May 13, 2020 / 4:00 AM / 13 days ago

Italy - Factors to watch on May 13

The following factors could affect Italian markets on Wedensday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

For a complete list of diary events in Italy please click on .

DEBT

Treasury sells 4.0-4.5 billion euros 0,60% BTP bonds due June 15, 2023; 2.0-2.5 billion euros 0.85% BTP bonds due Jan. 15, 2027; 0.75-1.0 billion euros 3.35% BTP bonds due March 1, 2035; 0.75-1.0 billion euros 3.10% BTP bonds due March 1, 2040. Subscriptions close at 0900 GMT.

EXOR

French insurer Covea has walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by the holding firm of Italy’s Agnelli family, saying it could no longer buy it under the terms of their agreement.

The accord fell through after Covea a few weeks ago asked for a $2 billion price cut, Il Sole 24 Ore reported citing rumours.

INTESA SANPAOLO, UBI

Italy’s anti-trust watchdog said on Tuesday it had opened an inquiry into Intesa Sanpaolo’s proposed takeover of rival UBI Banca to assess the impact of the deal on the industry given its significance.

Intesa said Fitch Ratings had cut its long-term senior unsecured rating to ‘BBB-‘ from ‘BBB’ following last month’s sovereign downgrade of Italy.

Intesa said on Tuesday DBRS Morningstar had confirmed the bank’s ratings and changed the trend to “negative” from “stable” given a similar action on Italy’s ratings.

UNICREDIT

Fitch Ratings has cut UniCredit’s long-term senior unsecured rating to ‘BBB-‘ from ‘BBB’, with a stable outlook, following Italy’s sovereign downgrade, the bank said on Tuesday. The rating on SNP, Tier 2 and AT1 issues have been changed respectively to ‘BB+’ (from ‘BBB-‘), ‘BB’ (from ‘BB+’) and to ‘B+’ (from ‘BB-‘).

DOVALUE - Italy’s biggest bad loan manager swung to a net loss of 3 million for the first quarter hit by one-off costs linked to last year’s acquisition of Spanish rival Altamira. The buy lifted revenues 55% versus the same period of 2019 while lockdown measures drove like-for-like revenues down 23%.

MEDIASET

(*) Italy’s biggest commercial broadcaster posted on Wednesday a 47% drop in first-quarter operating profit and said it was not possible to make reliable forecasts on the impact of the COVID-19 emergency on its results.

Conference call (0700 GMT)

BANCA POPOLARE DI SONDRIO

The Italian bank swung to a net loss of 46.5 million euros for the first quarter after market turmoil drove a 59 million euro trading loss and it increased writedowns on loans and other financial assets by 58.5% year-on-year to 70 million euros.

(*) BANCA FARMAFACTORING

The Italian bank specialising in services for healthcare suppliers said on Wednesday it had signed a binding accord with Equinova UK to buy domestic securities services and bank payments specialist DEPObank to become a specialty finance leader.

(*) NEXI

As part of its acquisition of DEPObank, BFF said it had signed a binding agreement with Nexi to extend a commercial partnership between DEPObank and Nexi for the settlement services of both the acquiring and issuing activities and the supply of ICT services from Nexi.

(*) BANCO BPM

Italy’s third-largest bank is close to hiring an adviser to study options for 2 billion euros in ‘unlikely-to-pay’ loans, MF reported, adding it may strike an industrial partnership and sell part of the portfolio.

PRYSMIAN

CEO Valerio Battista told an analyst call the cable maker would be “very, very prudent” in growing volumes after Prysmian reported a 15% fall in first-quarter core profits.

SALVATORE FERRAGAMO

The Italian fashion group said it could not provide guidance on expected sales for 2020 due to the uncertainty caused by the coronavirus pandemic, which led to its revenues falling by nearly a third in the first quarter.

Sales in China have increased strongly in early May, the CFO told a conference call.

SALINI IMPREGILO

The Italian builder said on Tuesday new orders acquired so far this year totalled 1.5 billion euros.

ATLANTIA

The infrastructure group’s ASPI unit said on Tuesday checks on 1,943 bridges and viaducts of its domestic toll-road network had been completed as per schedule. The first phase of checks on road tunnels will be completed by mid-June, ASPI added.

Infrastructure fund F2i has been given data room access to study APSI’s financial figures and it has started setting up a new fund, which has met interest from Italian pension funds, for its possible investment in ASPI, Il Sole 24 Ore reported.

Talks between ASPI and CDP to unblock financing worth 1.3 billion euros which had been agreed in 2017 and never activated continue but no date has yet been set for a meeting, la Repubblica reported.

POSTE ITALIANE

The Italian post office posted on Wednesday a 29% yearly drop in first-quarter operating profit as the coronavirus crisis hit revenue and increased costs, making it impossible to provide forecasts on the group’s 2020 financial performance.

Conference call on Q1 results (1200 GMT)

BANCA IFIS

Conference call on Q1 results (0700 GMT)

The Venice-based bank, which will update its business plan when the macroeconomic situation stabilises, said on Tuesday first-quarter net profit fell 11.7% from a year earlier to 26.4 million euros.

ENI

Annual and extraordinary shareholders’ meetings (0800 GMT)

DOVALUE

Conference call on Q1 results (0830 GMT)

A2A

Annual shareholders’ meetings (0900 GMT)

TERNA

Board meeting on Q1 results, followed by conference call (1230 GMT)

DIASORIN

Board meeting on Q1 results, followed by conference call (1400 GMT)

PIRELLI

Board meeting on Q1 results, followed by conference call (1630 GMT)

HERA

Board meeting on Q1 results

ACEA

Board meeting on Q1 results

TECHNOGYM

Board meeting on Q1 results

TOD’S

Board meeting on Q1 results (sales)

DIARY

FT Digital Dialogues “Global Economic Crisis” online conference; ends on May 14. Expected attendees include OECD General Secretary Angel Gurria, Volvo Car Group Chairman and CEO Hakan Samuelsson, EU Commission Director General for Trade Sabine Weyand, ECB board member Philip Lane.

Accenture holds live streaming ‘Banking Conference 2020’ on “Building resilience for today and for tomorrow” with Credito Emiliano Director General Nazzareno Gregori, Italian banking association ABI Director General Giovanni Sabatini, Deutsche Bank Italian unit Chief Country Officer Flavio Valeri, UniCredit Co-Chief Operating Officer Ranieri De Marchis (0730 GMT)

Online news conference for an update on the partnership among A2A, AGSM Verona e AIM Vicenza (1230 GMT).

Rome, Defence Minister Lorenzo Guerini speaks via video conference before Senate and Chamber of Deputies Defence committees (1230 GMT).

Rome, Sport Minister Vincenzo Spadafora due to speak before Chamber of Deputies.

Rome, Italian soccer A Series League holds urgent assembly on possible resumption of the championship and relationship with the licensees for the audiovisual rights for 2018-2021.

Milan, regional Court ‘TAR Lombardia’ holds hearing to discuss Technogenetics appeal against the Lombardy Region that gave serological tests experimentation directly to Diasorin .

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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