As expected, the Q1 results were impacted by the anticipation of the COVID-19 impact. Annualised loan provisions are commensurate, albeit lower, with our full-year projections. It is tempting to conclude that, from a macro-economic perspective, the worst is already largely priced in. Unfortunately, we continue to be wary about a potential sovereign risk revival be it in emerging countries or within the Eurozone. Within this perspective, the group’s double exposure to both LatAm and Spai
28 Apr 2020
Sovereign risk revival remains the group’s weakness
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Sovereign risk revival remains the group’s weakness
Banco Santander, S.A. (BNC:LON) | 384 -1.9 (-0.1%) | Mkt Cap: 60,770m
- Published:
28 Apr 2020 -
Author:
David Grinsztajn - Pages:
As expected, the Q1 results were impacted by the anticipation of the COVID-19 impact. Annualised loan provisions are commensurate, albeit lower, with our full-year projections. It is tempting to conclude that, from a macro-economic perspective, the worst is already largely priced in. Unfortunately, we continue to be wary about a potential sovereign risk revival be it in emerging countries or within the Eurozone. Within this perspective, the group’s double exposure to both LatAm and Spai