Spanish banks boost IBEX 35 to record highs

BBVA Asset Management’s BBVA Bonos 2027 II fund recorded net subscriptions of €639.4 million in May, making it the most subscribed Spanish investment fund that month. The inflows reflect a broader shift toward longer‑dated euro‑denominated fixed‑income products, with international and long‑term euro‑fixed‑income funds also attracting sizable net purchases in May.

The IBEX 35 opened slightly lower on the same day, but the Spanish banking sector continued to dominate the index. All major banks – CaixaBank, Santander, Sabadell, BBVA and Bankinter – hit new all‑time highs, propelling the IBEX 35 up about 12 % year‑to‑date, well ahead of other European benchmarks. Santander’s market value is approaching that of Inditex, and European banks are contributing to a record €117 billion dividend and share‑buyback plan for the year.

Analysts from Bankinter, Renta 4 and Sabadell highlighted a separate set of favorite equities, noting strong prospects for defence contractor Indra, data‑centre specialist Merlin, and the banks themselves. Indra rose over 10 % on the day, while Merlin’s SOCIMI gained more than 22 % since January, supported by a surge in data‑centre projects.