El Español maintains its record with 79.5 million users and grows 93% in one year

The number of page views reached 277.1 million during the month of May, the second of total confinement.

Unique users of EL ESPAÑOL in the last thirteen months.

THE SPANISH managed to maintain its historical audience record in May for the second consecutive month. This newspaper registered 79.5 million unique users, remaining as informative reference during the coronavirus crisis, thanks to its great social, political and economic coverage of the pandemic.

According to figures collected by Google Analytics, In the second month of confinement, this newspaper reached 79,455,113 visitors, which means a growth of 92.9% compared to the 41.2 million registered in May of last year. In one year, EL ESPAÑOL has added more than 38 million unique new users.

These figures confirm the great coverage of this newspaper since the beginning of the coronavirus outbreak, with public service content to help Spaniards confined to their homes. Health, citizen, social, political, economic, technological, cultural and sports information that has focused on telling this crisis from all perspectives. An interest that has been maintained at the beginning of the de-escalation.

Regarding the number of sessions, these grew by 99.8% from 80.5 million in May 2019 to 160.9% million last month. The number of page views grew by 71.1% from 162 million to the current 277.1 million.

The growth of THE SPANISH in May it also moved to its users who visit it from a Spanish IP, the indicator that advertisers value the most. In this case, this newspaper registered 40.9 million unique users, 69.9% more than the 24.1 million a year ago.

Mexico was the second country of origin for our readers in May with 10 million unique users (a growth of 113% year-on-year), followed by Argentina with 5.7 million (an improvement of 140%), Colombia with 4.3 million (122% more), Chili with 3.1 million (an increase of 119%) and Peru with 2.7 million users and a growth of 136% in one year.

for local markets, Madrid led with 8.6 million unique users (a growth of Four. Five% in a year), followed by Barcelona, with 4.3 million (+36%), Seville, with 2.5 million (+48%) and Valencia, with 2.1 million unique users and a growth of 59%.

Among the most read stories of May we find “Most of those affected by ERTE will have to ‘return’ part of their benefit in 2021“, an history about Edward Ortega; “The 10 reasons that have led Nissan to leave Barcelona”a guide produced by Arthur Raised; “Cobi’, the quarrelsome colonel: Diego Pérez de los Cobos, the civil guard who at the age of 28 stood up to Roldánby Andros Lozano and Jorge Garcia Badia; Y “The patrimonial mess of Ortega Smith in Asturias: a ‘factory’ that is houses, lots and €2,500 in the bank”, of Diego Rodriguez.

In the most viewed we also find “The script of Sánchez and Iglesias to remove power from Felipe VI and use the emeritus as Franco”, an information of Miguel Angel Mellado; “Iglesias begins to say goodbye to Moncloa”, a column of Christian Fields; Surprise in Brussels at the Government’s resignation to finance Health with the 25,000 million from the MEDE, of Juan Sanhermelando; Y “Waiting list to watch the Iglesias house: 5 of the agents of the sentry box have already been promoted to sergeant”, of Brais Cedeira.

Triple audience control

THE SPANISH maintains triple control over its audience figures. The total number of unique users, visits and page views is counted by Google Analytics, measurement platform of the technology giant approved internationally. This registry provides all kinds of data on the origin, profile and behavior of the audience.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spainendorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplicities. In this meter, EL ESPAÑOL is already the most read digital native newspaper with more than 22 million unique users, a place that holds the last ten consecutive months.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spainendorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplicities. In this meter, EL ESPAÑOL is already the most read digital native newspaper with more than 22 million unique users, a place that holds the last ten consecutive months.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spainendorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplicities. In this meter, EL ESPAÑOL is already the most read digital native newspaper with more than 22 million unique users, a place that holds the last ten consecutive months.

El Español again exceeds 20 million users and grows 40% in a year

In year-on-year terms, this newspaper added more audience than its main competitors.

Evolution of El Español audiences in the last twelve months.

