Monte dei Paschi
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The Italian Ministry of Economy and Finance has cashed in on a dramatic rebound in MPS since its recapitalisation a year ago -
◆ World’s oldest bank scoops €500m with latest deal ◆ Only 25bp of concession needed to seal senior sale ◆ Bank faces second half MREL shortfall
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The €2.5bn dilutive rights issue accompanies a four year strategic plan
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Monte dei Paschi di Siena has begun a turnaround plan involving a €2.5bn recapitalisation backed by the Italian government
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The Italian lender has big challenges to resolve in Russia and at home but its corporate finance build-out is on a steady trajectory, writes David Rothnie
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The bank is weighing a capital increase and will need to delay a privatisation deadline
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Investors consider feasibility of state recap amid uncertain future
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Tier twos trade violently as deadline for UniCredit deal draws closer
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The rating agency said the bank's tier twos were at a high risk of default because of UniCredit's takeover offer
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There are worrying signs in the way Banca Monte dei Paschi di Siena’s tier twos have traded after UniCredit signalled its interest in the bank.
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Banca Monte dei Paschi di Siena’s tier twos are see-sawing in the secondary market, as investors try and determine the fate of the bonds following merger interest from UniCredit.
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Credit investors are pleased with how banks performed in the EU stress test, though the sector lost more capital on average than it did in the previous exercise in 2018. The market was even sanguine about Banca Monte dei Paschi di Siena, which will be able to stick to its ‘fallback’ plan despite losing all its capital under the adverse scenario.
