Monte dei Paschi
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Banca Monte dei Paschi di Siena (MPS) resumed trading on the Borsa Italiana this week, with its shares opening more than 35% below the level at which the Italian state recapitalised the bank.
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Banca Monte dei Paschi di Siena (MPS) resumed trading on the Borsa Italiana this week, with its shares opening more than 35% below the level at which the Italian state recapitalised the bank. -
Italy's Banca Monte dei Paschi di Siena (MPS) has spelt out its plans to return to stability and profitability, after a long running brush with resolution ended with a ‘precautionary recapitalisation’ by the Italian state this week.
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Nuovo Transporto Viaggiatori ran a four day roadshow for its first bond this week, as the market welcomed a €4bn deal pipeline.
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The European Commission and the Italian government have reached an agreement in principle to grant Monte dei Paschi di Siena (MPS) a “precautionary recapitalisation”, clearing the way for the Italian government to inject public funds into the troubled Italian bank.
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Banca Popolare di Vicenza was looking to minimise the threat of litigation claims from its shareholders on Tuesday, as three struggling Italian banks await decisions from European authorities regarding their requests for “precautionary recapitalisations”.
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Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.
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Many are looking for it, but no bank has found it — does the point of non-viability even exist?
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Banca Monte dei Paschi di Siena issued €7bn of state-guaranteed bonds this week, as the ailing Italian lender looked to sure up its funding position ahead of an expected “precautionary recapitalisation”.
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If Banca Monte dei Paschi di Siena (MPS) is able to wrangle a recapitalisation that looks more like a bail-out than a bail-in, it will set a precedent for Europe's other weakest banks.
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As plans for the bailout of Banca Monte dei Paschi take shape, attention is turning to how its shares could trade once the recapitalisation has taken place. The financial details are not clear yet, but it is likely to involve the creation of €5bn or more of new equity, held by the government and former owners of subordinated bonds.