Spanish Sites registered 20,718,599 users or unique visitors in May, a figure that maintains the historical record reached in March and confirms the confidence of readers in this header and in its firm commitment to quality information during the coronavirus crisis.

According to figures from Comscore -the meter recommended by the advertising industry- this newspaper exceeded 20 million unique visitors for the third time in its history, coinciding with March, April and Maythe three months of confinement in which this newspaper has made a great social, political and economic coverage of the pandemic.

Public service content to help Spaniards confined to their homes such as health, citizen, social, political, economic, technological, cultural and sports information that has focused on telling this crisis from all angles.

The 20,718,599 unique visitors in May Spanish Sites -which includes all the informative offer of THE SPANISHrepresent a growth of 40% compared to data for the same month last year. A growth also above its main competitors.

ABC.ES Sites improved by 17.9%, LAVANGUARDIA.COM Sites grew by 5.2%, Elmundo.es Sites added 20%% year-on-year, El Pais Sites dropped 0.8% and 20MINUTOS Sites added a 30.8% in one year. On the other hand, Eldiario.es Sites grew by 61.9%, LA RAZON.ES Sites by 59%, ELCONFIDENCIAL.COM grew by 37% and OKDIARIO.COM improved by 33%.

most read stories

As for the vertical portals of THE SPANISHin May invested recorded 3.9 million unique visitors, stoves reached three million Global Chronicle and Vandal they approached 2.5 million visitors.

According to data from Google Analitycs, andmong the most read stories of May we find “Most of those affected by ERTE will have to ‘return’ part of their benefit in 2021“, an history about Edward Ortega; “The 10 reasons that have led Nissan to leave Barcelona”a guide produced by Arthur Raised; “Cobi’, the quarrelsome colonel: Diego Pérez de los Cobos, the civil guard who at the age of 28 stood up to Roldánby Andros Lozano and Jorge Garcia Badia; Y “The patrimonial mess of Ortega Smith in Asturias: a ‘factory’ that is houses, lots and €2,500 in the bank”, of Diego Rodriguez.

In the most viewed we also find “The script of Sánchez and Iglesias to remove power from Felipe VI and use the emeritus as Franco”, an information of Miguel Angel Mellado; “Iglesias begins to say goodbye to Moncloa”, a column of Christian Fields; Surprise in Brussels at the Government’s resignation to finance Health with the 25,000 million from the MEDE, of Juan Sanhermelando; Y “Waiting list to watch the Iglesias house: 5 of the agents of the sentry box have already been promoted to sergeant”, of Brais Cedeira.

triple check

EL ESPAÑOL maintains triple control over its audience figures. The total of unique visitors, visits and page views is counted by analytics, measurement platform of the technology giant approved internationally. This registry provides all kinds of data on the origin, profile and behavior of the audience around the world.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spain, endorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplicities. Most of the other competitors of this newspaper are only audited through Comscore and that makes this measurement the only public element of comparison.

According to data from Google Analitycs, emong the most read stories of May we find “Most of those affected by ERTE will have to ‘return’ part of their benefit in 2021“, an history about Edward Ortega; “The 10 reasons that have led Nissan to leave Barcelona”a guide produced by Arthur Raised; “Cobi’, the quarrelsome colonel: Diego Pérez de los Cobos, the civil guard who at the age of 28 stood up to Roldánby Andros Lozano and Jorge Garcia Badia; Y “The patrimonial mess of Ortega Smith in Asturias: a ‘factory’ that is houses, lots and €2,500 in the bank”, of Diego Rodriguez.

In the most viewed we also find “The script of Sánchez and Iglesias to remove power from Felipe VI and use the emeritus as Franco”, an information of Miguel Angel Mellado; “Iglesias begins to say goodbye to Moncloa”, a column of Christian Fields; Surprise in Brussels at the Government’s resignation to finance Health with the 25,000 million from the MEDE, of Juan Sanhermelando; Y “Waiting list to watch the Iglesias house: 5 of the agents of the sentry box have already been promoted to sergeant”, of Brais Cedeira.

triple check

EL ESPAÑOL maintains triple control over its audience figures. The total of unique visitors, visits and page views is counted by analytics, measurement platform of the technology giant approved internationally. This registry provides all kinds of data on the origin, profile and behavior of the audience around the world.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spain, endorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplication. Most of the other competitors of this newspaper are only audited through Comscore and that makes this measurement the only public element of comparison.

