Great day in Piazza Affari for the title of Mps, which at the end of the morning earns five points, clearly leading the rises of the Ftse Mib. The market is waiting with confidence the new industrial plan, which will be approved by the Board of Directors of the Sienese institute next Monday. The bet is that you decide for one significant reduction in operating costs and a robust reorganisation.
It will also be understood how the Bank intends cover the capital deficit of 3,2 billion identified by the EBA. Between capital management actions, the adoption of advanced valuation models on risk-weighted assets and asset sales (that of 60% of Biverbanca is in the pipeline), Monte has already covered a large part of the shortfall.
According to analysts, a figure between 700 thousand and one billion euros would still remain to be foundor, which could be filled by resorting to the issuance of Co.Co bond or even with a new tranche of the so-called Tremonti bonds. Mps already has 1,9 billion euros of Tremonti-bonds, which are charged, on the basis of supervisory rules, in first-level banking assets.
The Bank's management, on the other hand, always has excluding the use of the capital increase. The hypothesis appears impractical since the reference shareholder, the MPS Foundation (36,3% of the capital), not having the resources to participate, would be forced to dilute its share. To reduce the debt with the banks, the Foundation has already renounced the majority of voting rights, also reducing its stake by about 13%.
