Record High Renegotiations of Mortgages as European Central Bank Raises Interest Rates

The rapid, high and constant increases in interest rates approved by the European Central Bank (ECB) in recent months have forced citizens to renegotiate their mortgages with the bank. According to the latest data published this Monday by the Bank of Spain, a record for renegotiation of mortgage loans was recorded in April. A level never recorded by statistics in a month. In fact, the 2,503 million euros renegotiated in April are the highest monthly level for this type of operation since the historical series existed (January 2015). Even more, this figure exceeds the sum of the amount of the loans whose conditions have been readjusted since July of last year when interest rates began to rise (2,236 million euros).

Only the April data is already larger than all the renegotiations that took place in 2022 (1,910 million), 2021 (1,744 million), 2019 (1,318 million), 2018 (1,744 million) and 2017 (2,357 million). However, it is below the renegotiations registered in 2020 (2,605 million), the year of pandemic, in 2016 (6,396 million) and 2015 (9,241 million).

The renegotiations may include modifications in the terms, in the interest rate or change from fixed to variable interest rate. The bulky change in the renegotiations occurs in a context in which the European Central Bank has carried out the fastest rate hike in its history, which has gone from zero or negative before July 2022 to the current 3.75% , with yet another rise expected although ECB President Christine Lagarde recently signaled that it is nearing its ceiling. This has pushed the Euribor to its highest since 2008.

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Mortgages signed at a variable rate have become more expensive so far this year by more than 3.8 percentage points, which represents increases of around 300 euros per month in the installment to be paid for an average mortgage, although depending on the amount of the loan and the expiration period may be longer.

Another reason for the high amount of loans renegotiated in April is that it is a particularly dynamic month for mortgage granting, since the first quarter of the year is usually weaker in mortgage granting. Therefore, in April there would be more than meet the annual period where the interest rate is updated.

The total number of mortgages signed in April of this year reached 6,231 million euros, which is the highest level since July 2022, as well as an increase of 16.1% compared to the month of March.

By maturity period, mortgages signed in April with less than one year to maturity were 2,456 million (39% of the total), while maturities between 1 and 10 years accounted for 22%. Negotiated loans for home purchase with a maturity period of more than 10 years stood at 2,386 million euros, 38% of the total.

The new operations signed in the fourth month of the year did not offset the early repayments, so the outstanding balance of the mortgage portfolio of the Spanish entities as a whole was 504,355 million euros, its lowest level since January 2021, which in turn was the lowest level since before the 2008 crisis.

Regarding the price, the weighted average interest rate of the operations signed in April was 3.48%, seven basic points less than in March. This drop is due to the fact that the interest rate for renegotiations fell by 19 basis points, to 3.29%, while the rate for other operations rose by five basis points, to 3.60%.

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In this way, the weighted average rate of the outstanding balance of the Spanish mortgage portfolio was 2.86% in April, 1.72 percentage points more than in April 2022.

2023-06-05 22:32:25
#renegotiation #mortgages #shoots #historical #highs #due #rise #rates

