|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.6900 - 0.6940|
|52 Week Range||0.4920 - 1.1800|
|Beta (5Y Monthly)||1.33|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jul 21, 2014|
|1y Target Est||N/A|
Five-year South Africa credit default swaps rose to a fresh 11-year high of 506 basis points, up from 486 basis points at Thursday's close, according to IHS Markit data. Turkey CDS reached 631 bps, a rise of 15 bps, to the highest point since October 2008, the data showed.
Rating Action: Moody's takes actions on 15 Italian banks. Global Credit Research- 26 Mar 2020. Virus-related shock drives negative outlooks and reviews for downgrade.
Italian financial group Cerved said on Saturday talks to sell its debt collection arm to Europe's biggest loan recovery firm, Intrum, had fallen through due to the coronavirus outbreak that is wrecking Italy's economy. The Italian government expects gross domestic product to shrink by 3% this year after imposing a nationwide lockdown to fight the virus, which has killed more people in Italy than in any other country. Intrum Italy and Cerved entered exclusive talks in mid-February a few days before the emergence of the virus, which has since caused more than 4,000 deaths and infected at least 47,021 people.
Italy is set to approve a measure allowing companies to postpone their annual general meetings due to the coronavirus emergency, in a move that delays appointments at strategic state-controlled firms, a government source told Reuters on Friday. An emergency decree is expected to allow companies to postpone their AGMs by three months, said the source, who asked not to be named because of the sensitivity of the matter. The boards of directors of state-owned groups such as oil giant Eni, utility Enel, defence group Leonardo and bank Monte dei Paschi di Siena come up for renewal in the spring.
(Bloomberg) -- Italy on Thursday moved to virtually bring a halt to normal life, paring the economy down to just essential services in a desperate bid to stem the advance of the deadly coronavirus.Prime Minister Giuseppe Conte ordered all shops in the country to close except for grocery stores, pharmacies and few others until March 25. The total number of fatalities from the virus has risen to 1,016 from 827, and total cases now stand at 15,113, up from 12,462, civil protection officials said.Public transportation as well as financial and postal services will continue, but the country’s normally vibrant restaurants, cafes and bars will be shut. UniCredit SpA and Intesa Sanpaoloa SpA, the country’s biggest banks, said on Thursday that only some branches will remain open.Factories can continue operating, but only with “precautions,” the premier said in a televised address Wednesday. The government -- which extended a lockdown for Lombardy and other northern provinces to all of Italy this week -- also recommends non-critical facilities be closed. CNH Industrial NV said it will shut down its Italian operations.“Effects of those measures will be seen in couple of weeks, so cases can still increase in coming days,” Conte said.Conte’s fragile government is under intense pressure to take more drastic measures from governors in the north -- the economic engine of the country and the region hardest hit by the virus.Restaurants ClosedThe benchmark FTSEMIB Index dropped 17%, led by shares of Enel SpA, which lost 19.9%.As a consequence of Conte’s latest emergency decree, all bars and restaurants are shutting their doors, while food deliveries will be allowed to continue.That may be of little help for unsettled Italians. Delivery times for food ordered from Esselunga SpA, one of Italy’s largest supermarket chains, are as long as nine days in Milan.Conte has tried to reassure Italians that no more measures would be coming. He also tried to stem the risks of hoarding, saying there is no need for citizens to rush to buy food, adding that banking will be guaranteed.About 70% of Italians supported the measures taken by the government, according to a SWG poll on March 10. Most said they were expecting even more restrictive actions, before the latest steps were approved.Still, online shopping will be available without restrictions and Italians can also continue buying newspapers at their kiosks and tobacconists. Also electronic shops and gas stations are among the businesses that will remain open, while barber shops and hairdressers will shut down, according to the decree posted on the government’s website.On the corporate side, most company annual meetings will be postponed or may be held via video calls, Corriere della Sera reported. Banca Monte dei Paschi di Siena SpA was scheduled to present its board membership proposal on Thursday, the first since CEO Marco Morelli said he won’t seek to extend his term.Economic ReliefOpposition leader Matteo Salvini of the northern-based League party applauded the move. For days, he had been pushing for further restrictions and for more economic relief as the small entrepreneurs and families that make up his electoral base grapple with the fallout of the pandemic.To handle coordination of the virus response and to speed up production of key medical supplies, Domenico Arcuri -- chief executive officer of Invitalia, a state-owned company that promotes investment -- was appointed as emergency czar.Italy is becoming increasingly isolated, with neighboring countries partially closing the borders. Austria and Slovenia have restricted entry to those who have tested negative to coronavirus while Switzerland sealed off nine minor crossings.Conte and German Chancellor Angela Merkel agree that tackling the spread of coronavirus requires Europe-wide coordination, the Italian government said in a statement commenting on a phone call between the two leaders. All necessary measures must be taken, the government said.(Updates with latest figures in fifth paragraph, Conte and Merkel in last.)