Markets see 'no logic' in MPS splitting up rights issue
![Monte dei paschi di Siena bank](https://assets.euromoneydigital.com/dims4/default/f5eb9a0/2147483647/strip/true/crop/4489x2993+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F0f%2F08%2F55e02cc84f6b9377f54527c52633%2Fhh3yea.jpg)
By scrapping the 'all or nothing clause', the bank may apply a special Italian mechanism for highly dilutive rights issues
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