La meeting yesterday at Palazzo Chigi on credit is giving the banking sector a shot in the arm. All the banks are bouncing back in Piazza Affari, recovering well: the index Ftse Eb at 12 it advanced by 1,3% ahead of the other European markets, however on the rise: Paris and London advanced by half a point, Frankfurt stable. Madrid scores +0,7%. The session is marked by the expectation of the publication of the minutes of the last meeting of the Fed, due out tonight.
Stable the yield differential between BTP and Bund on the ten-year stretch it is worth 118 basis points from 117 yesterday at the close, with the ten-year December 2025 paying 1,27%, the same level as yesterday's close. It is the last day dedicated to retail for the Btp Italia 2024, indexed to national inflation. The collection of orders restarts from the 3,729 billion subscribed in the first two days.
The euro is holding back slightly against the dollar at 1,1346 but the pressure on the yen is not easing at 110 against the US currency. Japanese premier Shinzo Abe he told the Wall Street Journal that countries should avoid trying to weaken their currencies with "arbitrary interventions."
The morning is therefore dominated by the attempt to bank recovery. At the head of the platoon figure Unicredit +5,54% which bears the burden of guaranteeing the entire increase of Popolare di Vicenza, one of the topics addressed in the meeting. Well too Mediobanca +3,68%%, which will participate together with Bofa in the consortium for the capital increase of Banco Popolare +2,14% again above 5 euro by a hair's breadth. The rise in Bpm +1,66% was more modest. Also Ps comes to the rescue with a generous 4% rebound. Also up were Intesa +2,7%, Ubi +3,6% and Bper +2,8%.
There are no official indications, but it seems that it is being studied there creating two distinct vehicles, with both private and public capital (they would be financed by issuing bonds while the capital would be provided by banks, insurance companies and foundations), which would guarantee the underwriting of any unexercised shares deriving from capital increases (capital increases of 3,5 billion euro are expected by June) and which would allow banks to sell non-performing loans in order to reduce their weight on their balance sheets. The CDP would guarantee the bonds of these two vehicles.
It remains to be evaluated the EU's orientation on suffering: purchases at values above market prices (see the 18% offered by Apollo for Carige's npl) could be considered state aid. Insurers should be involved in the transaction starting with Generali + 1,22% from Poste Vita and Intesa Vita.
Among the utilities it stands out A2a +2,75%, which this morning announced its 2015 results, which closed with a net profit of 73 million and a dividend of 0,041 euro (+13%). Little move Enel +0,27%. Iren is up by 1,6%. This morning Mediobanca announced that it had included the utility stock in the Long Recommended Portfolio together with Anima and Ei Towers.
Heavy Fiat Chrysler which falls by 1,48%, after the announcement of a 500 million investment in the Argentine plant in Cordoba. Exor instead rises by 2,33%. Eni +1,8% this morning launched the offer to institutional investors of a 500 million euro bond maturing in 2022.
