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Nessuno sa quale sarà il prezzo di conversione del fresh... Non è detto che sia uguale a quello dell'altro fresh, vedremo
Obbligazioni MPS (1 Viewer)
- Creatore Discussione Trading Stern
- Data di Inizio
Nessuno sa quale sarà il prezzo di conversione del fresh... Non è detto che sia uguale a quello dell'altro fresh, vedremo
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RPT-INTERVIEW-EU REGULATOR WARNS MONTE DEI PASCHI INVESTORS OF LOSSES
FRANKFURT/BRUSSELS, Nov 16 (Reuters) - Investors in Italy'sMonte dei Paschi di Siena BMPS.MI risk compulsory 'bail-in'losses, one of Europe's top regulators told Reuters, warningthis could be the only choice if the bank's plans to raise freshcapital fall short.
Elke Koenig, who heads the Single Resolution Board (SRB), abank crisis response body, made her remarks as Monte dei Paschiprepares for a multi-billion euro debt-for-equity swap and toseek fresh money from investors to mend its finances.
'They are building on a private solution,' Koenig said ofthe attempt to raise fresh capital, describing this as 'verychallenging'.
'If not, there are various ways and forms but normally theydon't go without bail-in,' she said, referring to European Unionrules that impose losses on bondholders and other creditors.
Koenig, who has the authority to wind down a failing bank inthe euro zone, said she stood ready to act, if needed.
'There is a resolution plan for Monte dei Paschi, as thereis for every large European bank,' she said. 'You have to beready for whatever comes.'
Her remarks underscore the gravity of the problems facingthe Italian bank, as it seeks to convince investors to back itsthird recapitalisation in as many years.
A failure of the world's oldest lender, Europe's weakestbank in July stress tests, could wipe out the savings ofthousands of small investors, drag down other Italian banks anddeal another blow to Prime Minister Matteo Renzi.
In order to avoid this, the bank's management has offeredbondholders the choice of switching their debt into bank shares,a step analysts estimate could raise between 1 billion and 1.5billion euros - filling part of a 5 billion euro capital hole.
But a Dec. 4 Italian referendum on constitutional reform tomake lawmaking easier has turned into a vote of confidence inRenzi's government, whose economic reforms have becomeunpopular.
Opinion polls are predicting defeat for Renzi, which couldlead to his resignation and sap market confidence, making ithard if not impossible for Monte dei Paschi to attractinvestors.
The Tuscan bank announced late on Monday the terms of thevoluntary debt conversion, which targets subordinated bonds heldby both retail and institutional investors. (Full Story)
The bank continues to search for anchor investors to back alarge chunk of a share issue it expects to complete immediatelyafter the referendum. Regulators, however, have long expressedscepticism about the plan.
In a document detailing the debt swap - a key plank of itsrescue plan - the bank said that if take-up was not successful,it would be unable to launch the share sale and this couldtrigger European bail-in rules imposing losses on bondholders.
FRANKFURT/BRUSSELS, Nov 16 (Reuters) - Investors in Italy'sMonte dei Paschi di Siena BMPS.MI risk compulsory 'bail-in'losses, one of Europe's top regulators told Reuters, warningthis could be the only choice if the bank's plans to raise freshcapital fall short.
Elke Koenig, who heads the Single Resolution Board (SRB), abank crisis response body, made her remarks as Monte dei Paschiprepares for a multi-billion euro debt-for-equity swap and toseek fresh money from investors to mend its finances.
'They are building on a private solution,' Koenig said ofthe attempt to raise fresh capital, describing this as 'verychallenging'.
'If not, there are various ways and forms but normally theydon't go without bail-in,' she said, referring to European Unionrules that impose losses on bondholders and other creditors.
Koenig, who has the authority to wind down a failing bank inthe euro zone, said she stood ready to act, if needed.
'There is a resolution plan for Monte dei Paschi, as thereis for every large European bank,' she said. 'You have to beready for whatever comes.'
Her remarks underscore the gravity of the problems facingthe Italian bank, as it seeks to convince investors to back itsthird recapitalisation in as many years.
A failure of the world's oldest lender, Europe's weakestbank in July stress tests, could wipe out the savings ofthousands of small investors, drag down other Italian banks anddeal another blow to Prime Minister Matteo Renzi.
In order to avoid this, the bank's management has offeredbondholders the choice of switching their debt into bank shares,a step analysts estimate could raise between 1 billion and 1.5billion euros - filling part of a 5 billion euro capital hole.
But a Dec. 4 Italian referendum on constitutional reform tomake lawmaking easier has turned into a vote of confidence inRenzi's government, whose economic reforms have becomeunpopular.
Opinion polls are predicting defeat for Renzi, which couldlead to his resignation and sap market confidence, making ithard if not impossible for Monte dei Paschi to attractinvestors.
The Tuscan bank announced late on Monday the terms of thevoluntary debt conversion, which targets subordinated bonds heldby both retail and institutional investors. (Full Story)
The bank continues to search for anchor investors to back alarge chunk of a share issue it expects to complete immediatelyafter the referendum. Regulators, however, have long expressedscepticism about the plan.
