Obbligazioni bancarie Obbligazioni Banca Popolare di Vicenza e Veneto Banca
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UPDATE 1-BONDS IN ITALY'S VENETO BANKS SLIDE FURTHER ON 'BAIL-IN' WORRIES
Bonds issued by Popolare diVicenza and Veneto Banca slid further on Wednesday onuncertainty over whether Italy can pull off a state bailout ofthe two troubled regional lenders as a key deadline nears.
Settlement offers aimed at appeasing small shareholders wholost money in the two banks expire in a week and a high take-upis needed for the state rescue to go ahead.
Veneto Banca said on Wednesday the take-up of its offer wasat more than 50 percent of targeted shares. Popolare di Vicenzareported a week ago a take-up of 30 percent. Both offers werelaunched in January and target 80 percent acceptance.
Italy is discussing with European authorities a 5 billioneuro ($5.3 billion) rescue scheme for the two lenders. They mustbe deemed viable and have their restructuring plan approved byBrussels to unlock state aid.
Failing this, the banks would have to be wound down andsenior bondholders and large depositors would bear losses under'bail in' rules aimed at shielding taxpayers, which Italianauthorities fear could hurt the wider banking system.
A state rescue under the 'precautionary recapitalisation'scheme being proposed entails losses only for shareholders andjunior bondholders.
Popolare di Vicenza and Veneto Banca together have 950million euros in junior debt and 13.5 billion euros in seniorunsecured debt, part of which is held by retail investors.
Thousands of ordinary Italians who held shares in the twolenders saw their savings wiped out last year when the twoVeneto-based banks were rescued by state-sponsored,privately-funded banking industry bailout fund Atlante.
To stave off lawsuits from angry shareholders, PopolareVicenza and Veneto Banca launched settlement offers whoseoutcomes are key for the state bailout.
They are proposing repaying 169,000 shareholders, who boughtstock in the last 10 years, around 15 percent of investmentlosses if they agree not to pursue legal action. (Full Story)
EU authorities are unlikely to authorise a state investmentin the banks if legal risks remain significant, sources havesaid. (Full Story)
An October 2018 Popolare di Vicenza senior bond IT098532650= yielded 25.5 percent late on Wednesday from 22percent the previous day.
The yield on a December 2025 Veneto Banca bond IT106950849= due in May 2019 was 18.6 percent, up from 16.7percent the previous day.
That compares with yields of around 90 percent on some ofthe banks' junior bonds.
'We saw some selling from small hedge funds early thismorning and others followed suit,' a Milan-based bond tradersaid. 'We think the current price (of around 75 percent ofnominal value) is quite close to levels that fairly reflectbail-in risks.'
The bonds traded at around 90 percent of their face value inJanuary when credit analysts at JPMorgan sounded alarm bellsover bail-in risk for senior bondholders.
- Italy negotiating 5 bln euro state rescue with EU, ECB
- Settlement offer take-up key for possible state bailout
- Bond yields rising on risk banks may be wound down
Bonds issued by Popolare diVicenza and Veneto Banca slid further on Wednesday onuncertainty over whether Italy can pull off a state bailout ofthe two troubled regional lenders as a key deadline nears.
Settlement offers aimed at appeasing small shareholders wholost money in the two banks expire in a week and a high take-upis needed for the state rescue to go ahead.
Veneto Banca said on Wednesday the take-up of its offer wasat more than 50 percent of targeted shares. Popolare di Vicenzareported a week ago a take-up of 30 percent. Both offers werelaunched in January and target 80 percent acceptance.
Italy is discussing with European authorities a 5 billioneuro ($5.3 billion) rescue scheme for the two lenders. They mustbe deemed viable and have their restructuring plan approved byBrussels to unlock state aid.
Failing this, the banks would have to be wound down andsenior bondholders and large depositors would bear losses under'bail in' rules aimed at shielding taxpayers, which Italianauthorities fear could hurt the wider banking system.
A state rescue under the 'precautionary recapitalisation'scheme being proposed entails losses only for shareholders andjunior bondholders.
Popolare di Vicenza and Veneto Banca together have 950million euros in junior debt and 13.5 billion euros in seniorunsecured debt, part of which is held by retail investors.
Thousands of ordinary Italians who held shares in the twolenders saw their savings wiped out last year when the twoVeneto-based banks were rescued by state-sponsored,privately-funded banking industry bailout fund Atlante.
To stave off lawsuits from angry shareholders, PopolareVicenza and Veneto Banca launched settlement offers whoseoutcomes are key for the state bailout.
