BMPS 2028 sub Tier 2 (10nc5) yield 5.375% XS1752894292 - Pagina 34
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  1. #331

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    Fitch Ratings ha confermato il rating a lungo termine (Idr) di Banca Monte dei Paschi di Siena (Mps) a ‘B’, con outlook stabile. “I rating riflettono i progressi di Mps nella riduzione dei crediti deteriorati, attraverso la cessione di Npl, operazioni che ci attendiamo continueranno – spiegano gli esperti – sebbene la capacità di accesso della banca al mercato dei capitali rimane incerta e vulnerabile ai cambiamenti nel sentiment del mercato”.
    Fitch ritiene che la capacità di Mps “di generare valore dalle attività core della banca sia ancora limitata e che ci vorrà del tempo perché la banca recuperi competitività e riporti la sua redditività a livelli più accettabili e sostenibili”.

  2. #332
    L'avatar di waltermasoni
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    Fitch Affirms Banca Monte dei Paschi di Siena at 'B'; Outlook Stable
    12 JUL 2019 09:50 AM ET




    Fitch Ratings-Milan/London-12 July 2019: Fitch Ratings has affirmed Banca Monte dei Paschi di Siena SpA's (MPS) Long-Term Issuer Default Rating (IDR) at 'B' and Viability Rating (VR) at 'b'. The Outlook on the Long-Term IDR is Stable.

    A full list of rating actions is at the end of this commentary.

    KEY RATING DRIVERS
    IDRS, VR AND SENIOR DEBT
    The ratings reflect MPS's progress in reducing impaired loans and capital encumbrance by unreserved impaired loans mostly through the disposals of non-performing loans, which we expect to continue. The ratings also reflect our view that funding and liquidity are still heavily reliant on state-guaranteed and central bank funding with reasonably short maturities, and that the bank's market access remains uncertain and vulnerable to changes in market sentiment. Fitch believes MPS's ability to generate value from core banking is still limited and that it will take time for the bank to regain competitiveness and restore its profitability to more acceptable and sustainable levels.

    MPS's gross (Stage 3) impaired loans ratio was reduced to about 18% at end-2018 from 22% at end-2017 (the latter calculated excluding EUR24.1 billion of securitised doubtful loans formally deconsolidated in 1H18), following the sale of several portfolios of impaired loans and tight control over new impaired loans formation. We estimate that the ratio could fall to about 15% by end-2019 if the bank completes all its disposals initiated at end-1Q19. At this level, MPS's gross impaired loans ratio would still be higher than the domestic industry average (about 10% at end-1Q19) and weak by international standards, but it would be closer to that of higher-rated domestic peers. Management is considering additional opportunities to accelerate balance sheet de-risking. Even if these do not materialise, we expect asset quality to improve gradually on tightened underwriting standards, stronger risk control and continuous disposals.

    Despite the above improvement MPS's capitalisation is still not commensurate with risks, in our view. At end-2018 unreserved impaired loans accounted for just below 100% of Fitch Core Capital (FCC) although we recognise that capital encumbrance should improve to more acceptable levels as planned impaired loan disposals continue. MPS's capitalisation is also exposed to sovereign spread risk from the bank's large holding of Italian government bonds, which at end-1Q19 accounted for about 2.6x FCC. Contingent risk also stems from sizable unreserved legal claims.

    MPS's CET1 ratio of 13.3% and FCC ratio of 11.6% at end-1Q19 were acceptable. The bank has moderate buffers (about 3.7pp) over its total Supervisory Review and Evaluation Process (SREP) capital requirement but modest headroom (about 1.2pp) over its overall SREP capital requirement. The latter is tighter than at most domestic banks and limits the bank's ability to absorb potential losses and/or increase business volumes materially.

    In our view operating profitability remains weak due to limited revenue generation from core businesses, high restructuring costs and the need to improve coverage on impaired loans ahead of their disposal. We expect MPS's profitability to gradually benefit from normalising loan impairment charges, cost-cutting initiatives and commercial activities aimed at growing business volumes. However, we believe that the ability of MPS to achieve its profitability targets remains highly correlated with economic and interest rate cycles.

    State-guaranteed notes and central bank facilities accounted for about a quarter of MPS's total funding at end-1Q19. In Fitch's view, these instruments underpin the bank's funding and liquidity and indirectly provide stability to the bank's deposit base, which has grown by over 30% since end-2016. However, deposit inflows were mostly from corporate clients, which we view as more opportunistic and confidence-sensitive than retail.

