Mps: Consob approved the prospectus on the offer for conversion of bonds into shares. The Bank of siena in the opening, loses 7% and is suspended, readmitted then comes to lose the 14%, then recovers. In general, on the list of the milanese weigh sales on the banking in a climate of strong uncertainty to the referendum. The spread Btp-Bund flies to 192 basis points, the most of 2014
Share
Piazza Affari lima’s losses with the Ftse Mib index which gives the 0.87% to 16.371 points. However, the voltage on the bank and, in particular, on the Mps (-10%), confirming the continuous and prolonged stop & go after the ibera of the Consob of the offer of conversion into shares of bonds are subordinate to it. The spread Btp-Bund flies to 192 basis points, marking the highest since march 2014 on the screens Bloomberg. The ten-year Italian offers a yield of 2.11%.
the Monte dei Paschi di Siena collapses on the Stock exchange on the day of the go-ahead by the Consob of the prospectus relating to the voluntary conversion of bonds subordinate in action: the operation will last, “unless extended,” up until the 16 of next Friday. Also because of the fears of a victory of the No to the constitutional referendum of December 4, the title of the institute of siena, after not being able to make the price at the opening and be finished multiple times in the auction of volatility, the partial of the 15 yields 9% per share 18,01 euro per share and is now operating the grouping of the shares with a ratio of one new for every 100 old ones.
The title, already in the phase of pre-opening had marked a decline in the price of the theoretical 5%. Under the weight of Mps Piazza Affari slips and, with it, in general, securities of credit institutions: the Banco gives 4,09%, Bpm, 3,89%, Unicredit 4,01%, Bper, the 3,68%, Intesa SanPaolo 2,97%.
the Mps had made it known that the acceptance period for the conversion of the bond subordinate is between 28 November and 2 December, unless extended, and that Consob had approved its prospectus. The same bank has also declared not to have "intention to proceed for the moment” to make an offer of conversion into shares for the title hybrid Fresh from a 1 billion euro. On the occasion of the capital increase of 5 billion euro Mps decided to adopt “measures for the strengthening of the deans” that must “ensure the correct fulfilment of the disclosure obligations and conduct, as provided for by the legislation of Mifid”, the legislation that protects investors at the door. It reads in a note of the bank. Among its commitments, to maintain “an attitude, not proactive, and refrain from recommend or advise the acceptance of the offer”.
In the prospectus of the exchange offer of the bond reads: “the Monte dei Paschi di Siena has shelved 627 million euros to cover the legal risks that can reach a total of more than 8 billion euros for the possible civil claims that the bank may face”. Mps explains in the document that the Ecb may ask for additional impairment losses on non-performing loans as a result of the verification, with a significant impact on the accounts of the bank and on its financial situation. The regulator has also asked the bank to submit a financing plan, detailed for each year up to 2018 for liquidity weakened.
Meanwhile, the Ceo of Mps, Marco Morelli, according to press reports, would be willing to “open the dances of the arab” with the sovereign wealth fund of Qatar is ready to become a member stable.
Dombrovskis: recapitalisation, in line the Eu rules
The recapitalisation of Mps is “an exercise undertaken fully in line with Eu rules,” under which “any further capital shall be raised in the market or by private actors, and this approach is being followed” from Italy. He said the vice-president of the Eu Commission Valdis Dombrovskis, adding that the process of capital increase for Mps “is conducted by the supervisory authorities, therefore no comment at this stage”.
Finally, the referendum of 5 December, according to several analysts, is a factor of volatility in the markets and this would, according to the analysis, on the general trend of the financial transactions these days, including the Mps. the Financial Times dedicated just today, an article to credit risk in Italy, in the case of the ‘victory’ of the No, and there is now only six days to the vote on the constitutional referendum.
And to the new concerns expressed by the Financial Times to the possible victory of the ” Yes ” to the constitutional referendum, said the president of the Council Matteo Renzi, during a press conference at Palazzo Chigi. With the reforms put in the field “we need to respond to the needs of citizens, local markets, and not to the financial markets”.
Referendum, and the Oecd: the reform will strengthen the governance. Italian gdp +0,8%
The Italian government is making “progress on structural reforms, including in the policies on the labour market, in public administration and in the school system. The constitutional reform, the subject of a constitutional referendum in December, will be a step forward in the reform process and strengthen the political and economic governance” of Italy, and that is what writes the Oecd in the economic Outlook in November, according to which the Gdp will grow by 0.8% in 2016, 0.9% in 2017 and by 1 percent in 2018. With respect to the economic outlook of September, but remains unchanged for 2016, while the estimate of 2017 is revised upward by 0.1 points.
Salvini: stop with the terrorism of the banks and strong powers
“Stop the unacceptable terrorism of the banks, of the strong powers of the banks on the vote of the italians. The vote must be free, not influenced by lies. #iovotono”. So the secretary federal of the Northern League, Matteo Salvini.
Referendum, the M5S to the Financial Times and Oecd: No invasion of locusts with No
The parliamentarians M5S of the committees on constitutional Affairs, Chamber of deputies and Senate, in a joint statement, spoke on the theme of financial stability. “After the terrorism of the Financial Times, today it is the turn of the Oecd falsify the reality and theorize improbable disasters econimiche if it does not go to the bad reform of Renzi. It is singular, indeed, that teorizzino disaster financial in the hypothetical victory of ” no ” when, with this Constitution, we had the economic boom of the ’60s, was won in a difficult struggle against the terrorimo in the ‘years of lead’, and Italy has become one of the economic powers in the world, so much to become a regular part of the G7″.
No comments:
Post a Comment