Even today Mps on the shields in Piazza Affari. For the second day in a row, the Sienese institute's share on the Stock Exchange fails to make a price on the Ftse Mib, still in the wake of the maxi capital increase launched yesterday. In pre-opening the shares were worth 2,21 euros. On the other hand, rights are treated, which slip by 3,3%, to 20,8 euros.
Yesterday the shares of Rocca Salimbeni failed to enter into negotiations. At the end of the session, the price of the shares was photographed at 1,848 euros (+20%), while the rights left 6,9% on the parterre, settling at 21,5 euros.
“It was a good start, but there are also technical reasons”, commented the Bank's president, Alessandro Profumo late yesterday evening.
Analysts focus their index on the enormous gap between the price of newly issued shares (one euro) and last week's stock market prices (above 20 euro). This resulted in a very high value of the rights compared to the price of the securities. In addition, the traders commented, there are derivatives linked to the recapitalization in circulation with numerous investors who have sold call options who at this point are forced to buy shares on the market.
Banca Mps has meanwhile announced that it has reached a binding agreement for the transfer without recourse and en bloc of a portfolio of non-performing loans to a securitization vehicle financed by companies attributable to Fortress Investment Group LLC. The portfolio being sold consists of almost 12 bad loans with a gross book value of around 500 million.
The portfolio includes medium and long-term secured and unsecured loans. The impact of the sale on MPS' income statement and balance sheet is not significant, while the administrative and management benefits deriving from the transaction will be substantial in the light of the size of the portfolio being sold.
