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 14%
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Part in the rescue operation of the Monte dei Paschi of Siena, with the start of the offer for the conversion of the bonds subordinated shares. But on the Milan Stock exchange, you cannot treat the Mps, in the wake of the thrust downward, while sinking the other bank: the Bank sells the 4,09%, Bpm, 3,89%, Unicredit 4,01%, Bper, the 3,68%, Intesa SanPaolo 2,97%. Mps has been suspended to Piazza Affari, after a short phase of bargaining. The title is entered in the auction of volatility, after having recorded a fall of 7.3% to 18,55 euro, the price of which reflects the grouping of shares in the ratio of one to one hundred which kicks off today.
The title was later readmitted in the trade, and has first lost the 12 and then 14 percent.
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 euros.
And, 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”.
The title in the pre-opening phase had already 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%.
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.
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”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.
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