According to data from Google Analitycs, emong the most read stories of May we find “Most of those affected by ERTE will have to ‘return’ part of their benefit in 2021“, an history about Edward Ortega; “The 10 reasons that have led Nissan to leave Barcelona”a guide produced by Arthur Raised; “Cobi’, the quarrelsome colonel: Diego Pérez de los Cobos, the civil guard who at the age of 28 stood up to Roldánby Andros Lozano and Jorge Garcia Badia; Y “The patrimonial mess of Ortega Smith in Asturias: a ‘factory’ that is houses, lots and €2,500 in the bank”, of Diego Rodriguez.

In the most viewed we also find “The script of Sánchez and Iglesias to remove power from Felipe VI and use the emeritus as Franco”, an information of Miguel Angel Mellado; “Iglesias begins to say goodbye to Moncloa”, a column of Christian Fields; Surprise in Brussels at the Government’s resignation to finance Health with the 25,000 million from the MEDE, of Juan Sanhermelando; Y “Waiting list to watch the Iglesias house: 5 of the agents of the sentry box have already been promoted to sergeant”, of Brais Cedeira.

triple check

EL ESPAÑOL maintains triple control over its audience figures. The total of unique visitors, visits and page views is counted by analytics, measurement platform of the technology giant approved internationally. This registry provides all kinds of data on the origin, profile and behavior of the audience around the world.

OJD Interactive, digital subsidiary of OJD, is the one who certifies and audits this measurement. This subsidiary is in charge of controlling the figures of more than 300 digital communication media in Spain, endorsing the audiences measured by external companies.

Finally, Comscore carries out a specific measurement of traffic in Spain for this newspaper, eliminating duplicities. Most of the other competitors of this newspaper are only audited through Comscore and that makes this measurement the only public element of comparison.

Bourbon makers could face a major problem

A glass of whiskey.

The state of Kentucky became famous throughout the world thanks to two things: Kentucky Fried Chicken and Bourbon. Interestingly, despite the coronavirus crisis, both fast food restaurant and corn whiskey makers have done well this year.

To be more precise, in the second quarter of this year, the company Yum! Brands, Inc. (YUM), which operates the brands KFC, Taco Bell and Pizza Hut, posted net income of $391 million, or $1.29 per share, compared with $206 million, or 67 cents per share, a year earlier. Same-store sales worldwide increased 23% in the quarter.

Along with that, Yum said it opened 603 net new locations during the quarter and plans to accelerate the pace of its expansion by resetting its long-term growth targets. Compared to the first half of 2020, sales at KFC are up 35%, Taco Bell is up 24%, and Pizza Hut is up 10%. Sales of the company’s digital products, on the other hand, grew 35% to more than $5 billion.

For Bourbon producers, for the first time in Kentucky history there are more than 10 million barrels of bourbon aging and distillers are setting records by filling nearly 2.5 million barrels in a single year. The problem is that, in a couple of months, the industry could face a significant increase in tariffs in Europe.

According to CNBC, Kentucky distilleries are expected to pay more than $33 million in taxes on barrel aged in 2021 alone. That figure is 140% higher than 10 years ago.

In addition to the aged barrel taxes, Kentucky distillers will be required to pay approximately $300 million in state and local taxes and another $1.8 billion in federal excise taxes on alcohol.

However, the main problem for distillers is not so much taxes as tariffs imposed by China, Mexico, Canada, the European Union, and the United Kingdom in 2018 in response to US taxes on steel and aluminum.

