Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

Banca Carige Sets Up for Credit-Positive Capital Increase
On 21 February, Banca Carige S.p.A. (Carige, B3 negative, E/caa23
) announced that it had signed an
underwriting agreement with seven investment banks. Under the agreement, the banks will subscribe to all
shares attached to any rights that remain unexercised at the end of a capital increase that Carige is likely to
launch by the end of March. The maximum amount of this capital increase will be €800 million, but the
bank has not set an exact amount.
This underwriting agreement reduces the execution risk of the capital increase significantly and is credit
positive. At the request of its regulator, the Bank of Italy, Carige in 2013 had planned to strengthen its
capital by €800 million by March mainly through asset disposals, with any remainder coming from a capital
increase. So far, the bank has been able to sell only a minor asset management company, which led to a
capital benefit of just €95 million, and has no other non-core asset sales pending conclusion by March.
The capital increase may be partly offset by 2013 results, which are likely to show significant losses and
which we expect the bank to release by the end of March. In September 2013, at the end of its third quarter
results, Carige reported a year-to-date net loss of €139 million (excluding a goodwill impairment that is
neutral for regulatory capital). We do not expect this loss to be reversed in fourth-quarter 2013, when banks
generally report higher loan-loss charges. Also, the European Central Bank’s (ECB) upcoming
comprehensive assessment will likely lead to a more stringent classification of problem loans and increase
loan-loss provisioning. This may result in losses in 2014 that also offset the benefit of the capital increase.
Carige is one of the few Italian banks that has launched or announced capital increases. Using the latest
reported data, Carige is among the banks with the lowest core Tier 1 ratio (CT1); a full increase of €800
million, together with a breakeven in 2013, would lead the bank to a significantly better position among its
national peers. The exhibit below shows the latest available CT1 ratios of the 15 Italian banks that will take
part in the ECB’s comprehensive assessment, together with some pro forma data. The exhibit shows
Carige’s pro forma CT1 ratio, including the effect derived from the sale of the bank’s asset management
unit and a tax benefit, which will both be included in the next quarterly reports; in addition, Carige shows
the full benefit of a theoretical €800 million capital increase.
For Banca Popolare di Milano (BPM), the exhibit shows the pro forma CT1, including a planned capital
increase that has already been supported by a pre-underwriting agreement by a syndicate of banks. For
Banco Popolare, we show the combined effect of the announced €1.5 billion capital increase, and the €600
million loss that the bank has announced. For Veneto Banca, the ratio shown is its Tier 1 ratio because its
CT1 ratio is not publicly available.
 
Sell Carige LT2 su Lux a 87,5. 6 figure in 20 giorni..

Ha ancora ampi margini di salita, ma quel denaro meritava di essere colpito.

Ne mantengo un lotto.
 
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