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’Euro banks are not very popular…
Major fallers across the continent (NOT just the banking sector):
UniCredit, of course, has already unveiled a €7.5bn cash call. It would seem that the guessing now is who is next.
A snap observation from Chintan Joshi at Nomura:
La chute, encore
Having rallied up earlier on Thursday — European bank share are promptly de-rallying. And on no news so far as we can tell.
Société Générale:
Unicredit:
Intesa Sanpaolo:
The other ECB Italian backstop
Seen on the Bank of Italy’s balance sheet — a marked jump in Italian bank borrowings from ECB liquidity operations in July:
Click to enlarge. We know that €15bn of this was Intesa SanPaolo’s borrowing from the MRO for example,
What lurks beneath Italian banks…
… a swirling, shifting sea of over-the-counter trading.
On Monday, Zero Hedge pointed to recent trade data from Goldman’s dark pool platform — SigmaX — which appeared to show a pronounced fascination with Italy recently.
Commerzbank’s mind-numbing cash call
Is this the most complicated cash call of recent times ever?
Judge for yourself.
Presenting Commerzbank’s €11bn capital increase (click the image for the term sheet):
Now if we are reading this correctly — something that’s not helped by the fact you can’t access the press release from outside Germany for some arcane regulatory reason — Commerzbank is planning to do the following:
Snap news
Breaking pre-market news on Wednesday,
- Commerzbank to raise €11bn via mandatory convertible notes and rights issue – report (statement cannot be accessed from the UK).
- Intesa Sanpaolo announces €5bn capital increase — statement.
Worst banking conspiracy ever
Have you ever heard of Inter-Alpha? We hadn’t until this weekend, although we tend not to frequent the conspiracy sites that lump it in alongside the world’s Bilderbergs, Rothschilds, and the Stonecutters.
Structured, structured finance
October may be over, but it will go down in covered bond history (ahem) as the month which saw the debut of not one, but two covered bonds backed by RMBS.
That’s a debt security backed by Residential Mortgage-Backed Securities.
Banks’ coverage ratio capers, cont.
Look who’s jumped on the bad bank coverage ratio bandwagon — Goldman Sachs.
In a note out today, GS analysts, are also looking at how falling coverage of non-performing loans (NPLs) has fueled this year’s profits among European banks.
BNP to take over Italy’s Findomestic
BNP Paribas on Tuesday agreed to take full ownership of Italy’s second-largest consumer finance house in a deal with Intesa Sanpaolo worth up to €1.15bn ($1.66bn). The French group, which took over Fortis of Belgium earlier this year,
Italy’s banks upbeat on Q1 earnings
Italy’s three top banks – UniCredit, Intesa Sanpaolo and Generali - are profitable and relatively optimistic about prospects for the year, according to Q1 earnings reports this week. Income and profits at the three banks were significantly lower than a year ago,
State bail-out looms for Italian banks
Italian banks will need a capital injection of more than €21bn ($26.1bn) to bring their financial strength into line with their European competitors in the wake of the global banking crisis, according to a report by Italian investment bank Banca Leonardo.
Billionaire Zaleski looks to refinance debts
Romain Zaleski, the Franco-Polish financier whose portfolio of Italian banking shares has plummeted in value in recent months, is in talks with Italian banks about refinancing part of his €5.5bn debts as he struggles to weather the fall-out from the global credit crisis.
Intesa SanPaolo scraps dividend
Shares of Intesa SanPaolo, Italy’s second biggest bank, tumbled more than 10% on Tuesday after it missed Q3 profits estimates. It also announced it would pay no dividend this year as it seeks to boost its capital ratios.
Intesa in talks with Baer
Intesa Sanpaolo and Julius Baer have entered into preliminary talks that could lead to the Italian group acquiring part of the Swiss private bank’s big asset management business. A spokesman for Baer said the bank “did not comment on market rumours”.
The plot thickens: UniCredit pledges Capitalia merger concessions
UniCredit, Italy’s largest bank, on Wednesday promised a series of remedial actions to answer demands by Italy’s antitrust authority over its merger with rival Capitalia (formerly Banca di Roma), including the sale of a bigger portion of its post-merger stake in Mediobanca than previously stated,
RBS consortium finalising finance for ABN bid
Spain’s Santander bank and its partners mulling a €72bn ($98bn) takeover of ABN Amro are finalising financing plans for the deal, which may include asset sales and rights issues, reports Reuters. Santander,
Italian banks woo telecom groups for TI
Italian banks have made fresh approaches to Spain’s Telefónica and France Telecom about their interest in joining a consortium that could buy a controlling stake in Telecom Italia. Intesa Sanpaolo and Mediobanca made the approaches this week following the recent decision by AT&T of the US to end its interest in TI.
Intesa draws up list of targets
Intesa Sanpaolo, formed by a merger of two large Italian banks only in January, is already looking for acquisitions and has made an offer for CR Firenze, a Tuscan bank with market capitalisation of more than €4.5bn.
Pirelli urges slashing of Telecom Italia board mandate
Pirelli is likely to press for a shortened mandate of just 12 months for the Telecom Italia board of directors at elections this month, as it seeks to smooth the sale of the majority of its controlling stake.