\--With assistance from Ross Larsen.To contact the reporters on this story: Jerrold Colten in Milan at email@example.com;Marco Bertacche in Milan at firstname.lastname@example.org;Tommaso Ebhardt in Milan at email@example.comTo contact the editors responsible for this story: Chad Thomas at firstname.lastname@example.org, Benedikt KammelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- The rise of social media has turned the fear of missing out — or FOMO — into a widespread anxiety. Those jitters may now strike parts of Europe’s banking sector with renewed anticipation for a wave of much-needed consolidation.An unsolicited bid by Intesa Sanpaolo SpA for Unione di Banche Italiane SpA on Monday night has triggered hopes of a process that would help Europe’s financial system reduce its excess capacity. It is not yet clear whether the combination will actually go ahead. But the offer raises two important questions. The first is whether any future mergers and acquisitions would proceed purely along national lines, contributing to the balkanization of the euro-area financial industry. The second is whether they would leave out weaker lenders, testing the appetite of increasingly powerless politicians for outright liquidations.The surprise 4.9 billion-euro ($5.3 billion) all-share approach appears to have received an approving nod from the European Central Bank. Roberto Gualtieri, Italy’s finance minister, said he is in principle in favor of deals aimed at consolidating the market. It’s not hard to see why: Changes in consumers’ behavior, competition from nimbler fintech companies and the prolonged era of low-interest rates have put Europe’s banking sector under immense pressure. And while lenders have made enormous progress in dealing with a gigantic mountain of non-performing loans, too few of them have exited the markets, unlike what’s happened in the U.S. What’s more, M&A deals have been far too rare: The Intesa-Ubi deal would be the largest acquisition in Europe in over a decade.Policy makers should hold back on the prosecco, however. For a start, the quest for a significant cross-border merger remains elusive in spite of efforts to create the conditions for that to happen. In the aftermath of the euro zone crisis, member states created a “banking union” to sever the link between a national government and its domestic financial system. The European Central Bank has since taken over as the main banking supervisor in the currency area, and large failing banks are in principle dealt with using a single rule book. However, banks continue to look domestically when they seek to expand, shunning the potential benefit of geographic diversification.It would be easy to blame executives for their lack of vision as they choose to stick to their own backyard. Intesa, with its 11.8 million Italian customers, is doing just that. In 2017, it took over the assets of Veneto Banca SpA and Banca Popolare di Vicenza SpA, two mid-sized Italian lenders, as they entered liquidation. The bank will now further increase its exposure to Italy — a country with an enormous public debt and a near-stagnating economy.However, bankers continue to pursue domestic mergers because they are more likely to produce the kind of cost synergies needed to justify a combination. Add to that the lack of a euro-region-wide joint deposit guarantee scheme, and regulatory uncertainty for deals across national borders, and you can see why the euro zone policy makers also have some soul-searching to do.While they’re searching, they would do well to consider the other unresolved issue in all of this: the future of the region’s weaker banks. Ubi is a comparatively healthy lender, which explains its appeal to Intesa. That should give pause to politicians and regulators, who may be expecting “white knights” to take over the more problematic banks. In the case of Italy, the list includes Monte dei Paschi di Siena SpA, which is currently under state control but should in principle be privatized next year; and Banca Carige SpA and Banca Popolare di Bari SCpa, where successive governments have arranged stopgap solutions involving a mixture of private and public money.The mooted merger between Intesa and Ubi shows that even if a wave of consolidation were to come to Europe, it could simply pass by those in the worst shape. The current EU framework makes it very hard for a government to prop up an ailing lender indefinitely. At some point politicians may have to consider whether some banks may simply have to fail — even if this carries a cost for shareholders and bondholders.Consolidation will not solve all of Europe’s banking problems. Whether they care about the creation of a true “banking union” or simply about the future of troubled lenders, policy makers should worry about those that are likely to miss out — and do something about it.To contact the author of this story: Ferdinando Giugliano at email@example.comTo contact the editor responsible for this story: Melissa Pozsgay at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Banca Monte dei Paschi di Siena S.p.A. Paris, February 17, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Banca Monte dei Paschi di Siena S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Italy's UBI is set to extend an insurance partnership with Cattolica for a limited time, sources familiar with the matter said, delaying longer-term decisions while it waits to see how consolidation among mid-sized banks plays out. Italy's fifth-largest bank is seen playing a leading role in a new round of M&A between second-tier lenders as they grapple with negative rates, a stagnating economy and a digital revolution in the industry. UBI had been planning to reorganise its insurance operations, valued at 1 billion euros, under a new three-year plan it will unveil next month and had been looking for a new partner.
