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Italy - Factors to watch on Oct. 30
October 30, 2017 / 5:00 AM / 24 days ago

Italy - Factors to watch on Oct. 30

The following factors could affect Italian markets on Monday.

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 .

MONDAY OCTOBER 30

ECONOMY

Credit ratings agency Standard & Poor’s unexpectedly raised its sovereign rating for Italy to BBB on Friday, the first such increase by S&P for at least three decades.

DEBT

Treasury sells up to 8.5 billion euros ($9.8 billion) in bonds at auction, including a new CCTeu floating-rate note due April 15, 2025 and further tranches of its Aug. 2022 and Aug. 2027 BTP nominal bonds.

COMPANIES

Bourse After Hours market closed.

BANKS

The European Central Bank could shelve a planned crackdown on the euro zone’s huge stock of unpaid loans if it is satisfied with the banks’ own plans to deal with the matter, a top ECB supervisor said on Friday.

An investigation of Italian banking scandals by a parliamentary commission has already revealed some improper behaviour, the commission’s chairman, Pier Ferdinando Casini, told the newspaper La Repubblica in an interview.

UNICREDIT

The bank could pick a successor for Chairman Giuseppe Vita already at a Dec. 8 board meeting, Il Sole 24 ore said in an unsourced report. The paper added the potential candidate could join the board at that same meeting when one of the current directors is expected to resign.

The European Central Bank is examining UniCredit’s sale of 17.7 billion euros ($21 billion) of bad loans to assess whether the price the bank reported accurately reflects the terms of the transaction, Bloomberg reported on Saturday, according to people familiar with the matter.

Some of the commissions the Italian bank will pay to the buyers to manage the loans over coming years could be inflating the price, the people said.

The ECB and UniCredit declined to comment on the report.

MONTE DEI PASCHI DI SIENA

Around 2 billion euros of the Italian lender’s unlikely-to-pay (UTP) loans are expected to turn insolvent each year, the head of debt servicing group Cerved said on Friday.

A voluntary public offering to swap Banca Monte dei Paschi di Siena shares that former retail bondholders were given as part of a state bailout into senior debt has been delayed, the bank said on Sunday.

The Monte dei Paschi foundation has asked the Treasury not to sell the bank’s art collection, valued at more than 120 million euros, Corriere della Sera said on Saturday. The bank pledged to sell the art collection when it sought EU approval for a state rescue of the lender.

(*) The bank may find it hard to return to a decent level of profitability, la Repubblica A&F reported on Monday, adding a possible solution could be for Monte dei Paschi to shrink in size, concentrating on the most profitable clients and selling part of its network to Poste Italiane’s BancoPosta unit.

(*) INTESA SANPAOLO

Italy’s largest bank last month signed an accord with Independent Petroleum Company, a Russian oil producer subject to U.S. sanctions that is seeking to raise $5.8 bln for a new drilling project, the Financial Times reported on Monday. The paper quoted an Intesa spokesman as saying no decision had been made on assisting or financing the project: “The bank has simply agreed to evaluate the compliance with international laws and regulations of any potential business opportunities related to the project.”

MEDIOBANCA, GENERALI, VIVENDI, MEDIASET, TELECOM ITALIA

Mediobanca Chief Executive Alberto Nagel reiterated the company’s plans to sell 3 percent or more of its holding in Italian insurer Generali, either via a private or market placement, if opportunities come up to invest elsewhere.

He said a payout of 40 percent of net profit in dividends was “not set in stone”.

SAIPEM

The oil services group said on Friday it would use proceeds from a 500 million euro 2025 bond it placed with investors to partially reimburse existing credit lines.

(*) CEO Stefano Cao told La Stampa on Monday the group would be ready to settle a dispute with Russia’s Gazprom over the South Stream pipeline even before the end-2018 deadline by when an international arbitrator’s ruling01 is expected. Cao also ruled out any break-up of the company.

MEDIASET, VIVENDI

Mediaset and Vivendi are close to striking a deal to resolve a dispute over a soured pay-TV deal, La Stampa said on Saturday, adding that the agreement could be valued, including cash and equity, between 400 million euros and 1 billion euros. The paper added, citing Bloomberg, that the deal could be struck around mid-November and that talks are set to accelerate this week.

Mediobanca Chief Executive Alberto Nagel said on Saturday he hoped Italian broadcaster Mediaset and French media group Vivendi will find a satisfactory solution to resolve their pay-TV dispute. Speaking at the Italian investment bank’s shareholder meeting, Nagel added he was close to both parties.

SALINI IMPREGILO

CEO Pietro Salini told L‘Economia on Monday that he would use the next five years to select the group’s new top management team before taking on a different role, one of “strategic guidance.” He said the company had insufficient floating capital and its priority was to become more attractive for international investors.

TELECOM ITALIA

Mediobanca Chief Executive Alberto Nagel said there were no grounds to criticise Vivendi’s stake-building at Telecom Italia, saying “there’s never been a queue” to invest in the Italian phone group.

BANCO BPM, CATTOLICA ASSICURAZIONI

Cattolica could take a stake of around 60 percent in Banco BPM’s Popolare Vita and Avipop Assicurazioni units as part of a 1.2-1.4 billion euro ‘bancassurance’ joint-venture it is discussing with the lender, Il Sole 24 Ore said on Saturday.

GEDI FIAT CHRYSLER

The carmaker said the sale of shares in publisher GEDI on behalf of FCA shareholders that were unable to take delivery of the stock they were entitled to was completed.

PIRELLI

The tyre maker said on Friday it had brought forward a board meeting to approve nine-month earnings to Nov. 6 from Nov. 8.

Chairman Marco Tronchetti Provera holds news conference (1030 GMT)

CERVED

CEO Marco Nespolo told analysts on Friday its bad loan management accord with Monte dei Paschi would add around 20 million euros to the group’s 2018 EBITDA and a similar deal with Popolare di Bari around 3 million euros.

AS ROMA

The Serie A football team said on Friday it had named as CEO Umberto Gandini who will share his managing powers with Director General Mauro Baldissoni.

IL SOLE 24 ORE

Italian market watchdog Consob on Friday approved the publisher’s 50 million euro new share offer, which starts on Monday. Business lobby Confidustria, the group’s top shareholder, has pledged to invest 30 million euros in the cash call while banks Banca IMI and Banca Akros have agreed to take on any unsold shares for up to 20 million euros.

TERNIENERGIA

Board meeting on Q3 results.

M&A, ALITALIA

The offers for the loss-making airline presented by Lufthansa and easyJet are considered disappointing by the government-appointed commissioners overseeing the sale process, Il Messaggero said in an unsourced report on Sunday. The paper added the commissioners might instead welcome U.S. fund Cerberus joining the Lufthansa bid.

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:............................... ($1 = 0.8636 euros)

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