Under the anvil of rights sales Unicredit and the short contracts rain hammer up Mount Paschi, Business Square still losing ground. The Ftse Eb, at the moment the black spot among the European indices (Paris unchanged, Frankfurt -0,25%), drops by 0,31 to 14.600%, penalized by the performance of the two banks: Unicredit, at the opening day of the capital increase, now down by 10,68%. There is also a sharp decline in rights, which lose 47%. At the moment, the bank in Piazza Cordusoio is capitalizing just under 8 billion against a request for new capital of 7,5 billion.
The operation, as is known, provides for the issue of 2 new shares for each old one held. The value of a new share (1,943) at these prices is equivalent to three rights (0,66 euro each). There is the risk of triggering a vicious spiral: the more rights collapse, the more the proceeds from the sale of options become scarce, making it difficult for retailers to follow the increase in the same proportions. The result? The small ones sell the rights to raise cash and have the resources with which to follow the increase, but also the experts sell the options because they bet they can buy them back at lower levels, while the arbitrageurs earn on the difference between the share and capital prices. option.
To make the morning more bitter probably contributes the comparison with the Banco Santander +1,4%. The Spanish group, to which the'Heba had requested a recapitalization of 15 billion (the only one higher than the requests made for Unicredit) he succeeded in his intention of strengthening his own resources without having to face the market, which, according to the markets, maybe it will fail to Mps (whose troubles actually began with the expensive purchase of Antonveneta Bank at Santander). The Tuscan bank accuses a loss of 6,8% on the Stock Exchange: in four sessions, or since the close of January 3, the drop is 21%. According to the rumors circulated last week, the MPS plan should provide for the sale of non-core assets and securitizations in order to strengthen capital by 1,7-1,8 billion and thus avoid the 3,2 billion capital increase indicated by the EBA that it awaits indications by 20 January. The performance of the other banks was better: Intesa +0,09%, Ubi +0,28%, Banco Popolare +0,92. Arbitrages at Ligresti's house: Premafin's flight continues +10,15%, Fondiaria -9,95% in free fall.
Meanwhile, yet another anomaly is being recorded on the financial markets which confirms the state of tension in the Eurozone: to park the money in German government bonds it is necessary to bear negative interest. Indeed, this morning Germany has placed 6-month Treasury bonds for 3,9 billion euros: the bonds have a negative yield of 0,0122%. The bid-to-cover ratio was 1,8 times for a demand of 7,08 billion.
The yield differential between Italy and Germany on the ten-year maturity it opened at 526 and went as far as 531 and then returned to 519. The yield on the ten-year BTP is at 7,14 per cent substantially unchanged compared to Friday (7,13%). The two-year BTP yields 4,94% and the five-year 6,21%. Another sign of nervousness: one-day bank deposits with the ECB hit a new record at 463,6 billion euros against 455,3 billion the previous day, marking the highest level since the introduction of the euro.
The attention of the markets is also directed to the summit between Angela Merkel and Nicolas Sarkozy, the first stage of the diplomatic marathon which should prepare for the Eurozone summit on 23 January. Meanwhile, the German finance minister, Wolfang Schauble, admitted the difficulties of the state-saving fund, Fesf, in finding private investors. Indeed, the politician acknowledged that private investors were evasive about committing to the fund and asked for additional guarantees. "The difficulties in finding private investors have increased because investors were asking for greater guarantees", also commented Klaus Regling, director of the EFSF. “This does not mean that the fund has no means – underlined Schauble – last week it successfully placed bonds. The situation, however, demonstrates the uncertainty that reigns in the world of financial investors”.
In Milan, the negative performance of Atlantia (-2,14%), awaiting news on the liberalization package that will be launched by the government. Positive instead Mediolanum (+1,73%) after three days of sharp decline. Eni rebounds +0,8% driving crude oil prices back above 100 dollars a barrel. Good performance also by Saipem +0,95%. The reductions of Fiat -2,41% also stand out, while Ferragamno retraces -1,92% followed by Tod's -1,35%.
