blackmac
Forumer storico
L'altro problema sono le piccole imprese, che sono la colonna portante del nostro paese.
Banche in difficoltà significa meno credito ai piccoli (per colpa dei grossi che hanno avuto favori).
Mps: "Converto a patto che..." (31 lettori)
- Creatore Discussione Sig. Ernesto
- Data di Inizio
L'altro problema sono le piccole imprese, che sono la colonna portante del nostro paese.
Banche in difficoltà significa meno credito ai piccoli (per colpa dei grossi che hanno avuto favori).
Sig. Ernesto
Vivace Impertinenza
Allora, leggo ora che siamo a circa 2 mld d convertito.
(ANSA) - Milan, December 21 - The market has failed to respond to an offer by Monte dei Paschi di Siena (MPS) bank in a bid to raise five billion euros in recapitalization by year's end, financial sources said Wednesday.
The sources said institutional investors are likely to back away after Qatar's sovereign fund - which had expressed interest in chipping in with one billion euros - declined to participate in the rescue of Italy's oldest and third-largest bank.
Also on Wednesday asset manager Quaestio, which runs the private Atlante ('Atlas') finance industry rescue fund, said its agreement to take on the marketing of MPS's non-performing loans (NPLs) is "subject to the success of a market capital increase operation".
Atlante "remains available to securitize" the Tuscan bank's NPLs if the State intervenes, Quaestio said in a statement.
MPS shares plunged 12.08% to close at 16.3 euros a share Wednesday on what was the deadline for a subordinated bond to share conversion and for small investors to subscribe to a capital increase. The deadline for institutional investors is tomorrow at 14:00.
(ANSA) - Milan, December 21 - The market has failed to respond to an offer by Monte dei Paschi di Siena (MPS) bank in a bid to raise five billion euros in recapitalization by year's end, financial sources said Wednesday.
The sources said institutional investors are likely to back away after Qatar's sovereign fund - which had expressed interest in chipping in with one billion euros - declined to participate in the rescue of Italy's oldest and third-largest bank.
Also on Wednesday asset manager Quaestio, which runs the private Atlante ('Atlas') finance industry rescue fund, said its agreement to take on the marketing of MPS's non-performing loans (NPLs) is "subject to the success of a market capital increase operation".
Atlante "remains available to securitize" the Tuscan bank's NPLs if the State intervenes, Quaestio said in a statement.
MPS shares plunged 12.08% to close at 16.3 euros a share Wednesday on what was the deadline for a subordinated bond to share conversion and for small investors to subscribe to a capital increase. The deadline for institutional investors is tomorrow at 14:00.
acinorev
Forumer attivo
Ci potrebbero essere vari scenari a questo punto, oppure è rimasto uno solo?
bancor
Forumer storico
Risparmiatori vuol dire: depositi, conti correnti e obbligazioni "senior". I sub sono investitori
Sig. Ernesto
Vivace Impertinenza
E dalli co' Renzi.
Mo Renzi è diventato il capro espiatorio di tutti i malanni di cui soffre l'Italia.
E pensare che è stato l'unico che stava tentando di "rottamare" realmente il vecchio modello di politica (clientelare e consociativa) che ci aveva portato nello stato che noi tutti conosciamo.
Ma dai; ora facciamo un bel proporzionale e via con gli inciucio, gli accordi sotto banco, le spartizioni di poltrone e di potere ... così ci piace di vivere (!?!)
mi ripeto ...
Tenga MAC, quardi che scrive il FInancial Time oggi
How Dimon’s Monte dei Paschi plan came to grief
Recriminations begin over private sector rescue bid, as state prepares bailout
Read next
Fast FT
Risky Monte dei Paschi bonds climb on looming ‘bail-in’
3 hours ago
© Reuters
57 minutes ago
by: Martin Arnold in London and Rachel Sanderson in Milan
This summer, Matteo Renzi, the Italian prime minister, and Jamie Dimon, one of the world’s most powerful bankers, hatched a plan over lunch in Rome to save Monte dei Paschi di Sienaand prop up Italy’s struggling banking sector.
Five months later, Mr Renzi is out of a job and the JPMorgan Chase chief executive’s grand plan to engineer a private sector rescue of the world’s oldest lender is in tatters, forcing the new Italian government to step in with a €20bn bailout of the banking sector.
The recriminations between investment bankers have already started over who to blame for the failure to raise enough money from private sector investors to fill a €5bn capital shortfall at MPS and avoid a state rescue. Some Italian financiers are pointing their fingers in Mr Dimon’s direction. They argue that the salvage effort his bank has co-ordinated for MPS has been plagued by errors and misjudgments.
In the end, these proved costly — draining investors’ confidence and wasting valuable time — as a consortium of banks led by JPMorgan and Italy’s Mediobanca came up short in their efforts to save the Siena-based lender by the end of this year. People close to JPMorgan deny the bank is at fault and put the blame on political uncertainty.
