Monte dei Paschi
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World's oldest bank to offer a pick-up to recent Italian deals
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MPS has been on a strong run since its last recap, aided by rising interest rates in the eurozone
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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
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◆ 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.
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Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.
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Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.
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Banca Monte dei Paschi di Siena has settled a legal dispute with its former controlling shareholder, clearing a major source of uncertainty that had been dragging on its efforts to find a buyer.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
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Banca Monte dei Paschi di Siena said there were some “uncertainties” around its capital strengthening plans as it slumped to a €1.7bn annual loss on Wednesday. The Italian lender has recently denied rumours that it is working on an imminent sale of subordinated debt.
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Market participants expect banks will return with a flurry of senior transactions after results this week, as rising yields help to lift primary demand.
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Fitch placed Banca Monte dei Paschi di Siena (MPS) on negative watch on Monday evening, following Moody’s, which postponed its ratings upgrade decision last week, with the Italian bank now expected to face a capital shortfall of up to €1.5bn by the end of next year.
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Moody’s postponed its decision on whether to upgrade Banca Monte dei Paschi di Siena (MPS) on Thursday, as the ratings agency wants to examine the Italian bank’s forthcoming capital plan first.
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Banca Monte dei Paschi di Siena led a trio of speculative grade Italian banks into the euro bond market this week, as credit investors showed that no issuers were off limit in their increasingly desperate search for yield. Tyler Davies reports.
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Sub-investment grade Italian lenders Banco BPM and Illimity Bank were well-supported in the euro bond market on Thursday, as investors showed they were more than happy to look at riskier names in their search for yield.
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Banca Monte dei Paschi di Siena found plenty of demand for a new senior bond in the euro market on Tuesday, aided by growing speculation about the possibility of a merger with UniCredit.
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National Bank of Greece (NBG) has become the lowest rated bank to issue green debt, after winning two times as much demand as it needed for a €500m senior bond on Thursday. The trade formed part of a flurry of green issuance in the FIG market, alongside new deals from Banque Fédérative du Crédit Mutuel and Mizuho Financial Group.
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National Bank of Greece (NBG) is set to become the first Greek financial institution to issue a green bond, after announcing plans for a new green senior deal on Wednesday.
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Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.
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A new tier two deal from Italian lender Monte dei Paschi di Siena on Thursday showed that the market is open for trickier credits looking to sell riskier bonds. The deal emerged as the European Central Bank told Monte to raise capital to complete the sale of €8bn of non-performing exposures to Amco, the state-owned asset management company.
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Analysts think Intesa Sanpaolo will succeed in winning over UBI Banca’s shareholders after sweetening the terms of its takeover bid. The merger deal is seen as an important test case for consolidation in the Italian banking sector.
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The European Banking Authority is urging resolution planners to consider the real impact of Covid-19 on banks. It wants to make sure that resolution can be seen as a "credible" option in times of stress.
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BPER Banca said on Monday that it would buy more loans and branches than expected as part of its involvement in a potential tie-up between Intesa Sanpaolo and UBI Banca. The merger process hit a snag last week, but market participants hope that a deal can still be agreed.
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Bonds sold by Banca Monte dei Paschi di Siena were surging higher in secondary market trading this week, amid reports that the Italian bank was close to agreeing plans to offload a €10bn portfolio of non-performing loans.
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The cost of insuring against default on Italian bank bonds has fallen to its lowest point in over a year, after investors embraced the result of recent regional elections in the country.
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Banca Monte dei Paschi di Siena wrapped up its second deal of the month on Tuesday, capping off a busy period for Italian deal flow in advance of important regional elections.
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Banca Monte dei Paschi di Siena was marketing a new senior bond in the euro market on Tuesday, a matter of days after it completed its capital raising plan with a tier two sold at 8%.