Mps, ok conversion bond. Now it is the turn of Qatar – DiariodelWeb.it

SIENNA – The first of the five billion of the capital increase of Mps is in the safe. The operation of conversion of the 11-bond-the subordinate of the institution’s shares was completed on 2 December, at 16, and it is a good result for the bank of siena. The adhesions exceeds, in fact, the billion euro, confirming expectations of the board. The success of the operation was preparatory to the capital increase, which is essential for the rescue of the Monte Paschi.

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The first billion is in the safe
The Monte Paschi brings home a first important result. Nothing at all taken for granted in the climate of political uncertainty and economic features of these times of the life of the Boot. The offer promoted by the Mps for the voluntary conversion of the bond are subordinated, in the actions of the institute ended yesterday, and the adhesions have passed the one billion euro mark. The good outcome of the operation was indispensable to realize the share capital increase of 5 billion must (together with the sale of a basket of the sufferings of the value of 27 billion euro) to secure the oldest bank in the world.

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Happy end for the conversion operation
In a statement the Mps makes it known that on the basis of the provisional data communicated by the intermediaries in charge “titles awarded in adherence to the bid during the period (November 28 – December 2) are “above the threshold of one billion euro capital increase”.The institute will communicate the final data of the offer within approximately the day of Monday the 5th of December, when all the accessions within the validity period will have been processed. the result of The conversion of the bond subordinate is cmunque perfectly in line with the bank’s forecasts. The Mps, in fact, he estimated in a note to the financial statements on the operation of a collection of 1,043 billion from the offer for the purchase of the bonds, and the subsequent conversion of the amount into new shares of the institute. The

Now the Monte Paschi looks to Qatar
In detail, a level of participation equal to 57% of perpetual (At1) corresponding to an amount of 221 million, to 34% from subordinated Lower Tier2 (614 million), to 10% from the Upper Tier2 (208 million). On the face of the membership of the Mps has, however, indicated that if the capital increase of 5 billion euro is not successful, the operation of conversion of the bonds will not be performed. Now the ball is in the markets. If not there will be jolts politicians after the referendum vote that will take place on Sunday 4 December, 7 December, awaited the launch of the capital increase, which is expected to be 2 billion. In the meantime, the board of Monte Paschi looks to the investors that have shown interest in the operation. Especially at Qatar. The united Arab Emirates, in fact, they should put it on the plate around one billion.