Obbligazioni MPS
- Creatore Discussione Trading Stern
- Data di Inizio
Kim
Forumer attivo
BUSINESS NEWS | Tue Sep 20, 2016 | 4:01pm BST
Monte dei Paschi's shares, bonds hit by worries on emergency plan
By Valentina Za | MILAN
Fears over the feasibility of Banca Monte dei Paschi di Siena's (BMPS.MI) rescue plan hit its share and bond prices on Tuesday, highlighting the challenges faced by Chief Executive Marco Morelli on his first day in the job as head of Italy's third-largest bank.
Political instability ahead of a referendum vote on constitutional reforms and a banking system weakened by a deep recession have put Italy back at the forefront of market concerns over the euro zone.
Shares in Monte dei Paschi, which plans to raise 5 billion euros (4.31 billion pounds) in new equity capital while selling 28 billion euros (24.15 billion pounds) worth of bad loans at a deep discount, were down 5.5 percent at 0.189 euros by 1444 GMT.
The share price has fallen nearly 25 percent since the unexpected resignation of CEO Fabrizio Viola on Sept. 8 added to uncertainty over the lender's future. The stock is down 85 percent so far this year.
"Investors are increasingly aware that the plan carries significant execution risks," Fidentiis Equities analyst Fabrizio Bernardi said.
Morelli, the former head of Bank of America Merrill Lynch in Italy, met with trade unions after taking office on Tuesday.
Monte dei Paschi needs more capital after European industry-wide stress tests in July found it to be the weakest bank in Europe. But with investors wary of backing its third recapitalisation in as many years, the privately-backed rescue plan is seen as having only a slim chance of success.
"Concerns have centred on whether such a large capital increase for a bank with market value of 586 million euros is even possible," Bank of America Merrill Lynch (BAML) analysts said in a note downgrading the bank's subordinated bonds to "underweight."
The yield on Monte dei Paschi's Sept. 2020 subordinated bond XS0540544912=R rose by 2.2 percentage points on Tuesday to 18.9 percent, its highest since January.
To avoid hitting investors and denting their confidence in Italian banks generally, which together hold 360 billion euros of problematic loans, the Rome government has pushed for a fully private solution for Monte dei Paschi's problems.
Due to new European Union rules, public support would require first inflicting losses on holders of the bank's shares and bonds.
But to cut the amount of capital to be raised on the market, Monte dei Paschi is considering converting some subordinated debt into equity, sources have told Reuters.
"We are now anticipating liability management of sub, with some risk it could be coercive," BAML said.
(Additional reporting by Danilo Masoni; Editing by Greg Mahlich)
Monte dei Paschi's shares hit by worries on emergency plan
Monte dei Paschi's shares, bonds hit by worries on emergency plan
By Valentina Za | MILAN
Fears over the feasibility of Banca Monte dei Paschi di Siena's (BMPS.MI) rescue plan hit its share and bond prices on Tuesday, highlighting the challenges faced by Chief Executive Marco Morelli on his first day in the job as head of Italy's third-largest bank.
Political instability ahead of a referendum vote on constitutional reforms and a banking system weakened by a deep recession have put Italy back at the forefront of market concerns over the euro zone.
Shares in Monte dei Paschi, which plans to raise 5 billion euros (4.31 billion pounds) in new equity capital while selling 28 billion euros (24.15 billion pounds) worth of bad loans at a deep discount, were down 5.5 percent at 0.189 euros by 1444 GMT.
The share price has fallen nearly 25 percent since the unexpected resignation of CEO Fabrizio Viola on Sept. 8 added to uncertainty over the lender's future. The stock is down 85 percent so far this year.
"Investors are increasingly aware that the plan carries significant execution risks," Fidentiis Equities analyst Fabrizio Bernardi said.
Morelli, the former head of Bank of America Merrill Lynch in Italy, met with trade unions after taking office on Tuesday.
Monte dei Paschi needs more capital after European industry-wide stress tests in July found it to be the weakest bank in Europe. But with investors wary of backing its third recapitalisation in as many years, the privately-backed rescue plan is seen as having only a slim chance of success.
"Concerns have centred on whether such a large capital increase for a bank with market value of 586 million euros is even possible," Bank of America Merrill Lynch (BAML) analysts said in a note downgrading the bank's subordinated bonds to "underweight."
