We have been providing our research services for more than three decades. Afi Research provides our clients with well-informed opinions and data about matters relevant to their decision-making. Afi Research provides research services across a range of areas and offers our clients the possibility of subscribing for the full package or choosing the coverage they receive a la carte:

o Areas of coverage

– Spanish and international macroeconomic analysis. Ongoing coverage of the economic situation and outlook for the main developed and emerging economies, in addition to exhaustive analysis of the Spanish economy.

– Global financial market research. Ongoing coverage, recommendations and forecasts for the main financial variables that influence out clients’ investment and/or financing decision-making, underpinned by clearly-defined strategies.

o Macro & Markets Research Subscription Service: our analysis of the macroeconomic situation is complemented by detailed monitoring of monetary policy to yield rigorous and forward-looking financial market insight. That coverage is articulated around a subscription service to reports (recurring but with no set frequency) and ongoing access to the data and recommendations generated by our research teams. It also translates into our twice-yearly event, the “Macro & Markets Research Seminar,” as well as other ad-hoc events devoted to important economic and financial market developments. The reports included in the service are:

– The Daily Macro & Markets Report.

– The Weekly Markets Report.

– The Spain Weekly.

– Up-Close Reports on the Spanish Economy.

– Up-Close Reports on the Financial Markets.

– Monthly Fixed-Income Report.

– Monthly Equities Report.

– Monthly FX Report.

– Monthly Emerging Assets Report.

– Quarterly Private Markets Report.

– Technical Research Weekly.

– Afi Research Strategies Weekly.

o Other tailored services. Arranged on an ad-hoc basis, the Macro & Markets research teams offer a multitude of personalised research services, which can be tailored for client needs. Notable among which:

– National and international macroeconomic scenario forecasting.

– Modelling of national and international macroeconomic and microeconomic variables.

– Sector-specific research reports for the Spanish economy (real estate, tourism)

– Macroeconomic research for southern European economies (Portugal, Italy)

– Regular participation in investment committees (for banks, insurers, asset managers, etc.)

– Preparation of dedicated studies and reports on financial assets (e.g., climate change and real assets; subordinated debt; investment in quality equities, etc.)

– Preparation of independent exert reports on financial assets and markets.

– Fixed-income portfolio research and provision of strategic management recommendations.

– Credit risk monitoring tools for corporate fixed-income portfolios and issuer reports for new listings.

– Preparation of fundamental and quantitative asset management models.

– Analysis of potential funding costs for corporate issuers.

– Organisation of roadshows for international institutional investors in Spain.

o Constant and exhaustive monitoring of the Spanish banking system and competitive landscape in Spain and Europe. The goal of our coverage is to stay ahead of trends and forces of change in the banking arena, which materialises in the provision of a series of reports and studies of variable frequency and the celebration of a weekly “Banking Workshop” and other events or seminars devoted to topical issues.

– Technical reports.

– Banking reports.

– External documents.

– Workshop and seminar documentation.

o Monitoring, analysis and appraisal of new national and international regulations and their impact on the banking business, which materialises in the following reports:

– Regulation reports and alerts.

– Monthly regulation summaries.

o Exhaustive coverage of the Spanish insurance sector and the competitive landscape. We provide forward-looking coverage of the trends and forces of change shaping the insurance sector. Our service includes monitoring, analysis and opinion about the impact of new Spanish and international regulations on the insurance business. In addition to holding a weekly “Insurance Workshop”, the research service crystallises in the provision of the following analytical reports and studies:

– Insurance reports.

– Regulation reports.

– External documents.

– Workshop and seminar documentation.

o Analysis of the state of the public finances at the central and regional government levels. Trend in the public deficit and the main subsectors through the prism of the outlook for compliance with the various stability targets. Regularly updated research coverage of all the regional governments, addressing different topics (regional economy, sources of financing, budgets, indebtedness, and  public bodies). Recurring and ongoing coverage of the activity of the agents that lend to Spain’s authorities (national and subnational) by buying bonds issued or lending money. We periodically organise “Public Finance Seminars” with the main regional and provincial authorities, the major city councils and all the regional governments to provide insight into the economic and financial environments and go over the matters of greatest relevance to financial policy (budget stability, sustainability, economic development, etc.)

– Research reports.

– News (with a focus on ratings developments and regional government financing transactions)

– External documents.

– Seminar documentation.

o Databases tracking budget information and financial/economic indicators. Up-to-date database containing relevant information for tracking the regional governments’ credit metrics.

– Economic indicators.

– Aggregate and regional government-specific budget indicators.

– Sources of financing (advances from state, settlements, common revenue sources)

– Indebtedness (financing structure and needs, solvency indicators, primary markets, etc.)