Stefano's Feed
Jul 25, 2015

Monte dei Paschi cuts exposure to Nomura -sources

ROME, July 25 (Reuters) – Troubled Italian lender Monte dei
Paschi di Siena has reduced its exposure to Japanese bank Nomura
to within regulatory limits, as required by the
European Central Bank, two sources close to the matter told
Reuters.

The bank had a 4.7 billion euro ($5.3 billion) net exposure
to Nomura at the end of March, nearly half its total capital and
almost double the 25 percent limit set by regulators for bank
exposures to a single party.

Jul 17, 2015

Monte dei Paschi to name Italy bourse chief as chairman – sources

ROME, July 17 (Reuters) – Troubled Italian lender Monte dei
Paschi di Siena is set to appoint Massimo Tononi, a
former Goldman Sachs banker who is head of the Milan stock
exchange, as chairman, three sources close to the matter said.

Tononi, 50, will take over from veteran banker Alessandro
Profumo, who has said he wants to leave the bank and is expected
to step down next month.

May 22, 2015

Market watchdog to monitor ex-rights trading in Monte Paschi shares

MILAN, May 22 (Reuters) – Italian market watchdog Consob has
warned that the price of shares in Banca Monte dei Paschi di
Siena could rise excessively when they begin trading
without the rights to buy into its new share issue on Monday,
and said it would monitor the stock price carefully.

The country’s third-largest and oldest bank said late on
Thursday it would sell 2.56 billion new shares at a 38.9 percent
discount to the theoretical ex-rights price (TERP) of the stock.

May 21, 2015

Monte Paschi prices $3.3-billion rights issue at big discount

SIENA, Italy/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena priced its upcoming 3-billion-euro ($3.3-billion) rights issue at a big discount as it seeks to plug a capital shortfall unveiled by a Europe-wide health check of the sector.

In a statement issued after the market closed on Thursday, the Tuscan lender said it would offer new shares in the bank at 1.17 euros each, or a 38.9 percent discount to the theoretical ex-rights price (TERP) calculated on Thursday’s closing price.

May 21, 2015

Monte Paschi prices 3-bln-euro rights issue at big discount

SIENA, Italy/ROME, May 21 (Reuters) – Italy’s Banca Monte
dei Paschi di Siena priced its upcoming 3-billion-euro
($3.3-billion) rights issue at a big discount as it seeks to
plug a capital shortfall unveiled by a Europe-wide health check
of the sector.

In a statement issued after the market closed on Thursday,
the Tuscan lender said it would offer new shares in the bank at
1.17 euros each, or a 38.9 percent discount to the theoretical
ex-rights price (TERP) calculated on Thursday’s closing price.

Apr 30, 2015

Monte Paschi, Nomura in informal talks to end derivative row -sources

MILAN/ROME, April 30 (Reuters) – Monte dei Paschi di Siena
and Japanese broker Nomura are sounding each
other out over a possible settlement to close a derivative trade
that is bleeding money at the Italian bank, two sources with
knowledge of the matter said.

The 2009 trade, known as Alexandria, is at the heart of a
scandal that rocked Monte dei Paschi in 2012 just as it was
being hit hard by the euro zone debt crisis. The trade is also
at the centre of legal proceedings in Italy and Britain.

Apr 30, 2015

Italy bad-bank vehicle could buy 100 bln euros of bad debts-BOI

MILAN, April 30 (Reuters) – Italy’s banks could reap
significant benefits if they were allowed to unload around 100
billion euros of bad loans, a third of their troubled loans, to
a specially created vehicle, the Bank of Italy said on Thursday.

The Italian government is in talks with European Union
authorities over the creation of a “bad bank” that would help
domestic lenders get rid of loans that went sour during a
three-year economic recession.

Mar 6, 2015

Atlantia still hopes to sell stake in airport business

MILAN, March 6 (Reuters) – Italian motorway operator
Atlantia is still open to selling a minority stake in
its airport business AdR, its CEO said on Friday, adding the
group was keen to swap it with a stake in another airport.

A sale of a minority stake in Atlantia’s airport business
will, however, take place only at an “adequate” price, the
parent’s Chief Executive Giovanni Castellucci said on Friday in
an analyst conference call on full-year results.

Feb 25, 2015

Italy’s approval of Monte dei Paschi deal raises new questions

ROME (Reuters) – Italy’s Monte dei Paschi bank hoped to become a big player of European finance when it bought rival Antonveneta in 2007. Instead, the takeover triggered a decline that is culminating in the 500-year-old bank putting itself up for sale.

Now, evidence uncovered by Reuters shows Italian regulators knew of the risks harbored at Antonveneta before approving the deal.

Feb 16, 2015

UniCredit leads Italian banks with new bond sale to meet capital rules

MILAN, Feb 12 (Reuters) – UniCredit, Italy’s
biggest bank by assets, has launched a new bond offer to retail
investors to comply with international banking rules on
supplementary capital requirements that could spur other Italian
banks to follow suit.

In reporting 2014 earnings last week, UniCredit and other
Italian banks stopped counting subordinated bonds as part of
their Tier 2 capital where gradual repayment begins less than
five years after issue.