Monte dei Paschi returns to the bond market after a year who welcomes it kindly. The Sienese bank has placed a bond guaranteed by residential mortgages for 1 billion euros maturing in January 2024.
The issue has collected orders for approximately 2,3 billion euro. Among other things, the success achieved made it possible to reduce the price, which was set at 190 basis points above the midswap rate against the 200 basis points of the first price indications (ipt).
The placement was handled by a pool of banks made up of Unicredit, Barclays, Bnp Paribas, Credit Suisse, Mps Capital Services and NatWest Markets.
One year after the last issue in January 2018 - at the time it was a 2 million Tier 750 - the bank led by Marco Morelli therefore receives a positive and even encouraging signal from the bond market. In fact, we recall that the institute should have issued one last autumn second tranche of subordinated bonds. The attempt also failed due to the volatility and uncertainty that dominated Piazza Affari in the last few months of last year. The ECB has already granted a derogation, but placing this bond will be essential to ensure the capital solidity required by the Eurotower.
In the meantime, today's issue seems to have given courage to the title which, after a turbulent period on Piazza Affari, is currently earning 1,6% 1,2305 euros.
To galvanize the Mps title, the statements by Minister Tria, that after the alarm raised a few weeks ago by the undersecretary Giancarlo Giorgetti, reassures the market. In an interview with the Reuters agency released on the sidelines of the World Economic Forum in Davos, the MEF's number one stated that neither Banca Carige, nor Monte dei Paschi, nor Banca Popolare di Bari imply a systemic crisis: these cases can imply a systemic crisis, we are intervening and monitoring so as not to have a territorial impact also on the economy and from this point of view there is the public interest”, Tria affirmed.
