Crisis Italian banks: -10% in 7 days, plans for a smoke, and waiting-pre-referendum – Invest Today

this title is MPS travelling at about 30% above the record-low touched in October, but has not avoided the loss of more than a third of its value in less than two weeks. The entire portfolio of the Italian banks listed in Piazza Affari has gone bad, having sold little more than 7 days 10%, slipping to the lowest levels in about three weeks. From the beginning of the year, the bank stocks in Milan have lost to 48.5%.

After days of boom in the stock market, the actions of the MPS were forced to pull back sharply on the words of Marco Morelli, that in the present the industrial plan not announced any new concrete, continuing to postpone the implementation of safety of the school, after the constitutional referendum of December 4, next. (Read also: Crisis, MPS, vanished confidence in the market solution)

the MPS aims to convert the senior bonds

This Thursday, we discovered that Siena aims to involve even the senior notes in the event of optional conversion into shares. These bonds amounted to a total value of 15 billion, of which 14 are in the hands of the families (retail). The sum of the 5 billion-odd of subordinated bonds of the type Tier 1, Tier 2, half of which are in the hands of the families, you get a twenty-billion mass which can be drawn upon to minimize the required cash capital increase is expected to be 5 billion and will be officially launched on the 24th of November next, and exercised starting from the 7-8 of December, when you will be already celebrated the referendum. (Also read: subordinated Bonds of MPS, scam conversion of "voluntary" is official)

Meanwhile, MPS continue to hold the counter and certainly not for positive items. The former minister and banker Corrado Passera has withdrawn its new industrial plan, in the polemic against the vertices of siena, which even this time, they would have evaluated with due care and attention, if it is true that even the mayor of Siena (the policy is never output from the Rocca Salimbeni) speaks of the interest of foreign funds. Consob has called Flounder, and the leadership of the MPS to understand what really happened.

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