After imposing 25% tariffs on US whiskey, exports to the EU, the largest export market for spirits, fell 37% from $702 million in 2018 to $440 million in 2020, according to the Distilled Alcohol Council ( DISCUS). Bourbon exports to the UK, the fourth largest market for US whiskey, fell 53% from $150 million in 2018 to $71 million in 2020.

To make matters worse, European tariffs on US whiskey could double to 50% in December unless the Biden administration lifts tariffs on foreign steel imposed by former President Donald Trump. As a result, MGP Ingredients, Inc. (MGPI), Eastside Distilling, Inc. (EAST), Brown-Forman Corporation (BF-B) could be affected.

A glass of whiskey.

Madrid recovers investment in protected housing prior to the brick crisis

The EMVS will invest 527 million euros until 2025, an amount that is close to the 607 million of the 2004-2007 legislature.

Promotion Our Lady of the Angels of the EMVS in Puente de Vallecas.

The Municipal Housing and Land Company (EMVS) is celebrating its anniversary. For 40 years he has been dedicated to housing policy in the city of Madrid. And it is going to celebrate it by approaching the investment figures in new protected housing developments prior to the brick crisis.

During the mandate of José Luis Martínez-Almeida, which began in July 2019, and based on the full budgets for the years 2020 to 2023, the EMVS is going to invest 334 million euros. This is the third highest number in its history. after that achieved in the 2004-2007 mandate (607 million) and in the 2008-2011 mandate (409 million).

But it would be the second if we take into account that, in 2022 and 2023, the EMVS will start the works of new promotions that will conclude in 2024 and 2025. Two years in which 112.3 and 81.4 million have been budgeted, respectively, to end those promotions. Therefore, the figure would reach 527.7 million euros.

More than 700 homes delivered

In the four decades of life of the EMVS, the public company has invested 2,340 million euros in building new protected housing developments. Years in which there has been everything. In the two mandates that covered the years 2004 and 2011, 607 million euros were invested in the first four years, and 409 million in the second. Altogether, 1,016 million.

With the arrival of the crisis, budget items fell. In the two years of the legislature of José Luis Martínez-Almeida, a total of 13 promotions have been awarded and delivered. Translated into homes, we are talking about 773 homes.

Protected housing in Madrid.

Protected housing in Madrid.

In these two years, the distribution by areas is as follows: Carabanchel (25 dwellings), Latina (87 dwellings), Villa de Vallecas (72 dwellings) and Puente de Vallecas (589). Nowadays, the EMVS has 26 developments underway in different phases of construction. In total, there are 2,450 homes.

102 dwellings can be classified as very advanced. Once again, the majority falls on Puente de Vallecas (387 dwellings). The rest is divided between Carabanchel (159 dwellings), Villa de Vallecas (71 dwellings) and Arganzuela (85 dwellings).

New plots

This summer, in addition, 1,186 promotions were started. In this group, Vicálvaro is the district where the most protected housing is being developed (486 homes), followed by Puente de Vallecas (370), Villa de Vallecas (210) and Villaverde (120).

With regard to the works that are in the pipeline, all of them are destined for Vicálvaro. It is a total of 562 dwellings. Also, the EMVS has just acquired 13 plots to start in the medium-term future the drafting of projects for new promotions. Together, they will add another 909 homes.

Of these 13 plots, four are already in competition to write projects. These are Los Olivos III Phase, in Latina (18 homes); Los Olivos IV Phase, also in Latina (48 homes); Cañaveral 13, in Vicálvaro (164 dwellings); and Vallecas 71, in Villa de Vallecas (100 homes).

The rest is distributed in Tetuán (198 dwellings), Villaverde (87), Vicálvaro (78), Fuencarral (35), Carabanchel (31), Barajas (115 dwellings) and Moncloa (35 dwellings). In total, the newly built homes delivered, under construction, or in project, add up to 4,132. By years, the most successful were 2006 (156.4 million) and 2004 (150.8 million euros).