The yield on Monte dei Paschi's Sept. 2020 subordinated bond XS0540544912=R rose by 2.2 percentage points on Tuesday to 18.9 percent, its highest since January.
To avoid hitting investors and denting their confidence in Italian banks generally, which together hold 360 billion euros of problematic loans, the Rome government has pushed for a fully private solution for Monte dei Paschi's problems.
Due to new European Union rules, public support would require first inflicting losses on holders of the bank's shares and bonds.
But to cut the amount of capital to be raised on the market, Monte dei Paschi is considering converting some subordinated debt into equity, sources have told Reuters.
"We are now anticipating liability management of sub, with some risk it could be coercive," BAML said.
(Additional reporting by Danilo Masoni; Editing by Greg Mahlich)
Monte dei Paschi's shares hit by worries on emergency plan
Sig. Ernesto
Vivace Impertinenza
We are now anticipating liability management of sub, with some risk it could be coercive," BAML said.
Scusi..ma fino ad oggi che ho scritto? Ora che lo dice Bank of America è più vero?
soft--->hard, con vaselina, con sabbia.
Nn parlo per esperienza diretta ma direi che se proprio si deve, un veicolante aiuta.
Saluti,
Scusi..ma fino ad oggi che ho scritto? Ora che lo dice Bank of America è più vero?
soft--->hard, con vaselina, con sabbia.
Nn parlo per esperienza diretta ma direi che se proprio si deve, un veicolante aiuta.
Saluti,
Sig. Ernesto
Vivace Impertinenza
ps: i due zero coupon segnalati chudono verdi, uno a quasi +1%.
Incredibile vero?
Saluti, <
Incredibile vero?
Saluti, <
Ventodivino
מגן ולא יראה
A inizio febbraio 2016 una Casa americana (il nome in fondo, per creare suspense) così scriveva , in un report molto sconfortante su MPS intitolato "cul de sac" :
An alternative solution is greater participation of subordinated bondholders. We have estimated that a more comprehensive balance sheet clean-up could push the NPL ratio down to about 15%. This would require fresh resources of as much as €6.5bn, thus leaving a greater involvement from subordinated bondholders through a voluntary, pre-resolution, LME into equity as the last feasible option. While there are significant hurdles to be overcome, with the involvement of retail investors arguably the most challenging, we think a full clean-up of Monte’s balance sheet is not possible without greater participation from subordinated bondholders.
The offer may highlight non-viability risk if acceptance rate is below a minimum level, while a low subscription price for the new shares could be an incentive for participation. Additionally, we cannot discard the possibility that current shareholders could inject fresh capital. After all, all Greek banks raised equity in last year’s stress test. The recovery rate for subordinated debt depends on the terms of the offer and, ultimately, on the post-money equity valuation of the bank. Based on what we see as reasonable P/B multiples assumptions, we estimate a fair value cash price of XXXXXXXXXXXXXXXXX
JPM (pensa il caso...)
Forse Lei ha viaggiato nel tempo ed è riuscito ad influenzarli.
Ultima modifica:
Sig. Ernesto
Vivace Impertinenza
No. Di certo ho raccolto un sacco di insulti nell'esporre le mie idee. Ma fa parte del gioco(se così possiamo chiamarlo).
Ventodivino
מגן ולא יראה
Gli insulti, come i complimenti vanno "pesati".
Lei lo sa.
Certo autodefinirsi genio, troppo intelligente, etc etc non aiuta ...
Ma a Lei piace così.
Sig. Ernesto
Vivace Impertinenza
fidw99
100% perpetual
La legga bene quell frase....(mia originale).
Mi scusi, ma perché invita spesso a leggere, rileggere e riflettere su quello che scrive, per me una lettura basta e avanza...
Fare scenari su mps a lungo termine é un esercizio fine a se stesso, oggi quello che conta é capire se l'offerta sui sub crea valore rispetto alle quotazioni attuali, bail in soft o mascherato che sia, su questo punto non vedo grandi idee ma vedo pagine e pagine di news, commenti, considerazioni, supposizioni...
Kim
Forumer attivo
Il Sig. Ernesto è un genio in logica fuzzy.
