Start of the week difficult for the european Exchanges (here the trend of the main indices), which close the session in a net decrease in suffering from fears about the solidity of the eurozone, and after Ecb president, Mario Draghi, has warned about the risks of loosening of financial regulation. Black mesh was Square Business, which has lost 2,21% on the FTSE MIB, while the spread between BTp Italian and the German Bund is flown to the highest in three years, more than 200 basis points.
To weigh in on the list of milan is the weakness of the banking sector on the day on which it arrived on the market the maxi capital increase from 13 billion to Unicredit. Titles in the institute have left on the ground the 6,87% while the rights of the 18,85%. The combined action-law closed down 12.8% compared to Friday. The fund will remain under the spotlight in the coming days, which will see the publication of the accounts for 2016 of almost all the major institutions.
also Under the spotlight the speech of the president of the Ecb Mario Draghi before the european Parliament. Draghi stressed that we have made only the first steps of a recovery of the capacity for economic growth and that the biggest risks to the eurozone economy remain to the downside, mainly due to global factors. In the course of a speech at the european Parliament, Draghi was asked not to “underestimate the strength of the political commitment that has kept us together for 60 years” because it “sminuirebbe the progress that we’ve made.” “With the single currency we have built bonds that made us survive the worst economic crisis since the second world war”, said Draghi.
Increase of UniCredit: here is the handbook for the shareholders
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UniCredit down the title and rights
In Piazza Affari, attention has turned to the delicate capital increase of Unicredit, which this morning has started operations to collect 13 billion euros: the start was substantially without shock, significant, then instead of losing much more ground with the ordinary share closed down 7%, and the right, down 19% (the progress here). Under the plan, of which the increase is most essential, in the meantime, Unicredit has reached an agreement with the trade unions on the 3900 redundancies provided for in Italy by 2024. The bank will issue up to 1.606.876.817 new shares of the offering in option in a ratio of 13 for every 5 already held and the new securities will be issued 8,09 euro per share.
Unicredit’s Mustier to the test of small and large shareholders
At the launch of the transaction, Unicredit has signed a contract of guarantee with a pool of banks who have committed to subscribe, separately and without constraint of solidarity, the newly-issued ordinary shares, possibly rights have not been exercised at the end of the auction of unexercised rights, that will be held after the period of the subscription, for a maximum amount equal to the value of the option offer.
UniCredit, an increase from 13 billion
Sale Telecom after floor, down Leonardo and Mediaset
Lively instead of Telecom Italia after the accounts for the fourth quarter, that showed an ebitda of 2.14 billion on revenues of 5,09 billion, and the directions of the plan in 2019, with investments of 11 billion. During a conference call with analysts.d. Flavio Cattaneo has pointed out that the group is ready “to respond to the Iliad, fighting back on services and costs, and on competition in wholesale of Enel Open Fiber”. In the drop-down right from the start Mediaset after the statements of Tarak Ben Ammar, board member of Vivendi, but a long time close to the Berlusconi family, according to which at the moment the dialogue between Cologno Monzese and Paris on the reorganization of the group tv Italian would be interrupted. Down Leonardo : according to The Sun 24 Hours has stalled the sale of the 25% of the jv missile Mbda to Airbus and, according to some operator, that is hardly a solution w ill be found before the renewal of the board of directors of the space group. It instead puts in evidence Cnh Industrial, which continues in the rally triggered after the publication of the results of the budget have widened to the highest since October 2013.
Speculation on the fall on the General, absent all of the bank
Speculation in the drop-down to General and after that Intesa Sanpaolo has made it clear that there is an upcoming operation on the company in trieste: according to what emerged during the weekend, the insurance group would be reconsidering the defensive purchase of 3% of Intesa Sanpaolo made a few weeks ago to limit the margins of manoeuvre of the potential buyer.
After Understanding in the past few days has indicated that it does not have to study any offer of exchange and still be in the phase of analysis on the opportunity of a strengthening in the insurance industry, through the Lion, The Sole 24 Ore reported at the weekend the intention on the part of the General review the operation of securities lending on the 3% of Intesa tuning in the past few weeks to limit the margins of a possible manoeuvre hostile. The first step will be discussed in the course of an investment committee, and strategic operations called today, which will be followed by a meeting of the board of directors.
with regard To Intesa Sanpaolo, the brokers have appreciated the messages provided by Messina in the presentation of the accounts: “We expect that Understanding to evaluate only operations that are neutral on the capital and accrescitive earnings per share, not compromising its history in dividend policy (at least 3.4 billion euros of the coupon expected on the year 2017, ndr) and its solid risk profile,” added the analysts of Deutsche Bank.
In red many banking to start-the-Counter, Bpm and Banca Pop Er down, and also the Ubi Bank. Took benefit on Salvatore Ferragamo Friday to the highest since a year and a half after the presentation of the plan to 2020 the new ceo Eraldo Poletto.
Btp: yield salt 2.39%. Widens the spread France
It was a day of passion for Italian government securities, with the spread between BTp
and the Bund for the first time in three years, breaks through the wall of the 200 basis points, closing the seat portion 201. The yield differential between the ten-year benchmark Italian and the same expiry date, German was thus to levels not seen since February 2014, with a rise of 20 points compared to the closing of the previous. Sales on the BTp have increased significantly the yield of ten-year Italian, who finished the day 2.39%, compared to 2,24% on Friday, with a lunge important in the final (at 14
the performance was at 2,32%). Under pressure from the government bonds of spain, with a differential with respect to the Bund to 141 basis points (+20), and the yield increased to 1,79% from 1.64% of eve. The ten-year French have, in their turn, suffered the
words of the candidate to the Presidency of the Republic of the far right Marine Le Pen, who yesterday feared exit from th e euro: the spread with the Bund is 77 points, a maximum of four years.
Euro down against the dollar and the yen, down oil
On the foreign exchange market, the euro dropped to 1,0735 dollars (1,0782 Friday closing) and 120,59 yen (121,42), while the ratio of dollar/yen is a 112,35 (112,61). In the fall, and finally, the price of oil: the future march Wti cede 0.91% 53,34 dollars per barrel, while the delivery on April Brent lost l’1,14% 56,16 dollars.
(Il Sole 24 Ore Radiocor Plus)
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