Carlos Herrera: the man of 24 million euros who is not clear about continuing in Cope

The radio station – which shoots up its profits since the arrival of the communicator – is facing a new renewal of its contract.

Carlos Herrera in a garden in Cope Madrid.

Joy and sadness in equal parts in Cope. A few days ago the station of the episcopal conferencel proudly presented its financial results for 2019: a total of 7.7 million net profits confirming that the broadcaster’s commitment to making signings, such as its sports team or Charles Herrerawas the most successful.

The problem is that these results put more pressure on the negotiations that the station must undertake with its radio star in the coming months, to put a new renewal on track.

The sources consulted indicate that the benefits of 2019 give Herrera more arguments to impose his demands, which spend less time on the air and maintain their economic conditions.

These figures show that blacksmith is the real king midas of cope. Before his signing, the station was bogged down in one of its worst financial crises, but after the arrival of the Andalusian everything improved and Four years of consecutive profits have been chained.

Between 2010 and 2015 the radio station of the bishops accumulated losses of 23 million euros (9.1 million in 2010, 3.7 million in 2011, 2.3 million in 2012, 1.4 million in 2013, 4.7 million in 2014 and 1.8 million in 2015), while with Herrera they have earned more than 24 million (4 million in 2016, 6.5 million in 2017, 6 million in 2018 and 7.7 million in 2019).

Conditions to continue

However, the decisive fact that reflects the importance of blacksmith after his arrival at cope is the ad spend. The data published by Infoadex this week indicate that the bishops station had a turnover of 113.5 million euros in advertising during the 2019 academic year, which already places it with 27% of the radio market share.

In 2015, the last full year without Charles Herrera, the chain had a turnover of 88.8 million euros and an advertising market share of 19.5%. This is how Cope has increased his income by 25 million euros in four years. And much of this amount, thanks to the strength of its communicator.

Some numbers that necessarily have to influence its renewal. Charles Herrera He faces the third year of his contract with Cope beginning next September. The agreement when he signed his current contract, at the beginning of 2018, was that at the end of his second season the conditions would be renegotiated.

Some conditions that have been fulfilled and that they go through continuing with their gradual disengagement plan. blacksmith he earned between 24 and 28 million euros in his four full years in cope (nearly seven million per season) and in his environment it is not contemplated that his contract will be lowered even though he does fewer hours on the air.

As this newspaper has already told, Herrera feels strong to continue, although he prefers not to speak yet of an extension of the contract from the 2021-2022 academic year. A situation that generates uncertainty in Cope because the idea of ​​the team of Fernando Gimenez Barriocanal is to close the link with the communicator as soon as possible for at least three more years. Herrera refuses and wants to take it all easy for at least the next six months and give himself a break from at least one other EGM: the one at the end of this year.

EGM data

A meter on which he would gauge his strength. If it grows exponentially, it will have many more arguments to impose its conditions, especially if it is close to the lead. Otherwise, if it goes down, you would have less room to trade. It is not the same to renew the contract at number two on the radio than at number one and Cope knows that and Herrera knows that.

The Andalusian communicator recorded 2,443,000 listeners in the last wave of the EGM known in April, which represented a growth of 9.6% and its second highest figure in this station. Herrera gained a whopping 214,000 listeners and is now only separated by less than 400,000 from Day by day of Cadena Ser, the historic leader in this time slot. When the Andalusian communicator was released in 2015, the distance was over a million followers.

The best summary is that, in five years, Herrera has more than doubled his audience, has led the station to achieve economic benefits for four years in a row and has increased his annual advertising revenue by more than 25 million. These are the numbers, you draw the conclusions.

The paradox of Carlos Herrera in Cope: his renewal depends on Podemos and Pedro Sánchez

The communicator faces his last season with a valid contract, which forces him to negotiate his continuity in Cope.

Carlos Herrera in a garden in Cope Madrid.

Charles Herrera It has become the media scourge of the coalition government during confinement and de-escalation. From his pulpit on Cope mornings every day he delivers scathing analysis and criticism to all members of Moncloa and the president Peter Sanchez.

