MPS recap takes centre stage as BNPP and DB bag last minute funding

By Bill Thornhill
07 Dec 2016

The focus was firmly on Italy this week. Despite the government’s failure to secure support for constitutional reform and the resignation of prime minister Matteo Renzi, financial bonds rallied across the board as shorts were covered and new risk was added.

The epicentre of volatility was concentrated on the subordinate debt of Banca Monte dei Paschi di Siena. As the wider credit market rallied on Tuesday, MPS sub debt initially fell on concern the lender would not be able to secure sufficient private sector demand to proceed with its €5bn ...

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