In Bag the latest news this morning they are all centered on Ps: there is strong volatility for the Monte dei Paschi stock in the first session in which it is possible to adhere to the operation capital increase necessary for its restructuring and merger projects, which will end on October 31st. Sales by the hand in particular on Mps option rights that at the start they weren't even able to make a price: then the quotation collapsed by 88% compared to the 7,837 euro of the initial value and in the middle of the session it fell below 1 euro to 0,915. In the first two hours of trading, 168 thousand rights were traded equal to 0,16% of the pre-increase capital. Possession of three rights allows for the subscription of 374 new shares at a price of 2 euro each.
The shares, after the crollo last Friday by -42,11% to 9,90 euros, were first suspended in the auction with a theoretical increase of 7,5% to 2,219 euros. In the late morning they lost 2,4% to 2,013 euros.
the Italian Stock Exchange on Friday it communicated the values of price adjustment reference price of the stock at 2,063 euros, as a result of the unbundling of the option right, while the starting price of the right was set at 7,837 euros with respect to the Terp (theoretical price ex right).
Monte dei Paschi he announced in a note that the capital increase will cost the bank 132 million euros, mainly in commissions paid to the financial institutions that guarantee the operation. The guarantors have signed initial allocation agreements for 410 million, while negotiations are underway to stipulate further agreements for the remaining part intended for the market. The increase is "hyper-dilutive" given that the amount of the transaction is 10 times greater than the market capitalisation.
Mps: the ECB signals possible obstacles to future mergers
In Draft Srep Decision 2022, la ECB he underlined that according to current estimates at the end of 2024 there would remain a gap between the Tier 1 ratio of the MPS group and that of its peers, "since on the basis of the Plan the group's Tier 1 ratio would increase to 14,2% at the end of 2024, in any case positioning itself approximately 70 bps below the average level of the significant European banks and approximately 150 bps below the current average of the significant Italian banks”. The persistence of this gap, in the long term, the ECB points out, could represent a possibility obstacle to future merger operations with an industrial partner”.
A premiere was outlined last Thursday map of the participants in the capital operation, with the majority played by the Treasury and the Bank Guarantee Consortium. Friday Anima has been added with a lower share than expected. It is this morning's news that Monte dei Paschi Foundation will participate in the recapitalization with 10 million, as communicated by the mayor of Siena Luigi De Mossi.
Waiting for the 3th November when Ps will publish the accounts of the third quarter 2022. Bloomberg today expects a net profit of 20 million, Deutsche bank instead sees a loss. The capital increase is the cornerstone around which the Siena board of directors has built the strategic plan to 2026, in which 4.000 thousand voluntary exits are envisaged (cost 800 million) which could help achieve the profit target of 1 billion per year 2024 (which benefits from the reassessment of DTA) and 833 million in 2026, with a return to the dividend starting from the 2025 result (pay-out of 30% in 2025-2026).
European stock exchanges in general slightly positive
European Stock Exchanges little moves overall, while indications are awaited from the United Kingdom on the government's fiscal policy (the new British Finance Minister Jeremy Hunt will provide details today on the changes to the mini-budget) and from the European Commission on measures for the energy crisis (tomorrow the new proposals by the president of the EU Commission, Ursula von der Leyen).
Sul macroeconomic front, Istat confirmed that theItalian inflation recorded, in the month of September, a +8,9% on year, with the so-called "Shopping cart” at its highest since August 1983.
Latest news on the dollar, Btp, spreads, indices
Cellularline is in decline after it was announced on Friday that theTotalitarian takeover bid sponsored by esprinet it ended below the threshold and was therefore declared ineffective.
The euro on the dollar shows an increase of 0,20%. They shows a modest gain, with an increase of 0,68%. The Petroleum (Light Sweet Crude Oil) continued the session higher and advanced to 86,72 dollars per barrel.
Btp/bund spread is up sharply to +245 basis points, with a strong increase of 13 basis points, while the BTPs with a 10-year maturity reports a yield of 4,69%.
Among the markets of the resistant Old Continent Frankfurt, which marks a small increase of 0,31%, London it advances by 0,35%, and moves modestly higher Paris, showing an increase of 0,33%.
Piazza Affari slightly up
Halfway through the session Milan Stock Exchange is up slightly, with the FTSE MIB to +0,65%, consolidating the series of three consecutive increases, which began last Thursday. Small upside too FTSE Italia All-Share, which comes in at 22.843 points. Almost unchanged FTSE Italia Mid Cap (+0,13%) and in fractional progress the FTSE Italy Star (+ 0,26%).
Among the best Blue Chips in Piazza Affari, excellent performance for Tenaris, which records an increase of 2,33%. It's moving into positive territory BPER, showing an increase of 1,09%. Well too Bpm bank +1,69%. Positive balance for Leonardo, which boasts a progress of 0,92%.
The most strong sales, instead, they manifest on A2A, which continues trading at -2,10%. Under pressure Moncler, which shows a drop of 1,35%. Slide Campari, with a clear disadvantage of 1,04%. Telecom Italy attempts to recover from the lows but fails to recover after the downgrade of S&P and travels around 17 cents per share.