Unanimously, the entire sector agrees that it has known how to capitalize like no one else on citizen discontent with the Executive’s management and channel the current of opinion contrary to PSOE and United We Can.

“She’s in her best moment”, says a radio director who knows him, but who prefers to remain anonymous. And he is not wrong. His audiences are close to his best historical data, the media impact is getting bigger and bigger and the few advertisers that remain on the radio queue to appear on his program and have him as a prescriber.

The Andalusian communicator registered 2,443,000 listeners in the last known wave of the EGM in April, which represented a growth of 9.6% and its second highest figure in this station. Herrera gained a whopping 214,000 listeners and is now only separated by less than 400,000 from Day by day of Cadena Ser, the historic leader in this time slot. When the Andalusian communicator was released in 2015, the distance was over a million followers.

A key importance also in the economic point of view. Without Herrera, the station added losses of 23 million euros between 2010 and 2015. With blacksmith -signed in the summer of 2015- has accumulated earnings of more than 20 million euros between 2016 and 2019.

New contract

In 2015, the last full year without Charles Herrera, the chain had a turnover of 88.8 million euros and obtained an advertising market share of 19.5%. With the communicator, the bishops’ station invoiced 113.5 million euros in advertising during the 2019 academic year, which already placed it with 27% of the radio market share.

A growth that has accelerated in the two years of the Sánchez government, largely because blacksmith has been able to represent the listeners most dissatisfied with the management of the Government, a group of Spaniards that is on the rise and that already transcends the criticism of the most extreme right. Cope’s communicator already represents millions of Spaniardsmany more than those who listen to him daily on the bishops’ radio station.

But all that glitters is not gold. Charles Herrera He faces the third year of his contract with Cope beginning next September. The agreement when he signed his current contract, at the beginning of 2018, was that at the end of his second season the conditions would be renegotiated. However, everything seems to indicate that it has been extended because Herrera and Cope feel like continuing and continuing to “lead the radio” as they publicly indicate.

Herrera has seen that the station respects his intention to disassociate himself periodically and that when he wants, he can take a break for a few days. As reported by EL ESPAÑOL, Herrera is taking this new stage calmly, with fewer hours on the air, freedom of action and sharing the presentation of the last part of the program with your team.

In the same way, the current economic situation and the political tension cheered since United We Can and the PSOE It has made the communicator feel stronger than ever and with the desire to continue on the front line for many months… and perhaps years.

coalition government

And the negotiation of the renewal for 2021? The sources consulted indicate that Herrera is not in the business of sitting down to negotiate yet. His idea is to stay strong and start building bridges well into 2021. As in the previous renewal he stretched the deadlines to the maximum, his idea is to repeat the model this time.

In any case, everything will depend on the current Government, Pedro Sánchez and United We Can. “As long as the coalition government remains, we have Herrera for a while,” says a manager. And he is not without reason. Herrera believes that he can achieve leadership thanks to the current political situation and wants to try.

In principle, the current Executive has four more years of Government, but parliamentary arithmetic does not guarantee anything. And Herrera and Cope will be watching. They know that it is not the same to articulate a program based on criticism of socialism, the contras, to do if a right-wing government is in Moncloa.

In this way, the sources consulted indicate that -surprisingly- the continuity and successive renewals of Herrera are closely linked to the Government that criticizes every day from its microphone. Without a doubt, a great paradox.

The Spanish company reduces its bond issue by 14% in the last year

The private sector placed debt securities for 41,815 million euros over the past year, marked by the pandemic and inflation.

A ticket in the form of a ship.

The Spanish companies captured 14% less financing in 2021 than in the previous year through bond issues. The flood of placements that occurred after the outbreak of the pandemic and the quick reaction of the central banks is behind this drop in volumes to 41,815 million euros.

If distances are marked between the financial sector and the rest of the national business fabric, the cut is more bulky in the second case. This is reflected in the data of a study published this Wednesday by Société Générale.

