|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||16.18 - 16.33|
|52 Week Range||12.11 - 16.50|
|Beta (5Y Monthly)||1.40|
|PE Ratio (TTM)||8.92|
|Forward Dividend & Yield||1.32 (8.14%)|
|Ex-Dividend Date||May 19, 2019|
|1y Target Est||N/A|
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) -- Luigi Di Maio appeared poised to resign as leader of Italy’s insurgent Five Star Movement, triggering a bond sell-off and adding to political uncertainty as the country heads to regional elections this weekend.Di Maio may step back ahead of the party’s likely defeat in elections in Emilia Romagna and Calabria on Sunday, according to a person familiar with the matter who asked not to be named discussing confidential deliberations. Di Maio will likely stay on as foreign minister, the person said.Leaders of Five Star, the senior party in Italy’s fractious coalition government, are meeting Wednesday morning to discuss Di Maio’s plan to resign, Italian newspapers reported. An announcement could come as part of a scheduled party event at 5 p.m.The yield on Italy’s 10-year debt climbed as much as eight basis points. The FTSE Italia All-Share Banks Index dropped 1.4%, with UniCredit SpA losing 2.4% and Intesa Sanpaolo SpA slipping 0.9%.Vito Crimi, a senior Five Star lawmaker, or Justice Minister Alfonso Bonafede may become the party’s provisional leader, daily La Stampa reported.For Di Maio, the beginning of the end came at a luxury hotel by the ancient Forum in Rome.The 33-year-old leader of the populist Five Star movement was taken to task by its founder, Beppe Grillo, a former comic more than twice his age, who told him to stop picking fights with his government partners in the Democratic Party, according to party officials who asked not to be named.The Italian media has speculated that, in pulling out before an electoral debacle, Di Maio may be hoping for an eventual return as leader of a reorganized Five Star. But his party’s convulsions may sound the death knell for a fragile coalition stitched together with the sole purpose of keeping Matteo Salvini’s nationalist League out of power.Five Star and the Democrats both want to avoid an electoral clash with the resurgent League. But voices in both parties also argue that if a vote is unavoidable, they’d be better off pulling the plug on the coalition before it drags them down.Di Maio’s position has also been undermined by mass desertions of Five Star lawmakers and voters alike. Support for the party has slumped to 16% in recent polls, compared with the 33% it posted when it won the 2018 election. The Democrats are at 19% while the League has 31%Since the party signed up for Prime Minister Giuseppe Conte’s second coalition in September, more than 20 lawmakers have abandoned Five Star or been kicked out. Three senators switched to the League in December, and the education minister quit before ditching the party. Another senator was expelled in January after he failed to follow the party line on the budget. Two more lawmakers quit Tuesday.Of those who remain in Five Star’s parliamentary caucus, many are openly discussing changes in the leadership. The Democrats, meanwhile, are asking how much longer they can afford to be linked to such a dysfunctional partner.The rifts are on display in the 17th century Roman palace that houses the lower house of parliament where the tribes of the Five Star Movement regularly gather in a patio flanking the debating chamber to chat, to smoke, and to plot.Dotted around the central fountain you can see the separate huddles -- some pro-coalition, others anti-Di Maio, and some who want a return to the party’s first alliance with the right-wing populists of the League.One Democratic lawmaker who watches the Five Star cliques across the courtyard complains the anarchy inside his party’s coalition partner makes it hard to pin them down even on basics of legislating.Five Star is in such desperate straits that even the Democrats have gotten involved in trying to establish a degree of stability, the deputy added. The Democratic leadership has been issuing regular warnings that the coalition can only continue if it gets things done.Indeed, Democratic Party officials suspect that some within Five Star, including Di Maio, have been echoing Salvini’s anti-European, anti-immigration rhetoric with an eye to ditching the Democrats and reviving their previous coalition.That’s a scenario dismissed by Five Star officials, who say the party is committed to the coalition. But they are struggling to convince anyone they can make good on that commitment.\--With assistance from Dana El Baltaji.To contact the reporters on this story: John Follain in Rome at firstname.lastname@example.org;Jerrold Colten in Milan at email@example.comTo contact the editors responsible for this story: Ben Sills at firstname.lastname@example.org, Karl Maier, Alessandro SpecialeFor 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.