They are proposing repaying 169,000 shareholders, who boughtstock in the last 10 years, around 15 percent of investmentlosses if they agree not to pursue legal action. (Full Story)
EU authorities are unlikely to authorise a state investmentin the banks if legal risks remain significant, sources havesaid. (Full Story)
An October 2018 Popolare di Vicenza senior bond IT098532650= yielded 25.5 percent late on Wednesday from 22percent the previous day.
The yield on a December 2025 Veneto Banca bond IT106950849= due in May 2019 was 18.6 percent, up from 16.7percent the previous day.
That compares with yields of around 90 percent on some ofthe banks' junior bonds.
'We saw some selling from small hedge funds early thismorning and others followed suit,' a Milan-based bond tradersaid. 'We think the current price (of around 75 percent ofnominal value) is quite close to levels that fairly reflectbail-in risks.'
The bonds traded at around 90 percent of their face value inJanuary when credit analysts at JPMorgan sounded alarm bellsover bail-in risk for senior bondholders.
Fabrib
Forumer storico
Ora: 16/03/2017 12:55
BRESCIA (MF-DJ)--L'a.d. di Banco Bpm, Giuseppe Castagna, apre a un
possibile intervento di Atlante 2 nella partita per la ricapitalizzazione
dei due istituti veneti - Bpvi e Veneto Banca - salvati lo scorso anno dal
veicolo gestito da Quaestio Capital. Rimanda pero' ogni discussione sul
tema dopo le decisioni delle Autorita' Europee che arriveranno nelle
prossime settimane, prima tra tutte quella che determinera' il nuovo
fabbisogno di capitale.
"Parlarne oggi mi sembrerebbe a sproposito: c'e' un dibattito in corso
con Commissione Europea e Bce, lasciamoli lavorare in pace", ha detto il
banchiere a margine del Primo Forum Impresa&Finanza in corso a Brescia.
"Quando si sara' chiarita la necessita'" del rafforzamento patrimoniale "
di cui hanno bisogno" i due istituti, "si capira' se e' meglio farlo con
uno strumento piuttosto che con l'intervento dello Stato".
BRESCIA (MF-DJ)--L'a.d. di Banco Bpm, Giuseppe Castagna, apre a un
possibile intervento di Atlante 2 nella partita per la ricapitalizzazione
dei due istituti veneti - Bpvi e Veneto Banca - salvati lo scorso anno dal
veicolo gestito da Quaestio Capital. Rimanda pero' ogni discussione sul
tema dopo le decisioni delle Autorita' Europee che arriveranno nelle
prossime settimane, prima tra tutte quella che determinera' il nuovo
fabbisogno di capitale.
"Parlarne oggi mi sembrerebbe a sproposito: c'e' un dibattito in corso
con Commissione Europea e Bce, lasciamoli lavorare in pace", ha detto il
banchiere a margine del Primo Forum Impresa&Finanza in corso a Brescia.
"Quando si sara' chiarita la necessita'" del rafforzamento patrimoniale "
di cui hanno bisogno" i due istituti, "si capira' se e' meglio farlo con
uno strumento piuttosto che con l'intervento dello Stato".
Fabrib
Forumer storico
MF:
BATTAGLIA CON L’EUROPA I CDA DI BPVI E VENETO BANCA HANNO FATTO IL PUNTO SULLE TRANSAZIONI E SULLA RISPOSTA ALLA BCE Prima schiarita sulle banche venete Gli istituti avrebbero i requisiti per accedere alla ricapitalizzazione precauzionale anche a fronte di piani presentati singolarmente In arrivo la richiesta uffi ciale per avviare la procedura. Poi due aumenti di capitale. La soglia per i rimborsi può scendere al 70% (Brizzo e Gualtieri a pagina 9)
BATTAGLIA CON L’EUROPA I CDA DI BPVI E VENETO BANCA HANNO FATTO IL PUNTO SULLE TRANSAZIONI E SULLA RISPOSTA ALLA BCE Prima schiarita sulle banche venete Gli istituti avrebbero i requisiti per accedere alla ricapitalizzazione precauzionale anche a fronte di piani presentati singolarmente In arrivo la richiesta uffi ciale per avviare la procedura. Poi due aumenti di capitale. La soglia per i rimborsi può scendere al 70% (Brizzo e Gualtieri a pagina 9)
ferdo
Utente Senior
Qualcosa non tornaPrima ricapitalizzazione precauzionale e poi auc?!
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