Deutsche Bank (DB) -2.8%. Comment! [Financials, Top Stories, Global & FX, On the Move]
Thursday, February 14, 7:31 AM Spanish bank borrowing from the ECB fell to €298.7B in January from €313.1B previously, and from an all-time high of €388.7B in August. Money-market funds in search of returns are tiptoeing back into Europe, giving Spanish lenders a source of funds other than the central bank. Comment! [Financials]
Monday, February 11, 7:34 AM Spanish banks and the economy catch a break as EU officials waive a condition of last summer's bailouts which would have forced another wave of loan-loss set-asides. Officials say Spain should be allowed to have the same risk controls as the rest of the EU. In truth, the last thing the economy needs is even more credit tightening. 3 Comments [Global & FX, Financials]
Friday, February 1, 11:12 AM More on MetLife's (MET +2.2%) acquisition of Chile's Provida: The all-cash deal will boost the share of Met's operating earnings from emerging markets to 17% from 14%, and lift overall operating earnings by $0.05/share in 2013 and $0.15 in 2014. As previously mentioned, the move means investors need to ratchet down expectations for capital returns. (PR) 2 Comments [Financials, M&A]
Friday, February 1, 2:57 AM Banco Bilbao Vizcaya Argentaria (BBVA): Q4 net profit €20M vs €139M loss a year earlier and consensus of €11M, with profitability limited by need to provision close to €1.5B for soured property loans in Spain. Net interest income +12% to €3.91B. To book capital gain of €500M in H2 on sale of 64.3% stake in Chilean pension fund administrator Provida to MetLife. (PR) Comment! [Earnings, Financials]
Friday, February 1, 2:47 AM MetLife (MET) has agreed to acquire Chilean pension fund administrator AFP Provida for $2B in a deal that is part of the U.S. company's strategy of expanding in emerging markets. Banco Bilbao Vizcaya Argentaria (BBVA) will sell its 64.3% stake in Provida to MetLife, which will carry out a tender offer for the other shares. (previous) (PR) 1 Comment [Financials, M&A, Top Stories]
Thursday, January 3, 2:23 PM European bank funding issues are no more as Spain's BBVA draws €5B in bids for an auction of €1.5B in 5-year senior unsecured notes. The spread of 2.95% over mid-swaps proved irresistible to yield-starved investors who came not just from Spain, but from Northern Europe, which accounted for 70% of the bids. Comment! [Financials, Global & FX]
Wednesday, December 19, 2012, 9:36 AM MetLife (MET) is reportedly in advanced talks to by the Chilean pension-management unit of Spain's BBVA, with sources putting the business' value at more than $2B. The deal's a natural as MetLife is looking for its growth abroad and BBVA is looking for cash to deal with problems back home. Comment! [Financials, M&A]
Wednesday, December 19, 2012, 7:10 AM Following a 5-month 43% move higher in the EUFN, the European financial sector is upgraded to Neutral from Sell at Credit Suisse. Earlier this week, Meredith Whitney turned bull on the U.S. financial sector after its torrid 2012 run. 3 Comments [Financials]
Monday, November 26, 2012, 12:33 PM BBVA takes advantage of investors demand for some sort of safe yield, offering a covered bond at more than a full percentage point less than what the Spanish government is paying for a similar maturity. "There is huge appetite from investors at the moment," says one banker. Order books for the issue were said to top €2B by mid-morning. 1 Comment [Financials]
Sunday, November 18, 2012, 3:27 AM Santander (SAN) intends to invest in Sareb, the bad bank created to clean up Spain's banking industry of toxic real-estate assets. BBVA (BBVA) and Sabadell (BNDSF.PK) are considering investing in Sareb but have yet to make a decision. The bad bank will have an initial equity of €3.9B, with the government hoping that the private sector - including foreign investors - will provide €2.2B. 3 Comments [Financials, Global & FX]
Friday, November 2, 2012, 5:32 AM Citigroup (C), Deutsche Bank (DB), HSBC (HBC) and JPMorgan (JPM) will have to hold an extra 2.5% of Tier 1 Capital on top of the 7% minimum required under Basel III rules, regulators said yesterday. Barclays (BCS) and BNP Paribas will need an extra 2%, while eight banks, including BofA (BAC) and Goldman Sachs (GS), will need 1.5%. Overall, 28 banks are considered "global systemically important" and have to hold extra capital. Lloyds (LYG) has dropped off the list but BBVA (BBVA) and StanChart have joined it. 2 Comments [Tech, Consumer]

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Banco Bilbao Vizcaya Argentaria, S.A.