The cost of debt grows but not too much afterwards Standard and Poor's demotion to BBB. The Treasury has placed all 7 billion euros of Bots at one year, but the rate is back above 1%. The average yield rose to 1,078%, from 0,962% at the June auction. However, demand improved with the coverage ratio rising to 1,56 from the previous 1,49. Also assigned 160 days flexible bots for 2,5 billion euro, hitting the maximum target, with an average yield of 0,599%. The coverage ratio was 1,81. The spread between the BTP and the Bund rose to 282 after the auction.
In Milan the Ftse Mib index it loses 1,05% to 15624. London, Paris and Frankfurt show modest decreases, between -0,1% and -0,4%. Only Madrid (-1,17%) is in line with the decline recorded by the Italian list. "The reaction of the stock market to the rating cut was limited and limited to Italian banks, which fell more than European ones", commented to Reuters Fausto Artoni, manager of the Azimut funds, who however also allowed himself a critical note: "What I the anomalous performance of the Btp yesterday was striking, which closed down yesterday, against the Bund which was rising and also the Italian equity began to fall in the afternoon, while the Dax gained 1%. The feeling that there was an insider is very strong. Every time there is a downgrade on Italy, anomalous movements are seen on the BTP and on the equity. In my opinion it is clear that the leak yesterday occurred ”.
Meanwhile, the pressure on the banks is weighing on Piazza Affari. Unicredit down 1,79%, Understanding -1,3% MontePaschi -2,62% Banco Popolare -1,77%.
“The fears of international analysts on the soundness of Italian banks should not be underestimated, even if they are not always well motivated”. The governor of Bank of Italy said so, Ignazio Visco, without directly mentioning the cut in Italy's rating by S&P which cited the banking system among the weaknesses. But the governor of the Bank of Italy also signals the increase in non-performing loans up by 4,5%. "The tensions - he added - are destined to continue in the coming months".
Le Generali (-1,47%) yesterday they placed 1% of the capital with institutional investors, at a price of 13,95 euro per share for a total amount of 217 million. "The transaction - explains a press release - confirms Generali's disciplined approach to capital management and the efficient use of assets and supports the operation announced yesterday for the acquisition of full control of Generali Deutschland Holding".
Stocks fell by 4,48%. RCS Media Group. In first day of auction for unexercised rights1.074.159 rights for ordinary shares were awarded, equal to approximately 1% of the ordinary offers. Also placed 1.148.777 rights on savings shares, all those at auction. The auction for the ordinary shares will therefore continue in the next few days. The deadline is July 16th.
In total, the option rights not exercised in the capital increase and offered starting today are 16.239.574 for the subscription of a total of 48.718.722 ordinary shares equal to 15,05% of the ordinary shares offered. For savings shares, 1.148.777 option rights were being auctioned for the subscription of a total of 3.446.331 Category B savings shares equal to 4,43% of the Category B savings shares offered.
Fiat + 2,86% Fiat Industrial +0,87%. Fiat has issued benchmark bonds for a nominal amount of 850 million euros, maturing in October 2019, with an issue price equal to 100% of the nominal value and a fixed coupon of 6,75%. The settlement of the offer is expected on July 12th.
Finmeccanica -1,87%, StM -0,49%. Enel falls -1,94%. Telecom Italia-2,1% loses a good part of the previous day's gains. Eni -0,57%.
