MILAN-The last resort for Montepaschi remains the solution of the market to find a path through the almost bold that involves the owners of the bonds retail. It is the lifeline to which to cling, after that the Ecb has rejected the extension sought to defer the increase in private in January, and the public intervention, through a decree, relying on article 32 of the directive Brrd on the increase in precautionary measure is stuck because of the crisis in government: the cabinet Renzi is in charge only for the ordinary administration, and this would be a measure extraordinary.
To avoid the traumatic bail-in with all the negative effects on the Country also in terms of reputation, and taking advantage of the lengthy procedures of the european Supervision in the formalisation of the decision of refusal to postpone the recapitalization, the Mps tries to blitz by raising the floor, leggermento the correct placement of the flash next week on the condition that Consob reopen the liability management exercise (lme), that is, the voluntary conversion of the 2,4 billion of bonds placed in 2008 to the retail business.
thus ends a hectic day, which began in the morning at via XX Settembre with a summit between Pier Carlo Padoan, Fabrizio Pagani, the technicians of the ministry, the men in the bank of Italy, Alessandro Falciai and Marco Morelli to discuss the emergency decree that the government would launch on the weekend, to put in safety the Mps, given that the Supervisory board has rejected the extension of the move of the capital increase on the market before 20 January. Of course, no unofficial of Frankfurt and the uncertainties of the future, have plunged the title that it has closed a 19.50 euro, down 10.55% with a value diluitosi to 571 million.
“This bank, the store surely,” said Falciai yesterday evening coming out by the council lasted a little over four hours, held in Milano, but Morelli has taken part in a video conference from Rome. “I am not at all worried,” she said at the entrepreneur-engineer who became the president two weeks ago. The board “has not received any communication” on the “request for extension of the terms of the transaction submitted Wednesday, 7″, and therefore”, continues the activities leading up to the completion of this operation,” reads the note.
the REACTION TO THE HOAX
The paper in extremis is played after from Frankfurt arrives in the communication to the vertices that the official letter with the ” no ” will be delivered Monday or Tuesday. A mockery of in front of in which to react. The ecb denies the extension, but remains always valid, the possibility of operation private by 31 December. And that’s what Morelli wants to try. He studied the plan with the advisor of Lazard, JpMorgan, Mediobanca and of the legal Bonelli Erede, present to the board. The plan resembles the operation Eurobank made in the autumn of 2015 in Greece with Mediobanca in their capacity as director’s cabin.
the premise of The plan the Mps is that the nominal dia in the next few hours the green disc to extend the voluntary conversion to the 40 thousand families, eight years ago, signed the bond in the transaction-Antonveneta. If the Commission does not argue anything, Tuesday might start the placement of zippers on the market. In the last hour JpMorgan would have probed to the bottom of the Qatar gathering the willingness to invest the billion promised. Then there would be the bondholders institutional which have acceded to the conversion to 1,028 billion, and the expectation that 1-1,5 billion rivengano by the families who turn their bonds. The residue may be less than 2 billion would be placed on the market by the pool of banks by next Friday. Yesterday evening before the 22 there would be a call between the eight banks that should be only a consortium of placement.
The amounts will be pulled tomorrow at 16 when expected to meet over the board to start the operation. The alternative nor Falciai nor Morelli wants to consider it, even if the fear.
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