Banking
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Artículo
Bank bond spreads after the Global Financial Crisis: From fragility to fundamental strength
Fecha:
July 2025
Once seen as safer and cheaper than corporate debt thanks to its regulated profile and implicit government backing, since the 2008 financial crisis, bank-issued debt has carried a risk premium, driven by regulatory shifts, sovereign exposures, and profitability concerns. Recent improvements in capital generation, liquidity, and diversification suggest that the premium may no longer be justified on fundamental grounds.
Artículo
Desaparición de la prima bancaria frente al crédito no financiero
Fecha:
July 2025
Este trabajo aborda un fenómeno que ha transformado los mercados
desde la crisis de 2008: la pérdida de ventaja de financiación de los bancos frente a las empresas no financieras.
Artículo
Spanish versus European bank exposure to sovereign risk
Fecha:
June 2025
Spanish banks’ exposure to public debt has increased more sharply than the EU average, reaching 15.4% of total assets in 2024. Amortised cost accounting and international diversification help risk mitigation, while higher interest rates on public debt holdings have significantly boosted returns for the domestic business.
Artículo
Improving valuations for Spanish and European banks
Fecha:
June 2025
After years of trading below book value despite solid fundamentals, Spanish and European banks have seen a marked revaluation since late 2024, surpassing price to book value (P/BV) ratios of 1x. Improved margins have supported a strong recovery in valuations, narrowing the profitability gap with U.S. peers; however, structural and regulatory differences continue to explain the persistent valuation gap between European and U.S. banks.