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.

IBEX Review: Naturgy Emerges as the Main Beneficiary

Naturgy: From Overhang to Index Weight Expansion

Naturgy Ownership Reshuffle Deepens – Index Weight and Flows Poised to Rise Further

Naturgy: Criteria Raises Stake to 28.5% as Float Expands

Index Rebalance

Naturgy Energy Group SA / Index Rebalance

<ul>
<li>CVC exits Naturgy completely via €3.1bn ABB; investable float rises toward 47%, completing the transition from constrained utility to fully benchmark-relevant large-cap.</li>
<li>3-Month ADTV reaches €62m versus €13–15m historically, supporting higher MSCI and IBEX 35 weights, tighter spreads, stronger ETF replication and larger passive ownership.</li>
<li>We estimate total passive and index-sensitive demand could now reach €350–475m, while dividend yields of 6.3–6.7% continue providing valuation support after the placement discount.</li>
</ul>


CVC exits Naturgy completely via €3.1bn ABB; investable float rises toward 47%, completing the transition from constrained utility to fully benchmark-relevant large-cap.
3-Month ADTV reaches €62m versus €13–15m historically, supporting higher MSCI and IBEX 35 weights, tighter spreads, stronger ETF replication and larger passive ownership.
We estimate total passive and index-sensitive demand could now reach €350–475m, while dividend yields of 6.3–6.7% continue providing valuation support after the placement discount.


Naturgy: CVC Exit Completes Float Reset as Index Weight Upside Accelerates