Alberni, Marta


Bank valuations: Good news and bad news

Positive earnings performance and lower cost of equity have led the European banks to outperform the general stock indices for the last two years; nevertheless, they have yet to close the gap between their market value and book value, despite the fact that their return on equity (ROE) is back above 10%, the threshold traditionally deemed necessary to close the valuation gap. While the inability to close this gap appears to lie with the fact that the cost of equity (CoE) required of the banks has increased above the conventionally assumed threshold of 10%, the discount at which the European and Spanish banks are currently trading seems excessive.

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Mortgage prepayment: An alternative to saving

After one year of intense interest rate increases, coupled with very slow pass-through to deposit rates, households have moved decisively to reconfigure their savings, and also
their borrowings. In this process of recomposition of household financial flows and the search for an alternative to deposits, the early cancellation of debts, especially variable rate mortgages, which are undoubtedly the most affected by the rise in interest rates, has
gained increasing significance.

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Cancelación de hipotecas como alternativa de ahorro

Este artículo analiza la magnitud del proceso de cancelación anticipada de hipotecas mediante un análisis conjunto de las series de concesión hipotecaria y de saldos vivos de dicho tipo de deuda, así como su contraste con las métricas históricas de vencimiento natural de la deuda hipotecaria.

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