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Give a title to rank high in google for this content © Reuters. Behind the slowdown in the growth of ADC’s “popular fried chicken”, there are also hidden worries under the halo of Kelunbotai-B (06990) Affected by recent relevant documents, investor pessimism has become more dominant in the market fluctuations of the AH pharmaceutical sector. Superimposed on the divergence of interim results in the industry, the stock prices of individual stocks in the sector have frequently fluctuated or bottomed out. As a “popular chicken” in the current popular ADC track, Kelunbotai is still not immune to the overall trend. Although its valuation trend is still upward, it has long lost the 43.5% increase in the 10 trading days before listing. Feat, the company’s valuation has fluctuated several times, and the overall slowdown in growth has become a reality. On August 28, Kelun Botai disclosed its first interim report since its listing. The company completed its first financial report with excellent performance, with revenue increasing by 203.3% year-on-year and gross profit increasing by 199.1% year-on-year. However, this financial report did not change its stock price fluctuations in the secondary market much. The day after the financial report was disclosed, the company’s stock price closed down 0.61% to HK$81. Compared with the September high of HK$84.5 hit intraday on September 18, the range increase was only 4.3%. Obviously, it is difficult for the star stocks of the first-generation ADC track to remain unaffected by the current trend of sector fluctuations. Under the wave of loss reversal in 18A, the valuation weight of hematopoietic ability has further increased The reason why Hong Kong stocks’ 18A interim results are clearly differentiated is that one of the important features is the beginning of the “turnaround” craze. Compared with the 2022 annual report season, 58 18A companies have turned a profit and only a few have turned losses into profits. In the past six months alone, 4 companies have announced profits. Behind this, the total revenue of most leading 18A companies has achieved year-on-year growth. , losses narrowed. Kelunbotai is one of them. However, compared with those companies that rely on product commercialization to cover expenses to make profits, Kelunbotai’s method of narrowing losses is to realize its innovation capabilities by strengthening BD. The financial report shows that the company achieved total revenue of 1.046 billion yuan (RMB, the same below) for the current period, a year-on-year increase of 203.3%; gross profit was 676 million yuan, a year-on-year increase of 199.1%. 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Give a title to rank high in google for this content © Reuters. Behind the slowdown in the growth of ADC’s “popular fried chicken”, there are also hidden worries under the halo of Kelunbotai-B (06990) Affected by recent relevant documents, investor pessimism has become more dominant in the market fluctuations of the AH pharmaceutical sector. Superimposed on the divergence of interim results in the industry, the stock prices of individual stocks in the sector have frequently fluctuated or bottomed out. As a “popular chicken” in the current popular ADC track, Kelunbotai is still not immune to the overall trend. Although its valuation trend is still upward, it has long lost the 43.5% increase in the 10 trading days before listing. Feat, the company’s valuation has fluctuated several times, and the overall slowdown in growth has become a reality. On August 28, Kelun Botai disclosed its first interim report since its listing. The company completed its first financial report with excellent performance, with revenue increasing by 203.3% year-on-year and gross profit increasing by 199.1% year-on-year. However, this financial report did not change its stock price fluctuations in the secondary market much. The day after the financial report was disclosed, the company’s stock price closed down 0.61% to HK$81. Compared with the September high of HK$84.5 hit intraday on September 18, the range increase was only 4.3%. Obviously, it is difficult for the star stocks of the first-generation ADC track to remain unaffected by the current trend of sector fluctuations. Under the wave of loss reversal in 18A, the valuation weight of hematopoietic ability has further increased The reason why Hong Kong stocks’ 18A interim results are clearly differentiated is that one of the important features is the beginning of the “turnaround” craze. Compared with the 2022 annual report season, 58 18A companies have turned a profit and only a few have turned losses into profits. In the past six months alone, 4 companies have announced profits. Behind this, the total revenue of most leading 18A companies has achieved year-on-year growth. , losses narrowed. Kelunbotai is one of them. However, compared with those companies that rely on product commercialization to cover expenses to make profits, Kelunbotai’s method of narrowing losses is to realize its innovation capabilities by strengthening BD. The financial report shows that the company achieved total revenue of 1.046 billion yuan (RMB, the same below) for the current period, a year-on-year increase of 203.3%; gross profit was 676 million yuan, a year-on-year increase of 199.1%. The significant increase in revenue during the period was mainly due to the company receiving an upfront payment of US$175 million from Merck in March this year under the licensing and cooperation agreement with Merck to develop up to seven preclinical ADC assets for the treatment of cancer. . According to Zhitong Finance APP, the target competition pattern in the domestic ADC market presents the