While financial entities captured 10% less that in 2020 through debt instruments, the rest of the corporations contracted their new financing in this way by 17%. A setback that Jaime Sanz, head of rating advice for sovereign states at Société Générale, attributes to “the need to have tighter liquidity buffers” as a result of less uncertainty about the pandemic and “the cost of maintaining this liquidity in a context of negative rates”.

Sustainable boost

In the non-financial company chapter, the main issuer was Cellnex, which with six operations for 5,350 million euros accounted for 25% of the volume of this segment. However, the entity emphasizes the jump to green emissions of a good number of real estate firms such as Aedas, Neinor Homes and Vía Célere, in what they consider to be a trend for the future.

Within this same chapter, last year Repsol became a pioneer with an inaugural issue of sustainable bonds for a volume of 1,250 million euros. Here, those responsible for the area at Société Générale have perceived a return to the issuance of bonds with more ecological than social criteria after the emergency that the outbreak of the pandemic in 2020 represented in this area.

So much so that emissions labeled as sustainable (ESG) reached 32% of the total volume issued by companies, while 37% of what was placed by financial entities. In the market as a whole, its relative weight reached 31% in 2021 compared to 12% the previous year.

An exponential growth that Fernando García, director of capital markets of the entity responsible for the report, estimates that it could even reach 40% facing this financial year 2022 in which all issuers move by the same common denominator. This is none other than waiting for the central banks, which is causing some volatility in rates and spread in the secondary market.

Financial sector

Regarding the financial sector, Carlos Cortezo, head of capital markets for financial institutions, highlights that “the senior issues, both preferred What non-preferred They have been the most used. In some cases, also to refinance existing subordinated bond issues.

Conversely, there has only been one mortgage bond operation carried out by EuroCaja Rural. In this sense, Cortezo has pointed out that “the bulk of entities have relied on the TLTRO liquidity auctions for the pure financing of their activity”.

Within this group, Santander Bank It has repeated another year as the most active issuer with up to six operations in which it has obtained 6,000 million euros. A sum equivalent to 31% of what the entire financial sector has received in this way from the issuance of bonds in euros in the Spanish market. Second place, for CaixaBankwith four operations for 3,750 million.

As for the public sector, the 41,050 million euros awarded throughout the year accounted for 30% more than in the previous year. At the head of this group, unquestionably, the Public Treasury, with five issues for 34,000 million. However, as Sanz points out, their relative weight dropped from 90% to 83% of this segment “thanks to the fact that the market has been opened up to other public actors”.

Spanish bond at 1%

Looking ahead to this 2022, from the entity they predict a “sustained recovery, but losing steam”. A description that translates into the fact that the GDP growth of 4.9%-5% expected this year for the Spanish economy could be reduced to 3.9%-4% by 2023. A condition that they also see as being extrapolated to the whole of the Eurozone.

With this context, they do not believe that the inflation peak be seen until the end of this year, around 2.3% for the common currency area and close to 3% for Spain. However, from Société Générale they are “calm in terms of rate expectations” and do not see increases by the European Central Bank (ECB) until the second half of 2023. And they explain: “Moderate and always behind the US” .

What they do expect from the entity is that “it speed it up a bit tapers this year”, which the ECB has preferred to call “recalibration”. A scenario in which, according to the forecasts handled by the firm, “it is to be expected that the rate of the ten-year Spanish sovereign bond will be around 1% at the end of the year.”

As reflected by record number of broadcasts in the first two weeks of the year, “this year is going to be clearly marked by inflation expectations and the reaction of the central banks”, according to García. Thus, in the entity they recognize that although there is still a notable investor appetite, “there is caution on the part of the issuers in the face of what may come”.

These are the factors that lead the expert to consider that “in the first part of the year you will see a slight enlargement of spread and then a narrowing correction in the second part.” Something that he attributes fundamentally and precisely to the fact that “the central bank purchase reductions, which were providing very important support, are going to materialize.”