Obbligazioni MPS

senior 1.875 ferma al palo, ma la 8% mi sembra ben impostata
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solovaloreaggiunto ha scritto:
Monte 8% a 88 bid su otc…
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da qui a qualche tempo dovrebbe arrivare qualche upgrade sui rating .....se a giugno l'outlook di Fitch era evolving .....
RATING REPORT
Banca Monte dei Paschi di Siena S.p.A. - Update
Mon 06 Jun, 2022 - 07:11 ET
Weak Capitalisation, Profitability: Banca Monte dei Paschi di Siena S.p.A.’s (MPS) ratings reflect its weak capitalisation, which constrains its commercial re-launch, further restructuring and ability to improve its weak profitability. Asset quality and risk profile are relative rating strengths following years of successful de-risking. Funding is less stable and market access less certain that higher-rated peers’, but this is mitigated by the MPS’s adequate liquidity position. Tight Capital Buffers: MPS’s capital buffers on Supervisory Review and Evaluation Process (SREP) requirements remain tight. They will be eroded further due to the phasing-in of the IFRS 9 transitional arrangement and risk-weighted asset (RWAs) inflation from risk models’ updates. A EUR500 million shortfall on the Tier 1 SREP requirement should materialise by end-March 2023 assuming MPS does not take additional capital management actions. Planned Capital Strengthening: Fitch Ratings’ assessment of capitalisation depends on MPS’s ability to avoid the shortfall, or swiftly remediate it, through a capital increase in 2022, to which Italy’s Ministry of Finance, MPS’s largest shareholder with a 64% stake, will be a contributor. The capital increase will be included in the new business plan to be presented in June 2022.
dopo l'aucap... non può rimanere tale...con un cet1 fully loaded salito al 14,7 e una miglior prospettiva data dal netto taglio dei costi dal prossimo esercizio.

Anche DBRS e Moodys dovrebbero aggiornare il loro giudizio o almeno l'outlook che era stabile.
 
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TheLondoner ha scritto:
da qui a qualche tempo dovrebbe arrivare qualche upgrade sui rating .....se a giugno l'outlook di Fitch era evolving .....
RATING REPORT
Banca Monte dei Paschi di Siena S.p.A. - Update
Mon 06 Jun, 2022 - 07:11 ET
Weak Capitalisation, Profitability: Banca Monte dei Paschi di Siena S.p.A.’s (MPS) ratings reflect its weak capitalisation, which constrains its commercial re-launch, further restructuring and ability to improve its weak profitability. Asset quality and risk profile are relative rating strengths following years of successful de-risking. Funding is less stable and market access less certain that higher-rated peers’, but this is mitigated by the MPS’s adequate liquidity position. Tight Capital Buffers: MPS’s capital buffers on Supervisory Review and Evaluation Process (SREP) requirements remain tight. They will be eroded further due to the phasing-in of the IFRS 9 transitional arrangement and risk-weighted asset (RWAs) inflation from risk models’ updates. A EUR500 million shortfall on the Tier 1 SREP requirement should materialise by end-March 2023 assuming MPS does not take additional capital management actions. Planned Capital Strengthening: Fitch Ratings’ assessment of capitalisation depends on MPS’s ability to avoid the shortfall, or swiftly remediate it, through a capital increase in 2022, to which Italy’s Ministry of Finance, MPS’s largest shareholder with a 64% stake, will be a contributor. The capital increase will be included in the new business plan to be presented in June 2022.
dopo l'aucap... non può rimanere tale...con un cet1 fully loaded salito al 14,7 e una miglior prospettiva data dal netto taglio dei costi dal prossimo esercizio.

Anche DBRS e Moodys dovrebbero aggiornare il loro giudizio o almeno l'outlook che era stabile.
Clicca per allargare...
però non credo che il rating di questi qua possa influenzare più di tanto in bene o in male.
lo sappiamo quali sono le questioni che il mercato guarda e soprattutto guarderà.

oggi intanto parecchi scambi sulla sub 28
 
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