BTP, THE AUCTION IS GOOD BUT THE SPREAD IS UP. ON THE STOCK EXCHANGE -1%, BANCA MPS SUFFERS: -6%
The result of the Treasury's end-of-month auction was positive but not exceptional. They were 3,25 billion of the 2022-year BTP placed in September 5,24, with the rate falling to 5,50%, on the lowest since August, from XNUMX% at the auction a month ago. The supply-demand ratio is 1,654. But the positive trend stopped on the BTP 5 front: 2,5 billion five-year BTPs were placed in May 2017, with a rate decreasing to 4,18% practically unchanged from the 4,019% of the auction a month ago with a award rate of 1,647. Both issues were allotted in the upper part of the range and with yields in line with those expressed by the secondary market. Finally, 2,256 billion CCTEUs were assigned with a maturity of 2017 at 4,6% and bit-to-cover at 1,8.
Meanwhile, the spread between the BTPs and the German Bunds, which opened at 324,39 points, once again exceeds 330 points. The differential currently stands at 331,37 points. The maximum stood at 333,93 points. After the auction, the FtseMib index of Milan accentuated the decline to -1,02% to 16.287, in line with the other European markets: Paris -0,48%, Frankfurt -0,73%. London -0,69%. The banks remain in negative territory: Intesa falls by 0,3%, Banco Popolare -1,6% and Ubi -0,4%. Pop Bank. Milan -1%. Mediobanca -0,9%.
The more marked setback for Banca Mps -6,07% while the meeting with financial analysts is underway. The Sienese institute closed the year with a loss of 4,69 billion after making write-downs for 4,51 billion. Revenues decreased by 1,2% to 5,5 billion, due to the reduction in net interest income (-2,4% year on year, +6,4% in the fourth quarter) and net commissions (-6 %), only partially offset by improved trading activity (166 million against -23,1 million in 2010), also thanks to non-recurring items.
What negatively influenced the first reaction of the market was not the clean-up of the balance sheet, also carried out by the other banks, but the fall in commissions and the increase in costs not sufficiently balanced by the stability of margins. Banca Mps took a total of 29 billion in the two Ltros made by the ECB, of which 14 in the first and 15 in the second three-year repo.
Premafin sinks into the abyss -13,7% dragging Fondiaria-Sai -9,9% downwards while Unipol drops by 2,2%. The news on the investigation by the Ligresti management represents a tough obstacle on the road to a four-way merger. In the meantime, the sharp drop in Premafin -10% and Fondiaria-Sai -5% continues. Unipol drops by 0,5%.
Finmeccanica shines again today in Piazza Affari, up 3,8%% after management yesterday presented to analysts the group's relaunch prospects for 2012 and 2013. Positive Impregilo, up 0,39% after the Gavio group has said it does not rule out the launch of a takeover bid to secure control of the company, disputed with the Salini group. Ferragamo was down sharply, dropping 2,53% after Deutsche Bank cut the recommendation to "hold" from "buy".
