MILAN - the title of The Monte dei Paschi di Siena (follow live) is purchased in a Bag and waiting for the reopening of the markets, marked by the usual volatility after a weekend of work around the capital increase from 5 billion that the Ecb has imposed to complete by the end of the year. The attempt in extremis to the market. The board of directors of the institute of siena met in the afternoon of the Sunday in Milan, and has decided to play the last cards to be able to put together an operation of the market. That is a plan difficult is evidenced by the fact that the same syndicate of investment banks led by Jp Morgan and Mediobanca, which has exercised the contractual right to pull the judging obviously far too risky the burden of assuming the securities may not be sold to the market. A commitment, to place the actions of the Mps of the increase, that in every case the banks have confirmed. to reduce the recourse to the market, in the last board of directors was proposed an adjustment to the original plan and in particular the operation of conversion of the subordinated securities into shares: I have participated in the past few weeks, institutional investors, thus ensuring a billion of capital to Monte dei Paschi. Now, the bank has decided to reopen the conversion of the bonds subordinated shares, extending the mesh in the way to involve retail customers. In fact, to avoid appeals or pull the ears of vigilance, for the conversion that closed in the past few days Mps had expected requirements so strict that in the end only the owners ‘institutional’ have been able to join. For example: unlike what has happened so far, this time the Mps they would like to go knocking on the doors of investors, to inform them of the possibility to convert their bonds into shares. On this aspect there is a concentration of contacts with the Consob, that in order to resolve p roblems of adequacy, Mifid could consider the two options in the hands of the small savers equivalent, on the basis of the fact that without the capital increase, the bond in their hands is in danger of becoming waste paper. With the conversion of the bond institutional Mps has collected a billion. From retail – 40 thousand savers with bonds subordinated for a total of 2 billion – Siena has to bring home a digit between the billion and the billion and a half. “it is our duty to evaluate all streets to see if it is possible to complete an operation of the market,” said the ceo Mark Morelli in a video message, speaking of the rescue of the bank. “At the same time, he added,” we are ready to use promptly all possible measures to secure the bank” that he “has in front of him a path of growth and stability in the coming years, bringing forward its own industrial project”. Then thanking the employees spoke however of “very difficult situation”. The Treasury’s plan. If this option does not go into the harbor, then there would be that resorting to the intervention of the Mef. The Treasury, as he renews the Republic on newsstands, has a plan ready to plug every possible leak and has comnque decided to give it another week to try to arrange the pieces of the puzzle of the market. Also because, they point out to the Treasury, the bank does not have liquidity problems, and even if these should arise, it is possible to open a protective umbrella from 150 billion, giving the state guarantee in the issuance of an emergency. In the event of failure of the option market, the Treasure will fall to the recapitalization prior to the Mount, which avoids having to involve the bondholders of the ordinary, through the conversion by force of the bondholders as a junior, providing the necessary capital to extra. At that point, the small shareholders and retail would open the doors of refunds. The degrees of risk of the subordinated bonds (source: Borsa Italiana)
- Topics:
- Mps
- capital increase Mps
- Treasure
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