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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.

Feb 12, 2015

Italy set to take stake in Monte dei Paschi – source

ROME, Feb 12 (Reuters) – The Italian treasury will take a
stake in the country’s troubled lender, Monte dei Paschi di
Siena, as the bank will pay a coupon on state loans in
shares because it ended the year with a loss, a treasury source
told Reuters.

Monte dei Paschi on Wednesday reported a loss of 5.34
billion euros ($6.07 billion) for 2014. Under the terms of state
loans it received in 2013, if the bank does not report a profit,
it has to pay the annual coupon on the loans with new shares.

Jan 15, 2015

Monte dei Paschi in talks as ECB gets tough on capital

ROME/FRANKFURT, Jan 15 (Reuters) – Executives from Monte dei
Paschi di Siena are making a last-ditch effort to
persuade the euro zone’s new banking supervisor Daniele Nouy to
ease her demands on the Italian lender, sources close to the
matter said, as the regulator takes a more robust approach to
risk.

Nouy has proposed higher minimum capital targets for some of
the 120 large banks she supervises, including Monte dei Paschi,
using data gleaned from the European Central Bank’s (ECB) review
of their balance sheets in October.