They still suffer on the stock market bank securities under increase. Bper loses 1,91%, Bmps 1,37%% and Carige 2,44% (In line with the Ftse Mib -0,83% instead the performance of the other banks: Unicredit, Intesa, Ubi) . Even today there was no shortage of downward suspensions. Bper was suspended and came to yield up to 5,2% while the rights collapsed by 21% to then return to parity. The increase of Banca Popolare dell'Emilia Romagna it started today and will end on 18 July (fees negotiable until 11 July) with the aim of bringing 750 million euros into the coffers. The offer launched by the Modenese institute envisages 7 new shares for every 16 held at a subscription price of 5,14 euros. On average, the discount applied by banks that have closed or are closing increases is around 35% but in this case the discount stops at 26,5% on the Terp (the theoretical price after the detachment of the option right). On the contrary, both Mps and Carige have a higher than average discount: Mps offered the new shares with a 35,5% discount and Banca Carige went up to 40%, the highest of all those applied by Italian banks.
The Sienese bank, which launched the increase two weeks ago, continues to experience strong volatility on the stock market. Even today at the opening it was unable to make a price for over half an hour and was suspended with a theoretical drop of about 9%. Trading of the rights ended last Friday, closing up 9,2% at 20,87 euros, while the shares had appreciated by almost 5% at 2,184 euros. The 5 billion increase will end on Friday 27. Banca Carige is instead in the middle of the ford: the 800 million operation started on 16 June and will end on 4 July, while the rights (-4,4% on the Borsa ) can be traded until this Friday. This is a highly dilutive recapitalization where shareholders who do not adhere will see their weight in the shareholding structure greatly reduced. Shareholders have the right to subscribe for 93 shares for every 25 ordinary or savings shares held.
High volatility increases on the price lists but also a lot of money (not discounted) arriving in support of the banks. The recapitalization of the sector is proceeding at full speed, already leading to the success of the numerous increases that have been concluded up to now. In fact, the last of the major recapitalizations launched this year by listed Italian banks kicked off with Bper. Who have decided to knock on the market en masse to raise money with which to improve the solidity indices to face the ECB tests more calmly or to adjust the shot on balance sheets that are not exactly in excellent shape. Overall, this amounts to around 11 billion euro, also counting the recapitalizations of smaller banks such as the 350 million of Banca Popolare di Sondrio, the 500 billion of Popolare di Vicenza, the XNUMX million of Veneto Banca and those of Popolare di Bari. traffic jam which, in other times, would have risked turning into a short circuit but which today is being resolved with agility thanks to the abundant liquidity injected into the system by central banks.
Banco Popolare had already started the dances in April which, anticipating its colleagues with a blitz, requested and collected 1,5 billion with the full subscription of the increase without the intervention of the guarantee consortium. After so many vicissitudes, Bpm also celebrated and managed to sell out the 500 million increase, thus convincing Socgen analysts to issue a buy with a target price of 0,8 euros. More than 99% of the shareholders then adhered to the Creval increase, placing approximately 400 million euros in the bank's coffers. The increase ended on 20 June and in these days, until 30 June, the unexercised option rights are being offered.
A trend that affects all of Europe. Even the German giant Deutsche Bank it has a monstrous recapitalization of 8,5 billion in progress (ending in these days) which will bring its common tier 1 from 9,5 to 12% and the leverage ratio from 2,5 to 3,4%. Overall, the ECB found in April, the measures taken by banks to strengthen their balance sheets since July amount to 104 billion euros through planned or completed capital increases or increased provisions.
And, given the favor of the markets, it may not be over. “The markets are in reasonably good shape. There is liquidity ready to be invested in banks, in equity or funding, if the markets are convinced of the transparency of the current exercises", Daniele Nouy told journalists when asked if the ECB expects new capital increases in the banking sector . Nouy is the head of the ECB's new supervisory body for banks in the euro zone which will assume oversight in November after the conclusion of the extensive reviews of the balance sheets to which the major banks in the area are subjected.