Moody's Investors Service, ("Moody's") has today affirmed Nexi S.p.A.'s ("Nexi" or "the company") corporate family rating (CFR) at Ba3 and probability of default rating (PDR) at Ba3-PD. Concurrently, Moody's has also affirmed the Ba3 instrument rating on the E825 million senior unsecured notes due 2024 issued by Nexi S.p.A. The outlook has been changed to stable from positive. On 19 December 2019, Nexi announced the acquisition of Intesa Sanpaolo's ("ISP") merchant acquiring business , which covers approximately 180,000 merchants and E66 billion worth of annual transactions in Italy.
There's no doubt that investing in the stock market is a truly brilliant way to build wealth. But not every stock you...
Enel (IT:ENEL) the country’s biggest utility, was up 2.3% after credit-ratings firm Moody’s improved its outlook to positive on Enel Americas, its Latin American business. The pound (GBPUSD) has risen 0.2% at $1.3025 as traders look ahead to the next steps in the Brexit process and the prospects of a possible interest rate cut by the Bank of England in early 2020. The Bank of England was in focus in London on Friday after Andrew Bailey was named as the central bank’s next governor, replacing Mark Carney.
Moody's Investors Service (Moody's) has today assigned a B2 corporate family rating (CFR) and B2-PD probability of default rating (PDR) to Sisal Pay S.p.A. (Sisal Pay or the company), a company, which will be formed through the combination of the payments business of Sisal Group S.p.A. (Sisal Group, B1 stable) and the payments business of Banca 5 S.p.A., a subsidiary of Intesa Sanpaolo S.p.A. (Baa1 stable). Concurrently, Moody's has also assigned a B2 rating to the new E530 million senior secured floating rate notes due 2026 and to be issued by Sisal Pay S.p.A.
Moody's has not assigned a rating to the EUR 859,500,000 Class B Residential Mortgage Backed Fixed Rate and Additional Return Notes due December 2072. The Notes are backed by a pool of Italian prime residential mortgage loans originated by Intesa Sanpaolo S.p.A. ("ISP", Baa1/P-2) and a number of banks which are currently merged with ISP, including Banca Cassa di Risparmio di Firenze S.p.A. (not rated), Banco di Napoli S.p.A. (not rated), Cassa di Risparmio in Bologna S.p.A. (not rated), Cassa dei Risparmi di Forlì e della Romagna S.p.A. (not rated), Cassa di Risparmio del Friuli Venezia Giulia S.p.A. (not rated), Cassa di Risparmio del Veneto S.p.A. (not rated) and Cassa di Risparmio di Pistoia e della Lucchesia S.p.A. (not rated). The amortising Reserve Fund will be funded to 2% of the Senior Notes balance at closing (around 1.77% in terms of the initial pool balance) and the total credit enhancement for the Class A Notes will be 13.22% The cash reserve is replenished in the waterfall immediately after payment of interest on the Class A Notes, therefore mainly acting as a source of liquidity for the Class A Notes.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Vseobecna uverova banka, a.s. Madrid, November 21, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Vseobecna uverova banka, a.s. 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.
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). To keep it practical, we'll...
Prosecutors have wrapped up a probe into alleged fraudulent diamond selling by some of Italy's top banks, having investigated high profile executives working for UniCredit and Intesa Sanpaolo , a prosecutor document showed. The document, seen by Reuters on Wednesday, showed the number of people involved in the probe had risen to 87 from 68 originally under investigation, along with five banks and two diamond brokerages. In a long-running scandal in a sector already tarnished by controversy, Italy's biggest banks are suspected of colluding with diamond brokers to scam their own customers.
Italy's biggest retail bank Intesa Sanpaolo has clinched a deal with U.S. hedge fund Davidson Kempner over 10 billion euros ($11 billion) in problem loans, moving closer to a 2021 target of cutting soured debts to 6% of total lending. In reporting a higher-than-expected net profit for the second quarter, Intesa on Wednesday said it would sell 3 billion euros in so-called 'unlikely-to-pay' (UTP) loans to Prelios, a loan recovery specialist owned by the New York-based fund. Under the deal, Prelios will also take under 10-year management a further 6.7 billion euros in corporate UTP loans.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bank of Alexandria SAE 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. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
As it prepares to commit to buying billions of euros of such loans in Italy by mid July, U.S. hedge fund Davidson Kempner Capital Management (DKCM) has deployed legions of number crunchers to find out. DKCM and its Italian arm Prelios, a bad loan recovery specialist, entered exclusive talks in late March to take on up to 10 billion euros ($11 billion) in so-called 'unlikely-to-pay' (UTP) loans from Italian bank Intesa Sanpaolo. The deal, expected to be clinched this month, is the biggest transaction in Italy so far involving UTP loans, which are not yet in default but are deemed unlikely to be recovered in full.