Del Monte Paschi, in questo sito, ci siamo occupati molto e in più occasioni abbiamo scritto a proposito dello stato di difficoltà della banca senese. Secondo quanto riportato in una nota emessa dalla banca senese, la stessa banca ha reso noto che, per tre titoli obbligazionari ibridi emessi negli anni passati, eserciterà "la facoltà di non procedere al pagamento degli interessi maturati". Si tratta di tre titoli, e sono: - MPS Capital Trust II, Noncumulative Floating Rate Guaranteed Convertible FRESH Preferred Securities, (Liquidation Preference € 3.28 per FRESH Preferred Security) representing a corresponding amount of Noncumulative Floating Rate Guaranteed Convertible LLC Preferred Securities of MPS Preferred Capital II, LLC (ISIN: XS0180906439);
- Antonveneta Capital Trust I, Noncumulative Floating Rate Guaranteed Trust Preferred Securities (Liquidation Preference €1,000 per Trust Preferred Security) (ISIN: XS0122238115);
- Antonveneta Capital Trust II, Noncumulative Floating Rate Guaranteed Trust Preferred Securities (Liquidation Preference €1,000 per Trust Preferred Security) (ISIN: XS0131739236
Nella nota si legge anche che "l’emittente eserciterà, come già accaduto il 6 febbraio per il titolo denominato “Euro 350,000,000 MPS Capital Trust I 7.990% Noncumulative Trust Preferred Securities (ISIN: XS0121342827), la facoltà di non procedere al pagamento degli interessi maturati alle prossime date di pagamento cedolari previste, rispettivamente, a partire dal 30 settembre p.v., 21 settembre p.v. e 27 settembre p.v.. Tale sospensione del pagamento degli interessi è consentita, ricorrendo determinati presupposti, dai rispettivi regolamenti dei summenzionati titoli".
Se da un lato appare evidente che le difficoltà del Monte Paschi sembrano tali da indurre la banca a omettere il pagamento degli interessi delle tre obbligazioni, va anche detto che questo non potrà non avere ripercussioni sulla fiducia dei risparmiatori (e in generale dei mercati) nei confronti dell'istituto senese, rischiando di aggravarne la situazione già complessa. Con il rischio che il clima di sfiducia non si limiti solo a colpire il Monte Paschi, ma si diffonda anche nella parte più debole del settore bancario che, giova ricordare, si trova a dover fronteggiare un escalation dei crediti in sofferenza che, mese dopo mese, erodono patrimonio, aumentandone la vulnerabilità.
Da Reuters
Italy's third-biggest bank, brought close to collapse by theeuro zonedebt crisis, is set to unveil a turnaround plan this week after the EU told it to toughen up a previous set of restructuring measures. The new plan is already known to include a 2.5 billion euro share sale imposed by Brussels, more than twice the 1 billion euro cash call originally pencilled in by the bank. If the lender, which is also being investigated for its costly purchase of a rival in 2007 and for loss-making derivative trades, cannot raise the funds on the market, the threat of nationalization looms. Traders and analysts said the coupon freeze had been expected and was largely priced in. MPS's bond prices fell slightly on Monday, one trader said, noting however that volumes were very thin. "We haven't seen a reaction yet, but frankly if anyone reacts to that with surprise, then they really haven't been paying attention," said a syndicate banker. In a letter sent to the Italian government in July, EU Competition Commissioner Joaquin Almunia said payments to holders of hybrid and subordinated debt issued by Monte Paschi had to be "prevented to the maximum extent legally possible." Alberto Gallo, chief credit strategic at Royal Bank of Scotland, said: "The real question is not why Monte dei Paschi stopped paying coupons, but why it was still paying them. "Italy still lacks a bank resolution regime and its banks have not yet implemented burden-sharing for subordinated bondholders, unlike in Spain andIreland "As a result, Italy's mid-sized banks appear the weakest in our stress-test analysis and may be vulnerable as the ECB's asset quality review approaches," Gallo said. Some analysts said MPS's best option to avoid nationalization could be a debt-for-equity swap, converting subordinated bonds into shares. MPS has around 5.5 billion euros of such outstanding debt. The biggest outstanding subordinated bond - of about 2 billion euros and expiring in 2018 - was sold to retail investors to help fund the 2007 buy of Antonveneta. The bank also issued a 1 billion euro hybrid financial instrument called FRESH in 2008 to partly fund the purchase. Monte Paschi said on Friday it would not pay the next coupon on September 30 on its MPS Capital Trust II non-cumulative floating-rate guaranteed convertible FRESH preferred securities. It said it would also withhold coupons on its Antonveneta Capital Trust I and II non-cumulative floating-rate guaranteed trust preferred securities, due respectively on September 21 and 27. "The suspension of interest payment is permitted, under certain prerequisites, by the respective regulations (of the notes)," it said.
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