In a document detailing the debt swap - a key plank of itsrescue plan - the bank said that if take-up was not successful,it would be unable to launch the share sale and this couldtrigger European bail-in rules imposing losses on bondholders.
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Confesso di non essere riuscito a leggere tutto il tuo post...
Cmq se vale l'ultimo passaggio per me va bene, ti posto anche il link
Mps: "Converto a patto che..." | Pagina 5
Grazie e divertiti
P.s. anche lì dovresti rispettare cmq il regolamento di questa sezione del forum
Ventodivino
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Hai provato a operare sul FRESH tra giovedì scorso e oggi ?
Nessuno sa quale sarà il prezzo, ma il mercato non ha gradito.
PS
ti vedrei bene non come moderatore, ma come gendarme del 3d.
apaci2
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Vedo che stai già frequentando l'altro thread... Perfetto eh eh eh
Ventodivino
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apaci2
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In che senso, sono qua come tutti a cercare di capire nel dettaglio le sorti di MPS
Ufficiosamente danno LME in partenza il 28 novembre. Dubito che la finestra del LME possa superare la data del referendum.
Quindi sarebbe una sola settimana o pensate possa durare di più e superare la deadline del referendum?
UPDATE 1-MONTE DEI PASCHI AIMS TO LAUNCH DEBT SWAP ON NOV. 28 -SOURCE
- Debt swap is key part of 5-bln euro rescue plan
- Dec. 4 referendum could scupper rescue
MILAN, Nov 16 (Reuters) - Monte dei Paschi di Siena BMPS.MI aims to launch a multi-billion euro debt swap on Nov.28, less than a week before a referendum that could unseat PrimeMinister Matteo Renzi's government, a source close to the mattersaid on Wednesday.
Italy's third biggest bank, which emerged as Europe'sweakest lender in regional stress tests this summer, is tryingto raise an overall 5 billion euros ($5.35 billion) to meetregulators' concerns over its stretched capital base and preventit from being wound down. The debt swap is part of a rescue planthat also includes a share sale.
But the plan risks being scuppered by the Dec. 4 referendum,with opinion polls predicting a defeat for Renzi, which couldlead to his resignation and sour market sentiment.
The debt swap scheme must be approved by the EuropeanCentral Bank, the source said, as well as by a Nov. 24shareholder meeting.
The Tuscan bank announced on late on Monday the terms of thevoluntary debt conversion, which targets subordinated bonds heldby both retail and institutional investors. (Full Story)
It is offering a hefty premium of between 23 and 37 percentcompared to market values of the bonds, except for one casewhere the premium is lower. The terms will be the same for alltypes of investors.
Analysts estimate the bank could raise between 1 billion and1.5 billion euros from the debt swap, thus limiting the size ofshare sale to be launched on the market next month.
Aside from the debt conversion, the bank is looking tosecure commitment from one or more anchor investors to back alarge chunk of the share issue.
The source said it had signed non-disclosure agreements withnearly 10 potential investors, including sovereign funds,private equity firms and hedge funds, without naming them.Sources have told Reuters one of the potential investors isQatar Investment Authority.(Full Story)
The debt swap for now targets 4.3 billion of bonds but couldbe widened to include a 1-billion euro hybrid instrument knownas Fresh 2008.
Investors in the cash call and bondholders who take part inthe conversion plan will receive newly issued shares at the sameprice. The source said the capital increase would value the bankat around 0.5 times its tangible book value.
The bank said the debt conversion is conditional on the restof the capital raising process being successful.
Trading Stern
Nuovo forumer
esatto nei prezzi non si vede, il mio SUB 2018 ha perso.
Il mercato si sbaglia oppure non è poi cosi buona come offerta?
Jackrussel
Forumer storico
Mah...
Mi sono letto ora un po' di paginate di forum .
Sinceramente ad ora, l 'unica convinzione che mi si è ulteriormente fortificata e' che ho fatto e faccio bene a stare alla larga da mps in qualsiasi forma.
Sono solo molto curioso di vedere quando e come finirà questa storia.
Farà scuola.
Mi sono letto ora un po' di paginate di forum .
Sinceramente ad ora, l 'unica convinzione che mi si è ulteriormente fortificata e' che ho fatto e faccio bene a stare alla larga da mps in qualsiasi forma.
Sono solo molto curioso di vedere quando e come finirà questa storia.
Farà scuola.
Fabrib
Forumer storico
C'entra in qualche modo il fatto che possa diventare azionista in MPS?
FT:
Mediobanca Banca di Credito Finanziario
Mediobanca to sell down Generali stake in wealth management drive
Italian bank looks to diversify in face of competition from US rivals
FT:
Mediobanca Banca di Credito Finanziario
Mediobanca to sell down Generali stake in wealth management drive
Italian bank looks to diversify in face of competition from US rivals