The first of the five billion of the capital increase of Mps is in the safe. And it is a result, though not striking, at least not taken for granted, given the climate of uncertainty that reigns in the markets. Yesterday at 16 is closed as provided for the voluntary public purchase offer promoted by the bank of siena on a dozen bond subordinated: to the investors, it has been proposed that substance to convert their bonds into capital to be reinvested must be in new shares of the institution, which is grappling with a share capital increase of 5 billion.
Mps, memberships, conversion of the bond in excess of 1 billion
In four days, so it lasted the period of accession, the bank has collected accessions exceeding the threshold of one billion euros”, as stated in a note of the bank. The figure is in truth preliminary, because calculated on the basis of the provisional data communicated by the banks in charge of the collection, i.e. Mps Capital Services and Lucid Issuer Services. Because you arrive at the final data would have to wait until Monday, when will be announced the final results of the offer, as only then will “all the acceptances received within the acceptance period will have been processed, in the time frame of the case”, said yesterday the bank. The estimate is that the final count, however, does not deviate particularly from the round figure, coming to close in around 1-1,2 billion.
Mps: hedge and institutional arriving 600 million
You will see. What is certain is that the bank cannot be said to have "popped" the first critical piece of the mosaic of the increase. And you can not say that the success was guaranteed. The potential of the bond is “convertible” into shares, in fact, is progressively reduced from the initial € 5.3 billion to around 2.2 billion. The first remained excluded from the list of the conversion of the bonds Fresh by around a billion, for the excess of divergence between the price requested by the bondholder and the one offered by the institute and the technical difficulties of the operation. Then it has been substantially withdrawn from the offering of the bonds Upper tier II 2018: a blow dry from 2.1 billion, an issue that is almost entirely in the hands of the retail. The bank, on the input of the Consob, has chosen not to solicit the customer to proceed with the conversion, leaving the right only to the owners properly informed. In fact, therefore, about 2.2 billion euros in potentially affected, about half took the road to conversion. Not all of then, and even a little less than the most optimistic estimates, which had assumed even in more than 1.5 billion share ideal. But even less than the expected minimum of the bank, which had put the bar right at the psychological threshold of one billion.
The 50% conversion about of the total potential, however, is a percentage in line with what days it seemed to be the approach of, foretold by many investors: several funds in the balance between the uncertainty of the future implications of the plan but are attracted by the conditions of the offer, have chosen to "smezzare" the risk, if you convert half of the bond in the possession while keeping intact the remaining. Not all followed this road. There is, in fact, those who, like the General group, announced almost immediately to join the offer, by converting all of the approximately 400 million available.
Mps closes the conversion bond. Maxi-summit after the referendum
Now that the chapter of the Liability management can be said to be the less done, we look at the next acts of the increase from 5 billion is needed to cover the shortage of capital resulting from the sale of 27 billion gross of Npl. The next stage as known is represented by the bid by the anchor investor. You look down to the moves of the fund of Qatar, that could come out of the closet on Monday, the results of the referendum are known, and the reactions of the market. The bottom of the Doha round, which would be assisted by Rothschild and Freshfields, you may submit a letter of interest in the course of the day, putting it on the floor up to a billion. A move that, if confirmed, would open the way to another handful of american investors – there is talk of Paulson and Blackrock – that could bring shares lower, but still useful to shore up the operation. The involvement or not of foreign investors to the project, the Mps is conditioned, of course, to the reaction of the m arkets post-referendum, and the possible repercussions policy-makers. All this, all in the course of a maxi-summit, which will be held on Monday in Milan between the different business banks, headed by Mediobanca and JpMorgan, and the bank’s top management. A summit decisive, since from here will lead to the final decision on the issuance (or less, if the banks chose to slip out) of warranty on the inoptato by the consortium. In the valley, and then on Tuesday morning, in Siena you will make your point with a board of directors extraordinary board, if everything will be smooth yarn, it will resolve on the capital increase and define the details of the offer, in order to close it within the year.
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