THE TREASURY DOES NOT PLACE ALL THE BTPS, SPREAD TO 330. BANKIA SINKS IN MADRID -25%. MILAN -0,33%
Cold shower at the end of the year on the Italian deito. The BTP-Bund spread rises towards 330 basis points after the auction of 5 and 10-year BTPs. The yield is at 4,56%. The Italian Treasury has placed a total of 5,9 billion euros of BTPs, just under the 6 billion on offer and with rising rates. In detail, 2,871 billion BTPs were placed over 5 years at 3,26% and 3 billion BTPs over 10 years at 4,48%.
Before the auction, the session had been dominated by anticipation of tonight's meeting in Washington between President Barack Obama and representatives of the Republican and Democratic parties to avert the fiscal cliff. In Piazza Affari, the FtseMib index marks -0,33% per share.
The other European markets were also negative: London -0,04%, Paris -0,77%, Frankfurt -0,3%. Few blue chips in positive ground. In the main basket, the largest drop is by Mediaset, which drops by 2,14%%. The biggest increase is Rest +0,46%, followed by Tenaris -0,25%, Lottomatica and Luxottica paired at +0,23%. Pass into negative ground Impregile it -0,22% which concluded the sale of 19% of the Brazilian Ecorodovias, collecting 620 million euros.
The rise continues gemina +3,31%. Following the approval of the Aeroporti di Roma program contract, the group is thinking of studying the reorganization of the controlled activities. This is the meaning of the press release issued at the request of Consob regarding the rumors about the merger of Gemina in Atlantia -0,29%. "Every hypothesis of reorganization remains subject to an in-depth analysis, which has not yet begun, of the possible industrial and financial benefits that could derive from it".
The reorganization should include the launch of a cash or paper offer by Atlantia on Gemina to leverage its ability to build and finance large infrastructure projects. Subsequently we should also proceed with an integration between the new aggregate and the Sintonia holding.
Astaldi advances by 1,39%. Backtrack by Prelios -3% after yesterday's leap. Banks, which started off slightly higher, have reversed course and are falling:Unicredit falls by 0,48%, Understanding -0,46% Mediobanca -0,21%. It's an exception MontePaschi +0,54%. If the Sienese bank decides to convert the Monti Bonds that it is preparing to receive from the State into shares, it will determine the issue price of the new shares by applying a 30% discount on the Terp. This is what emerged from the board's report for the meeting at the end of January.
It sinks in Madrid for the second day in a row Bankia -24,46%, for which the delisting is looming as early as 2 January. Already yesterday, the title of the nationalized Spanish bank had burned almost a fifth of its value following the negative valuation of its balance sheet by Frob, the rescue fund for Iberian banks.
Bankia will remain standing only because it will already receive 18 billion euros of European public aid from the ESM fund today. Next week it will launch a recapitalization of 10,7 billion euros in convertible bonds (coco bonds): these securities will be fully subscribed by the Spanish bank BFA. Reuters reports that as a result of the bailout, the current shareholders, almost all small Spanish investors, will lose practically everything and will find themselves in hand only paper.
Consob judged the 2011 consolidated and statutory financial statements of non-compliant with the accounting standards Premafin + 0,55 %. FonSai +0,21% and Milan Insurance, -1,01% in addition to the 2011 consolidated financial statements and those relating to the first half of 2012 of Unipol -0,79%.
The companies involved say so in several notes, which underline that they do not share the opinion of the supervisory authority. The notes also provide the version of the financial statements according to the criteria used by Consob. Unipol, which is contested with the recognition and measurement method of certain investments in "structured" debt securities, points out that the adoption of the accounting methods envisaged by Consob "would not have had any effect" on the determination of the exchange ratios relating to the plan in integration between the four companies.
Among industrial stocks, Fiat 0,1% salt, Finmeccanica -0,32% StM -0,19%. Small gains in the energy sector: Eni + 0,3% Enel + 0,1%. Telecom Italy falls by 0,36%.
