Director and Equity Analyst at Societe Generale
Carlos Cobo is a Director and Equity Analyst at Societe Generale, specializing in the Utilities sector with a particular focus on major European companies such as National Grid, SSE, Iberdrola, and EDP. Known for delivering well-researched investment insights, Carlos's coverage has been recognized for accuracy and relevance, with consistently positive feedback from institutional clients and a strong record for actionable utility sector calls. He began his career in the mid-2000s, previously holding analytical roles at Banco Sabadell and covering Spanish equities before joining Societe Generale in 2016. Carlos holds a CFA charter and is registered with relevant European financial authorities, reinforcing his credentials as a trusted analyst in the sector.
Asked about the long-term normalization of cost of risk, the reasons for no Basel IV impact, and the potential duration of new interest rate swaps.
The bank agrees that cost of risk should normalize at a lower level than historically due to the deleveraged Spanish economy. The 'no impact' from Basel IV is due to some positive rebalancing effects and a lack of significant negative impacts. If new swaps are used, they would likely be of a shorter, more prudent duration.
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