The “plan B” for the rescue of Banca Mps meets the first obstacle just a few hours of the resolution by the board of directors. In particular, the bank has asked the Consob to loosen the mesh for the conversion of the bond are subordinated, in the hands of the retail. The transition is proving to be anything but simple, and to the commission headed by Giuseppe Vegas came only a information summary. It may indeed not be the time to give an ok before Wednesday, when it called a meeting of the board of the bank. But the problem would not only be temporal in nature. To cause perplexity in environments legal is especially the request for revisit, or suspend all the so-called presidium of the a dequacy blocker. In substance in the course of the first operation of liability management closed on Friday 2 December, the Mps had refrained from bringing the offering to customers with a profile which is not adequate for the investment in the capital. Today the bank would act with greater decision through the commercial network, but there is the risk that an initiative of this kind can be placed in an area of borderline and clashed with the requirements of the Mifid directive.
After the alleged no of the Ecb to a postponement of the operation (refusal, however, not yet issued to the bank), yesterday, the board of directors has decided to put back on track the plan underwritten by Jp Morgan and Mediobanca , but with some substantial changes in the system: the reopening of the conversion of the bond are subordinated, with the involvement of the retail and private placement with institutional investors including the sovereign wealth fund of Qatar (who might put on the plate a billion euro). To enlarge the meshes of the liability management exercise will be essential to the go-ahead from the Consob which would have been taken contacts already last Friday. Once I got the permission, the intention of the board would be to start jointly the two operations between Wednesday and Thursday in order to close them all just before Christmas, probably Friday, December 23. Furthermore, it is not excluded that the bank will review the scope of the conversion offer, this time including also the bond Fresh from a billion initially, except for tax issues.
The most significant difference between this new version of the save and the previous one, however, is the absence of a guarantee on the part of the banks in the consortium that will take care only of the placement. The details of the contract would be in the definition phase, but it seems now established that there will not be a parachute. Unless, as seems very likely, the new government during the constitution does not provide for a form of public guarantee on any increase of capital.
Sources of print resume today, the advances of MF-Milano Finanza last week on a maneuver system from 15 billion that could put the security of the two former popular venetian controlled by Atlas (Popolare di Vicenza and Veneto Banca), banca Carige , and other institutions that deconsolidino important packages of non-performing loan. The theme would be discussed in the board of directors of Mps of yesterday, even if at the moment do not know the details of the intervention. With every probability, however, operate the parachute, the state will require the application of the mechanism of burden-sharing, that is, the conversion by force of the bond subordinate to the conditions challenging for investors. The ministry of the Economy, says a source, “there is confidence that the operation of capital increase decided by the board of directors of Mps we can conclude with success.”
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