distinctive feature of complex competition for old targets and constant emergence of new targets. As one of the leaders in R&D progress, Kelun Botai took the lead in promoting the launch of products and quickly monetizing them to form hematopoietic capabilities. Regardless of its own valuation, it also has an important impact on its parent company Kelun Pharmaceutical. According to the previous prospectus of Kelunbotai, as of the end of 2021 and 2022, Kelunbotei’s borrowings from its parent company Kelun Pharmaceutical were 2.358 billion yuan and 2.79 billion yuan respectively. On January 3 this year, Kelun Botai conducted a debt-for-equity swap of 2.5 billion yuan of outstanding loans, of which 150 million yuan was settled in cash and the rest was converted into equity. Thanks to the generous blood transfusion of the parent company, Kelunbotai has successfully established a research and development pipeline with 33 products of clinical value, 14 of which are in the clinical stage. The two core ADC drugs are SKB264 and A166. Currently, the R&D pipeline with the fastest progress is the A166 pipeline for advanced HER2 breast cancer, which has submitted an NDA application to the State Food and Drug Administration. The marketing application for A140 injection was also accepted by the Drug Evaluation Center of the State Drug Administration on September 8 this year. It is not difficult to see that although Kelunbotai currently has many key products in the important stage of research and development and commercialization, none of the products has yet been launched, which has also kept Kelunbotai in a state of continuous losses. Although the company’s losses narrowed significantly in the first half of this year, according to the prospectus, it successively suffered a loss of 889 million yuan in 2021, a loss of 616 million yuan in 2022, and a loss of more than 1.5 billion yuan in two years. This is not only a big burden for Kelun Botai itself, but also for its parent company Kelun Pharmaceutical. And when to end the “money burning mode” has naturally become the focus of investors’ attention. Can you maintain your advantage over the long term in an increasingly competitive environment? Since 2020, Kelun Botai has completed three rounds of financing from Pre-A to B, and has received a total of 1.873 billion yuan in funding. Driven by capital, the company’s valuation also surged from 312 million yuan to 10 billion yuan, an increase of 31 times. Among them, in the B round of financing, Merck led the investment (investing 695 million yuan), IDG Capital (104 million yuan), Advanced Manufacturing Phase II Fund, Leyue Capital, Kexin Lunda, Cinda Capital, GygnusReal, Ginkgo Ling, etc. Multiple investors followed the investment. It is precisely because of this that Merck has become the second largest shareholder of Colombote, holding 6.95% of its shares. As Colombote mentioned in this interim report, total revenue in the first half of the year was approximately 1.046 billion yuan. This increase was mainly attributed to the development of up to seven preclinical antibody drug conjugates for the treatment of cancer under the agreement with Merck & Co. Licensing and cooperation agreement for physical assets, and a non-refundable upfront payment of US$175 million received by the company in March 2023. Thanks to income from licensing and cooperation agreements and the provision of R&D services, the loss during the period was 31 million yuan, a significant decrease of 88.5% year-on-year. It can be seen that Kelun Botai’s income mainly comes from income from licensing and cooperation agreements and income from providing R&D services. In fact, it also mentioned in the prospectus that in 2021 and January-September 2022, the company’s revenue from licensing and cooperation agreements was 4.463 million yuan and 612 million yuan respectively. In 2022, this revenue accounted for the total annual revenue. 98% of revenue. From the perspective of both investors and invested parties, Merck’s bet on Colombote has a strong meaning. So can Kelun Botai maintain its advantage in the current increasingly fierce ADC track? From a market perspective, ADC drugs are one of the popular research directions in the field of precision cancer treatment. Currently, there are more than 500 ADC drugs under development around the world, of which innovative drugs account for as high as 98.59%. There are more than 100 ADC drugs originally developed/licensed in my country. , including a total of 7 ADC drugs that have been approved for marketing. Taking Rongchang Biology, which is also deeply involved in the ADC field, as an example. On July 19, 2021, Rongchang Biology’s clinical trial application for RC118, the fourth ADC new drug targeting Claudin 18.2, was accepted by the NMPA. The other three are HER2 ADCs that have already been launched. Mesothelin ADC-RC88, cMET ADC-RC108. From the perspective of targets, taking HER2 ADC as an example, currently three similar products have been approved in China: Genentech’s Hercelid, Rongchang Biotech’s Adici and Daiichi Sankyo’s Enhertu. In addition, in the field of HER2 ADC drug candidates targeting breast cancer BC, there are 9 domestic drugs in phase 2 or above. In other words, Kelun Botai’s A166, which is currently making the fastest progress but has not yet been launched, is in a commercialization situation of being a wolf and a tiger behind. However, for Merck and Colombote, the most important pipeline product in the short term may be the core product Trop2 ADC (SKB264). It is worth mentioning that among the current competing products of SKB264, only Gilead’s Trodelvy (gosatozumab ADC) is on the market, with sales of…

October 3, 2023

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