The stroke of Unicredit in the Bag it did not stop even in wait of the price and conditions of the maxi-capital increase from 13 billion, the most important in the history of Italian finance. On Wednesday, the bank has gained another 5.7% at 26,60 euros, while in the evening, the board has determined that the new shares will be offered to 8,09 euro, with a discount of 38% (the “terp”, the price after the separation of the right of option). The markets involved are Italy, Germany and Poland.
The chief executive officer Jean-Pierre Mustier want to make haste: the increase in part 6 (Monday) and ends on the 23rd and will remain open until march 10 for the unexercised rights. The goal is to close the gap between the capital remained low (8%) after 12.2 billion of write-downs and the minimum (10%) asked by the Ecb. Only in this way, Unicredit will pay the coupons on bonds more risky (At1) due to
L’chief executive officer of Unicredit, Jean Pierre Mustier (Ansa)
march. In total, between the recapitalisation and sale of assets such as Pioneer, the Polish Pekao, and the shares of Fineco, are 20 billion fresh capital for the institute. The money is certain: yesterday a pool of banks has granted the guarantee on all of the 13 billion of the increase. The consortium is led by Morgan Stanley and Ubs (advisor) with Bofa Merrill Lynch, Jp Morgan and Mediobanca (global coordinator), Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and Hsbc, the co-global coordinator) and other 20 international banks.
The discount offered to members is lower than the 43% of the last increase from 7.5 billion five years ago, launched by the ceo, Federico Ghizzoni, with Mustier then the head of investment banking. At that time also the recapitalisation followed a maxi-cleaning of the acquisitions of the first years of two thousand to begin by Capitalia, which resulted in a loss of 9.2 billion on the 2011 budget.
this Time, the cleaning serves to loosen the weight of impaired loans, also a legacy of the past seen that over 90% of the approximately $ 18 billion of npls to sell, dating back to before 2011. The sale will take place in two times: the first part within the second half of the year, the rest in the course of the strategic plan. The so-called “project” that involves a securitisation with the funds, Pimco and Fortress as buyers. All in agreement with the Ecb, which underlines Unicredit, has “welcomed” the initiatives “aimed at increasing the quality of the assets”.
The starting blocks of the increase, the title is still in the gain on the eve of the industrial plan last December 13, greeted with a booming +16% in the Stock market. And, the increase of almost 40% from July, when he was appointed Mustier, whose honeymoon with the market continues, after a roadshow of over a month: “The increase is going very well,” said only two days ago the banker. Also the maxi-loss from 11.8 billion on the 2016 is not a bad view: Equita raised yesterday from “hold” to “buy” the judgment precisely because the “derisking and cost cutting are almost completed”. Despite 1 billion of further write-downs, including Atlas, Unicredit has confirmed the objective of a heritage of over 12.5% in 2019.
Now the word passes to the members, at the head of the Italian foundations which so far have had great weight in the governance. “We have the mandate to cover the increase on a pro-rata”, that is about 300 million, said the newly-appointed president of the fondazione Crt, Giovanni Quaglia, elected unanimously yesterday. Crt has 2.3%, and is the first Italian partner. But the Treasury has not yet given the ok for the investment, said Quail. Thursday, 2 will clarify its position, the Fondazione Cariverona, which has 2.2%. But it seems obvious the support for the plan, already expressed in the assembly in January.
February 1, 2017 (change the 1 February 2017 | 22:24)
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