European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

BBVA-Sabadell: Deal Launches Underwater, Arbitrage Still Asymmetric

BBVA-Sabadell: All-Stock, All-In — But Not a Done Deal

BBVA-Sabadell: Final Stretch — Risk/Reward Tilting Sharply

Event-Driven

<ul>
<li>The BBVA-Sabadell offer failed with &lt;30% acceptance, as institutional and retail shareholders decisively rejected the all-stock, no-premium structure.</li>
<li>Our long SAB / short BBVA trade worked tactically near expiry, as the market rewarded standalone value and capital flexibility.</li>
<li>The outcome reinforces that hostile, low-premium, all-share deals rarely succeed in Europe — governance, sentiment, and structure matter as much as price.</li>
</ul>


The BBVA-Sabadell offer failed with &lt;30% acceptance, as institutional and retail shareholders decisively rejected the all-stock, no-premium structure.
Our long SAB / short BBVA trade worked tactically near expiry, as the market rewarded standalone value and capital flexibility.
The outcome reinforces that hostile, low-premium, all-share deals rarely succeed in Europe — governance, sentiment, and structure matter as much as price.


BBVA–Sabadell: Deal Fails Decisively — Institutional and Governance Friction Ends 17-Month Saga

Banco De Sabadell SA

BBVA–Sabadell: Deal Fails Decisively — Institutional and Governance Friction Ends 17-Month Saga