    Most of the state-guaranteed notes and central bank facilities will expire in the next 18 months. However, the former is mostly held by the bank, while the latter may be refinanced through the third round of Targeted Longer-Term Refinancing Operations (TLTRO-III) by the European Central Bank. Net of these, the refinancing requirement is a more manageable EUR3.2 billion. In 2019 MPS has issued EUR1 billion of covered bonds and EUR500 million of senior unsecured preferred notes, but we believe that MPS's ability to access debt markets remains vulnerable to the risk of reduced investor appetite or challenging market conditions. Additional liquidity may be sourced through repos, as the bank has over EUR22 billion of eligible collateral.

    The Stable Outlook on MPS's ratings is based on our expectations that the bank continues to implement its restructuring and that the operating environment does not deteriorate sharply.

    MPS's senior unsecured debt is rated in line with the bank's IDRs. Fitch assigns a Recovery Rating of 'RR4' to the debt rating to reflect average recovery prospects for senior bondholders in case of a non-viability event. This is given current buffers of equally ranking senior liabilities (including state-guaranteed notes) and more junior debt available to absorb potential losses as well as the bank's diminishing risks.

  3. #333

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    Sospesa per rialzo

  4. #334
    L'avatar di CharlieRoma
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    Complimenti Walter! Bel lavoro!

  5. #335
    L'avatar di rivetto
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    Citazione Originariamente Scritto da Fra41 Visualizza Messaggio
    Sospesa per rialzo
    ...devono uscire a breve con un 10y tier 2 bullet.... più sale quella a mercato meno spendono per emettere la nuova

  6. #336

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    Citazione Originariamente Scritto da rivetto Visualizza Messaggio
    ...devono uscire a breve con un 10y tier 2 bullet.... più sale quella a mercato meno spendono per emettere la nuova
    Ottima news grazie Rivetto!!

  7. #337
    L'avatar di waltermasoni
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    Mi sono svegliato ora(qua -6 di fuso).
    Ottima notizia!!

  8. #338
    L'avatar di rivetto
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    Citazione Originariamente Scritto da Fra41 Visualizza Messaggio
    Ottima news grazie Rivetto!!
    Citazione Originariamente Scritto da waltermasoni Visualizza Messaggio
    Mi sono svegliato ora(qua -6 di fuso).
    Ottima notizia!!
    Banca Monte dei Paschi di Siena S.p.A. 10y bullet Euro Subordinated Tier 2 – IPTs 11.00-11.50% area

    Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
    Issuer Rating: Caa1 by Moody’s / B by Fitch / B (High) by DBRS
    Exp. Issue Rating: Caa2 by Moody’s / CCC+ by Fitch
    Notes: Fixed Rate Subordinated Bullet (Tier 2 capital for regulatory capital purposes)
    Format: Reg S, bearer form, no communications with or into the US, no sales to Canada
    Status of the Notes: Subordinated Notes (notes intended to qualify as Tier 2 capital, as further defined in the Documentation)
    Size: TBC
    Coupon: From the Settlement Date the Coupon shall be [●●]% fixed rate p.a. payable annually in arrears on the Interest Payment Dates
    IPTs: 11.00 – 11.50% area
    Settlement: 23 July 2019 (T+5)
    Maturity: 23 July 2029
    Redemption for Regulatory Reasons: At par at Issuer’s option, upon occurrence of a Capital Event (Notes are or would be excluded in whole or in part from Tier 2 Capital of the Issuer and/or the Group), subject to regulatory approval and, in respect of any call proposed to be made prior to the fifth anniversary of the Issue Date, subject also to the specific conditions specified in the Documentation
    Redemption for Tax Reasons: At par, in case of additional amounts to be paid by the Issuer upon imposition of withholding tax, subject to regulatory approval
    Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition 17
    Non-Viability: Contractual recognition of statutory loss absorption powers
    Listing: Luxembourg Stock Exchange Regulated Market
    Denoms: EUR100k and integral multiples of EUR 1k in excess thereof up to, and including, EUR 199k
    Docs: EUR 50bn Debt Issuance Programme with Base Prospectus dated 8 March 2019 and duly supplemented on 15 April 2019, 31 May 2019 and 2 July 2019
    Governing Law: English law except for subordination conditions which shall be governed by Italian law
    Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA
    Global Coordinators: JP Morgan / Mediobanca
    Joint Bookrunners: Barclays / JP Morgan (B&D) / Mediobanca / MPSCS / UBS
    ISIN: TBC
    Timing: Books open. Today’s business.

  9. #339

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    cioè sta per uscire una sub MPS con interesse al 11% ???

  10. #340
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    Citazione Originariamente Scritto da sandiego Visualizza Messaggio
    cioè sta per uscire una sub MPS con interesse al 11% ???
    è uscita stamane al 10.50%


    BMPS 10,50% 2029 bullet Euro Subordinated Tier II XS2031926731

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