Mps reopen the conversion of the bonds to retail – The Sun 24 Hours

One last difficult attempt to prevent the nationalization of the institution of siena and the sacrifice of the bondholders. The way of the conversion of the bond in the hands of the retail has been chosen by the board of directors of Mps to try, in extremis, the operation of saving 5 billion. After the ” no ” to the extension part of the Ecb (which has yet to formally arrive on the table of the board), the transaction should close within the next 31 December. It therefore goes next.

The operation of the market still remains standing even if among the many unknowns: the last that of the withdrawal of the guarantee of the increase of the banking consortium, which, however, remains a distributor. But there is also some small glimmer of confidence. The fact that in these last hours has been given the responsibility to minister Paolo Gentiloni to form the new executive is seen as a positive signal.

The sins of europe, the Italian priority

So on the table of the Marco Morelli, after the meeting the river today, there is the possibility to open the voluntary conversion period for the bonds-subordinate retail, if they removed the constraints placed recently by Consob, which also blocked the buildup. In the first conversion window these were, in fact, been excluded for reasons of adequacy of the profiles to Mifid. Downstream of the conversion should also leave, as decided by the board of directors, a placement of stock (bookbuilding) where the banks will try to collect the largest number of accessions.

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also Go forward with the negotiations with Atlas for the spin-off of the Npl of the institute. of The unknowns will remain so. The assumption of the operation of the market is, in fact, that the supervisory authority shall authorize the voluntary conversion of the retail bond sold in 2008, eliminating those initial posts made to the protection of savers. Another delicate issue remains that of investors, on which they will continue to work with the banks despite the fact that it was taken from the guarantee on the inoptato. The road to Qatar as anchor investor seems to be uphill.

If this does not materialize it remains on the horizon, the network of public safety with the assumptions of the bail-in or the burden-sharing: this network of salvage, therefore, could take the form of the guarantee of the Treasury to cover what the market will fail to fill. The other way, more heavy, would be the direct intervention of the Treasury to return to the capital of Mps to the levels asked for by Frankfurt.

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