Piazza Affari welcomes the launch of the capital increase with a wave of sales Monte dei Paschi di Siena. The share on the Stock Exchange of the Tuscan bank, after many difficulties in pricing with a theoretical drop of over 10%, was admitted to trading with a drop of 4,70%, to 19,69 euros. In the following minutes, however, the losses worsened and by mid-morning MPS shares dropped 9%, to 19,05 euros. The stock gained 7,3% last week.
In addition to the capital increase, it is also starting today the conversion of subordinated bonds into shares in the hands of retail which will close at 14pm next Wednesday. The approximately 40 bondholders who hold 2,1 billion bonds are given the opportunity to convert their securities into newly minted shares. The prediction is that the proposal will be accepted by about 40% of the public. After the closing of this operation, another 24 hours are expected for private investors to join, including the Qatari fund, who will probably move only after knowing the outcome of the conversion.
At the end of the bookbuilding, the issue price will be fixed, which will be unlikely to deviate from the minimum (1 euro). Today we will know something more after the council convened in Milan. But the uncertainty is destined to last until the end: it is not excluded that the Treasury could proceed with a precautionary recapitalization which could then flow into the forced conversion.
Meanwhile, on the Ftse Mib the week also starts in the red Unicredit (-2,2%). Close to parity Intesa Sanpaolo (-0,08%) And Ubi (+0,2%). Positive Banco Popolare (+ 0,9%) and bpm (+ 0,7%).
