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’Consob is watching
RTRS-ITALY MARKET WATCHDOG CONSOB CHECKING BLACKROCK STATEMENTS ON UNICREDIT STAKE-CONSOB SOURCES
MILAN (Dow Jones)–U.S. asset management company BlackRock Inc. (BLK) Wednesday said it still holds a 3.09% stake in UniCredit SpA (UCG.MI),
The rights are going out all over Europe
A rough ride for UniCredit shares, and rights to buy its shares as part of the bank’s €7.5bn cash call, on Monday — they fell, got suspended limit down, and are dropping again (down 6.4 per cent) at pixel time.
[SFTW] No more Shelling out for pensions
So even Royal Dutch Shell has decided that the oil business is hard enough, without running a life assurance scheme for employees on the side. There is now not a single company in the FTSE100 index which offers a final salary pension scheme to new employees.
It’s raining UniCredit (rights)
UniCredit stock still turning into pink mist after that cash call:
Down 16 per cent at pixel time. The FT’s James Mackintosh has pointed out that’s the Italian bank’s lowest share price since 1985…
And here’s that UniCredit euro breakup clause
From p.63 of the English version of the UniCredit rights prospectus, which can be found here (H/T Gianluca Codagnone).
Furthermore, concerns that the Eurozone sovereign debt crisis could worsen may lead to the reintroduction of national currencies in one or more Eurozone countries or,
UniDebito* prospectus – 475 pages (in Italian)
* H/T @mark_dow
Here’s the Unicredit rights issue prospectus. We’re busy chasing down the story that this includes a euro break-up as a risk factor, warranted though that is.
Any help from Italian speakers much appreciated.
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:
UniCredit, OmniCredit [updated]
This is a reader appeal — just why are there so many banks working on Unicredit’s new rights issue? We still can’t work it out:
In addition, the Company informs that, following today’s Board of Directors meeting,
Hung out to dry in emerging Europe
Once upon a time foreign ownership of domestic banking sectors was deemed a “rating strength” in central and eastern Europe.
Before the financial crisis, foreign banks had demonstrated their willingness and ability to support their subsidiaries,
Indie v sell-side research and a UniCredit spam alert
Turn on your spam filters. UniCredit is on fire:
This email torrent was prompted by the bank’s decision to merge its loss-making western European equity-research unit with new partners Kepler Capital Markets (a French brokerage and independent provider of equity research).
The City of London job cull…
… shows no signs of letting up.
The latest casualty is Altium Securities.
We are also picking up rumours that Religare is considering “strategic options” for its UK operation, which owns Hichens, Harrison,
Please give generously…
… because Unicredit is passing round the begging bowl.
It’s asking shareholders to back a €7.5bn cash call and trying to make it all look a bit better by pulling the old reverse stock split trick.
Honey, I shrunk Emerging Europe
Eurozone banks selling assets in Emerging Europe – to tart up their capital ratios under crisis pressure – is not front-page news at the moment.
Frankly, we think it should be!
It’s a huge test case.
The WTO dividend
You can say what you want about the achievements of the WTO; it sure is nice to be part of the club.
Certainly that is what the Kremlin will be thinking this morning after Russia cleared the final hurdle to joining the 153-nation trade organisation after 17 years of trying.
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:
Eurocrashing again [updated]
Euro at a four month low against the dollar (chart via Reuters)…
The Eurostoxx 600 banking index tanking…
(Unicredit already suspended after hurtling through trading limits, Credit Agricole down 4 per cent,
Volatile Venerdi
A small case of contagio bancario italiano seems to be hitting European markets on Friday.
At pixel time Unicredit shares were down 6.8 per cent after being halted briefly due to excessive losses brought about by euro crisis contagion fears:
Snap news
Breaking pre-market news on Wednesday (UK Budget Day),
- Unicredit says profits down 22 per cent; blames Kazakh business — statement.
- Portugal’s Espirito Santo Financial Group sees net income fall 22.4 per cent year on year — statement.
The end of the taxpayer put
Even more on the corporate vs sovereign credit theme, this time from a banking perspective.
RBS has been looking at Commerzbank and its CDS since the EU bail-in proposals were unveiled last week.
We noted before that the price has blown out,
Snap news
Breaking pre-market news on Wednesday,
- ING to spin off its two insurance businesses; announces Q3 results — statement.
- Q3 results from Unicredit fall short of expectations — statement.
- J Sainsbury says H1 pretax profits rose 8 per cent to £332m — statement.
All you ever wanted to know about the economics of the Oktoberfest…
… but were afraid to ask.
Unicredit have just published useful report for anyone heading for Munich this weekend for Oktoberfest 2010.
The key message from economist Alexander Kock CFA is that there is no danger of deflation at this year’s 17-day beer drinking extravaganza.
Snap news
Breaking pre-market news on Monday,
- Tullow Oil confirms major oil find off Ghana – statement.
- Unicredit says has received potential offer for MCC unit – statement.
- BAE Systems mulls platform solutions sale – statement.
The ECB’s ‘rubbish’ collateral, analysed
Analysts at Italy’s UniCredit have conducted a thorough analysis of European banks’ use of the ECB’s liquidity operations and the type of assets pledged as collateral duringthe crisis.
Their clear conclusion is the quality of assets used in this fashion decreased markedly as the crisis unfolded,
Snap news
Breaking pre-market news on Wednesday,
- Unicredit Q4 profit falls 26 per cent to €371m, says to sell 2.84 per cent Generali stake – statement.
- EFG International 2009 net profit falls 54 per cent to CHF101.1m – statement.
Austerity, Portuguese style
Not enough to avert a further downgrade by rating agencies. That’s the verdict from Unicredit economist Tullia Bucco, who has been examining the preliminary details of Portugal’s revised austerity plan.
What a difference six months makes, in the CEE
In early 2009, central and eastern Europe (CEE) was the region “most blighted by the financial crisis”, as Lex reminded us last week. There were real concerns for foreign banks with big CEE exposure – above all from Austria,
Not the Kiss of Death Awards, 2009 edition
Much like the so-called Curse of the Magazine Cover, awards to financial institutions have proved to be an interesting contrarian indicator over the years.
As Fintag noted in May, past winners of the Hedge Funds Review’s European Performance Awards — or what he dubbed the “Kiss of Death”