(Bloomberg Opinion) -- The troubled Italian lender Banca Monte dei Paschi di Siena SpA took another big step in its long path to redemption last week by selling subordinated debt for the second time in six months. An 8% coupon is expensive for the world’s oldest bank, but it can hardly complain given its years of troubles.Even though the yield is enticing, investors are still taking a gamble. They will doubtless have been encouraged by expectations that the Italian state will have their backs. Rome owns 68% of Paschi and there’s a fourth bailout on its way for the lender.The general environment for investing in Italian banks is a bit better too. Another lender, Banco BPM SpA, issued some perpetual hybrid debt on Tuesday. Paschi is deeply into junk territory yet it managed to raise a chunky 400 million euros ($444 million). This was one-third bigger than a similar 10-year Tier 2 issue in July, and at a much lower cost than the 10.5% coupon it had to offer then. It was more than twice subscribed and the yield has tightened modestly since launch.Monte Paschi’s debt coordinators showed a fair amount of skill with last week’s sale, amid another record start to bond issuance this year. Only days ago, the bank told shareholders it will have to take a big hit to profit after writing down deferred tax assets. Still, for Monte Paschi it’s very helpful that the state aid just keeps coming. The bet by bond investors that Rome will keep doing whatever it takes may be a winning one.Reeling from an acquisition that drained it of cash just as markets peaked in 2007, Paschi has had to turn to its government three times already to replenish its capital as losses on bad loans piled up. The last round, in 2017, saw Italy effectively take over the lender while pledging to exit by 2021 under terms agreed with the European Union.The bank has made progress in cleaning up its balance sheet, but a ratio of non-performing loans of about 12.5% targeted for year-end and sluggish revenue render Paschi virtually untouchable for would-be partners. Luckily, as in the past, Italian taxpayers are on hand. Italy is in talks with Brussels to allow state-backed debt manager Amco to buy more than 10 billion euros of Paschi’s soured loans, a move that would reduce its bad debt ratio to below 5%, according to Morgan Stanley analysts.You can never be certain about Monte Paschi, a bank that hid losses with complex derivatives and was found by the European Central Bank to have inadequate governance and financial controls as recently as 2017. But another round of aid might make it look more attractive to rivals. Bond markets clearly find it palatable.To contact the authors of this story: Marcus Ashworth at email@example.comElisa Martinuzzi at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service ("Moody's") has upgraded to Aa3 from A1 the ratings assigned to the mortgage covered bonds issued by Banca Monte dei Paschi di Siena S.p.A.'s (the issuer, "MPS", deposits B1; adjusted baseline credit assessment b3; counterparty risk (CR) assessment Ba3(cr). For further information on the rating action taken by Moody's Financial Institutions Group, please refer to Moody's press release http://www.moodys.com/viewresearchdoc.aspx?docid=PR_416402. Moody's determines covered bond ratings using a two-step process: an expected loss analysis and a TPI framework analysis.
Moody's Investors Service (Moody's) today changed the outlook on the senior unsecured debt and deposit ratings of Banca Monte dei Paschi di Siena S.p.A. (MPS) to positive from negative. Moody's upgraded the bank's standalone Baseline Credit Assessment (BCA) to b3 from caa1, upgraded the subordinated debt rating to Caa1 from Caa2, and affirmed the long-term senior unsecured debt and deposit ratings at Caa1 and B1 respectively. Moody's also upgraded the BCA of MPS Capital Services S.p.A. (MPS Capital Services) to b3 from caa1, reflecting Moody's view that this entity is Highly Integrated and Harmonized (HIH) with MPS and that its standalone characteristics have limited credit significance.
If you're interested in Banca Monte dei Paschi di Siena S.p.A. (BIT:BMPS), then you might want to consider its beta (a...
Italy is still in discussions with the European Commission on a plan to further rid Monte dei Paschi of problem loans, the CEO of the state-owned bank said on Monday after a newspaper reported that negotiations had fallen through. Sources have said the Italian Treasury is seeking to win EU approval for a plan that would allow Monte dei Paschi to cut 10 billion euros ($11 billion) in impaired loans without suffering losses. The plan would see a chunk of the bank's assets and liabilities transferred to state-owned bad loan manager AMCO.
An Italian court has convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi di Siena over derivative deals that prosecutors say helped the Tuscan bank hide losses in one of the country's biggest financial scandals. Monte dei Paschi reached a settlement with the court over the case in 2016 at a cost of 10.6 million euros.
ROME/MILAN (Reuters) - Italy is in talks with the European Commission over a plan to rid state-owned Monte dei Paschi di Siena of around two thirds of its soured loans to pave the way for a sale of the bank, a source with direct knowledge of the situation said. Hurt by a pile of problem debts and a derivatives scandal, Monte dei Paschi was for years at the forefront of Italy's banking crisis until a bailout in 2017, which handed the state a 68% stake in the world's oldest lender. To reach that goal, the plan under discussion would see Monte dei Paschi spin off some 10 billion euros in impaired loans into a separate company that would then be merged with state-owned bad loan manager AMCO, the source said.