Búsqueda rápida

Capital Markets

A growing activity

The Capital Markets area, which manages the trading and distribution of treasury products and the Bank's balance sheet, carried out its activity in a general favourably environment in 2017. 

  • In Spain, the Treasury had no problems in meeting its funding needs for the year. Although with a certain spike in Autumn as a result of the political situation in Catalonia, the risk premium versus the benchmark German bond ended the year at practically the same level as it started it.
  • In Europe, the maintenance of ECB monetary policy continued to determine the direction of interest rates, which reached record lows (the Euribor closed the year at -0.2%). Certain tensions were seen in the first half of the year in the liquidity levels of some peripheral countries due to the elections in France and the Netherlands, but the situation normalised once these were held.
  • In the United States, the situation of the markets was marked by the first anniversary of the Trump administration and the Federal Reserve's increase in the price of money, which caused medium and long-term dollar interest rates to rise, especially in the final part of the year.

In this scenario, the trading area was active in the foreign exchange, equities and fixed income markets.  Bankinter benefited from the its status as a market maker in government debt and bills of exchange and a co-leader in syndicated issues of Spanish Treasuries.

The Bank's growing activity in the private banking segment generated notable demand for the products designed by the distribution area, whose work in helping customers to access foreign exchange markets, interest rate hedges and fixed income is also worthy of note. 

Greater liquidity

The Bank's balance sheet continued the sustained improvement in its liquidity position. The major increase in lending was offset by an even larger growth in customer funds. This fact, along with the application for long-term funds from the ECB under its TLTRO II programme of funding operations, made it unnecessary to issue long-term debt. The only public issue was for 500 million euros of Tier 2 subordinated debt to improve the capital base, paid out on 6 April, which was oversubscribed by almost 5 times the amount to be placed.

Wholesale funding maturities are distributed over time in a manner so as to minimise problems refinancing, and the Bank's interest rate risk is also kept at acceptable levels. Indeed, the positioning of the fixed income ALCO portfolio and the balance sheet hedges mitigated the adverse effect of the Euribor interest rates, to which the majority of the bank's loans are referenced.

In relation to foreign currency, the Bankinter's policy was to hedge all structural positions, thanks to which its income statement was not affected by the fluctuations in major currencies in 2017.

Utilizamos cookies propias y de terceros para mejorar nuestros servicios y mostrarle publicidad relacionada con sus preferencias mediante el análisis de sus hábitos de navegación. Si continúa navegando, consideramos que acepta su uso. Puede obtener más información, o bien conocer cómo cambiar la configuración en nuestra Politica de cookies. Aceptar