Struggle to recap Monte dei Paschi ends: can state save the securitization?

JP Morgan and Mediobanca have closed the book for Banca Monte dei Paschi di Siena’s €5bn equity capital raising. Results are not out yet, but it is widely expected to have gathered very little demand. The government is understood to be poised to bail out MPS, with €20bn of firepower at its disposal, but the details of how and when this would be done are not yet clear.