MPS was the problem child of Italian banking long before Mr Dimon’s lunch in Rome. Its current crisis can be traced back to the ill-judged €9bn cash acquisition of local rival Banca Antonveneta on the brink of the 2008 financial crisis.
Jamie Dimon, JPMorgan chief executive © Bloomberg
The hurriedly arranged Antonveneta deal, stuck by Giuseppe Mussari, MPS’s former chairman, was signed off by Mario Draghi, the European Central Bank chief who was then governor of the Italian central bank.
Since then, MPS has raised about €10bn from a string of share issues, on top of money injected by the state. But plagued by a growing pool of bad debts — a legacy of Italy’s shrinking economy — it has burnt through the money and its market capitalisation has shrunk from more than €10bn in 2008 to less than €500m today.
Its non-performing loans account for more than a third of its total loan book — one of the highest proportions of any large bank in Europe. They dragged the bank into last place in this year’s European stress tests, which found that its entire equity buffer would be wiped out in a severe downturn.
€500m
MPS market capitalisation today, against more than €10bn in 2008
The slow-burn crisis in Italian banking has also had political consequences. Billions of euros of bank debt is held by high street savers, who viewed the bonds as a way to earn a higher yield on their savings, but now face heavy losses. While most bankers expect retail bondholders to be offered compensation, the banking crisis played a role in Mr Renzi’s defeat in this month’s constitutional referendum.
The salvage effort for MPS, Italy’s third-largest bank, was based on four, interlocking elements. Bankers aimed to persuade about €2.5bn of junior bondholders to swap their debt for equity. Cornerstone investors, including Qatar’s sovereign wealth fund, were approached to buy €1bn-€2bn of shares. The rest of the €5bn would come from a rights issue to investors. Finally, all of MPS’s non-performing loans — €27.7bn at the last count — would be sold to a securitisation vehicle.
Bankers estimated that by Wednesday’s deadline for investors to accept a voluntary debt-for-equity swap, MPS would have raised close to €2bn, leaving it well short of its requirement to raise a total of €5bn in fresh capital. Major potential investors, notably Qatar, have melted away, according to bankers who blame the uncertain political climate after the referendum result.
MPS has suffered in comparison with its larger rival UniCredit, which has announced plans to raise €13bn from a rights issue at what many view as a more attractive valuation.
Confusion over a €4.7bn bridging loan also hampered capital raising efforts, according to bankers. When Citigroup pulled out of the lending consortium led by JPMorgan and Mediobanca it had to be swiftly replaced by Credit Suisse and HSBC. Atlante — an industry-backed vehicle due to buy MPS’s bad loans — raised concerns about the bridging loan this week. One banker described it as “not a tidy process”.
Mr Dimon and Mr Renzi were the last in a long line of bankers and politicians for a decade who sought to avoid a public bailout on MPS, which has close ties to centre left politics.
Now that the government is preparing to bite the bullet and part-nationalise the lender, financiers hope that it will finally bring stability to the country’s banking sector. Some are even optimistic that a cleaned-up bank could emerge from government ownership in 18 months time. But this time Mr Dimon may not get a call from Rome
Ultima modifica:
bancor
Forumer storico
Secondo me, uno solo: Burden Sharing, riduzione del valore delle azioni, conversione di tutte le sub e anche del Fresh per 4,5 miliardi. Poi Il Governo interviene per la differenza e si conclude l'aumento di capitale, che per me - alla luce del nuovo benchmark delle svalutazioni annunciate da Unicredit, 75% sofferenze, 40% altre NPL di più facile recupero - sarà di 1,5/2 miliardi in più. Fatto questo, si vede a chi, tra i 40 mila che sottoscrissero il famoso prestito da 2,1 miliardi, rimborsare e per quanto la loro quota. In proposito prevedo grossi problemi e che verrà rimborsato ben poco, pena sanzioni europee.
Sig. Ernesto
Vivace Impertinenza
Spero che adnkronos sia male informata; in pratica cnvertono in azioni al prezzo attuale e rimborsano fino a 100(sempre in azioni) le vittime di vendita fraudolenta.
"La dimensione e le modalità dell'intervento pubblico sono oggetto in queste ore delle ultime limature. Anche alla luce del lavoro tecnico che il presidente e ad di Mps, Falciai e Morelli, hanno fatto questa mattina con i tecnici al Tesoro."
Veramente una storia penosa. Qualcuno prima o poi ci scriverà su qualcosa.
"La dimensione e le modalità dell'intervento pubblico sono oggetto in queste ore delle ultime limature. Anche alla luce del lavoro tecnico che il presidente e ad di Mps, Falciai e Morelli, hanno fatto questa mattina con i tecnici al Tesoro."
Veramente una storia penosa. Qualcuno prima o poi ci scriverà su qualcosa.
rockytamtam
Forumer storico
Intende al prezzo cui girano attualmente i subordinati convertendi ?