BTP AUCTION OK, BUT THE SPREAD IS BACK ABOVE MADRID
DOWN TELECOM, CNH INDUSTRIAL FROM MONDAY ON WALL STREET
Il Tesoro fill up in the BTP auction at 5 and 10 years and places all 6 billion euros in offer, recording a slight rise in rates only on the XNUMX-year bond, due in part to the next change in the benchmark. The average yield of the BTP March 2024 rose to 4,50% from 4,46% recorded last month and demand fell with the coverage ratio falling to 1,38 from 1,52 previously. The 5-year rate, on the other hand, remained stable at 3,38% and demand improved, exceeding supply by 1,43 times from 1,22 in the August auction.
On the secondary, the BTP trades at 4,40%, +7 basis points.
Political fibrillation weighs on the spread which Btp-Bund widens beyond 260 basis points and again surpasses that among the decennial of Spain and Germany which stands at 254 basis points. The yield on the Italian 4,38-year bond rises to 4,36% and that of the Spanish Bonos is XNUMX%.
The tug of war between the US Congress and President Obama is looming over the markets. Piazza Affari loses 0,78%, the Ftse / Mib index at 17733, the other European stock exchanges are also down: London -0,5%, Paris -0,44%, Frankfurt -0,5%, Madrid - 0,7 .XNUMX%.
Telecom Italia slows down -1,51% The government is preparing to amend the law to include the telecommunications network among the country's strategic assets, to which golden power applies (the new golden share).
The takeover bid law could also be changed, giving individual companies the possibility of inserting a threshold in the articles of association to trigger the mandatory takeover bid lower than 30% of the capital, currently envisaged by law.
"I think so". Thus the president of Consob, Joseph Vegas, replied on the possibility of changes to the takeover bid regulations in the short term in relation to the Telecom affair. 'Good thing something's moving,' added Vegas.
Intesa Sanpaolo -0,12%, Unicredit -1,07%, Barclays has expressed a cautious view on the two stocks.
”There was no quarrel” at the summit of Intesa Sanpaolo to decide the fate of managing director Enrico Cucchiani as "the bank's bodies deal with the bank". This is what the president of the Cariplo Foundation Giuseppe Guzzetti said on the sidelines of a conference at Bocconi. “If you talk to me about quarrels, I tell you that there are no quarrels. I am the president of the Cariplo Foundation and I speak only of the Cariplo Foundation and not of the bank ”, he specified.
Monte Paschi +0,05%, Mediobanca -0,85%, Ubi Banca -1,65%.
Fiat Industrial +0,5%, despite the fact that Morgan Stanley has cut the rating from overweight to equalweight with a target price of 10 euros. Trading of CNH Industrial shares in New York and Milan will begin next Monday, after the merger between Fiat Industrial and CNH Global which will be signed in Amsterdam by September 29th. Today is therefore the last day of trading for Fiat Industrial. The last settlement day for Fiat Industrial shares is October 3, 2013 (record date), after which the CNHI ordinary shares will be credited in replacement of the Fiat Industrial shares directly by Monte Titoli.
Fiat -1,32%.
Down too Tenaris -4% after Bank of America Merrill Lynch downgraded its buy recommendation to neutral. Competitor Vallourec plunges 7% in Paris after providing disappointing indications. Finmeccanica loses 0,86%, StM -0,21% after UBS has included the stock in the list of tech to sell.
Autogrill shines +0,72% in view of the demerger which will lead next week to the listing of two separate companies: Autogrill with the catering activities, and Wdf with the commercial activities in the airports.
