difficult Start for Banca Mps, in the day that starts the operation on the capital by 5 billion euro. The bank has also released a statement where they underlined the doubts of the Quaestio, the sgr, which manages, among others, the fund, the Atlas, in relation to the sale of nonperforming loans. The securities, which initially they were not able to do the price, they opened down more than 8% and then they reduced the damage by swinging around a price of 19.8 euros. The operation of the strengthening of the capital by 5 billion will end between the 21 and 22 December (Wednesday to the retail public, Thursday, for the institutional). The price of the new shares in issue will be fixed at the end of the offer period, on the basis of the question, but in the context of the range of price of between one euro and 24.9 euro. In the end of the week there have been several hypotheses on the newspapers, ra nging from the interest of a fund, the chinese, ready to invest in the institute of tuscany to the hypothesis of a commitment of the post office. The analysts of Equita, however, consider it unlikely the move “is not consistent with the project presented to investors at the time of quotation”. Experts Icpbi think, however, that the ball of both institutional and sovereign funds, in consideration of the risk profile and of the limited period available for the subscription. Today you reopen the offer for the conversion of subordinated bonds into shares, also aimed at the retail public. From the previous round, the bank had obtained acceptances for a little more than a billion. This time, the subscription is expected at a higher level and this would reduce the extent of the increase of capital.
note, the Mps and the doubts of the Quaestio
Banca Mps announced the signing of the agreement with the banks as joint bookrunners for the increase, one for the sale of the sufferings of the vehicle for the securitisation, and has agreed to the terms for the provision of the senior bridge loan facility. On this, however, Quaestio (the sgr which manages the fund Atlas) has expressed strong misgivings still to be overcome that could blow the whole operation. Writes to the Mps in a note. “The Bank has also proceeded to the formalization of its commitment to subscribe for the tranche of the Senior Mezzanine for a total investment of 1,171 million euros,” reads the note. “The effectiveness of the documentation signed, as well as the execution of the capital increase and to the deconsolidation of the portfolio of non-performing loans, is subject to the commitment of the junior mezzanine holder (Quaestio Capital Management SGR Spa) to confirm its investment of € 1.526 million in the Juni or tranche Mezzanine,” it says. Reported “serious misgivings” of the Quaestio on the bridge loan facility, the Mps said that “are in progress between the company and Quaestio insights in order to identify possible alternative solutions”. In the absence of this solution, says the bank, “the operation could not be completed in accordance with the terms and conditions of the authorization received from the European Central Bank, which provides for the conclusion of the operation by 31 December 2016″.
The board of directors of the Mountain, and the assurances of the president Falciai
In the meantime it is finished, the board of directors of the Monte dei Paschi di Siena met this morning in the milan office of the institute. He said the chairman of the bank, Alessandro Falciai, leaving the headquarters where a meeting of the board. “Everything’s fine, everything proceeds as planned,” he said Falciai answering a question about the “serious misgivings” expressed by the Bottom of the Atlas in relation to the sale of non-performing loans of the institute. The board of directors of Mps will meet again before the board scheduled for Friday, after the closure of the capital increase and the second tranche of the conversion. Is what is learned from sources close to the dossier. Place and date of the next board of directors are yet to be determined, but the goal is to make a point of the situation on the progress of the operations, also in the light of the “doubts” expressed by the Atlas with respect to the plan of the sale of nonperforming loans.
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