Norway will not attend the producer meeting in Doha on Apr 17th
* Over next few days, the government is due to announce the incorporation of a new company to support Italian banks
* The initiative would provide capital to the sector, avoiding the bail in of some banks and improve investors’ confidence
* Banks should benefit from a new support whilst NPLs disposal may continue to remain a drag
- A new company to stabilise the sector. According to the press, (Sole 24 Ore, 9 April 2016) the government is planning to launch a new company aimed at:
1) supporting planned rights issues for the weaker domestic banks (private equity) and
2) investing in the NPLs disposals. The details are still unveiled but it seems that the Newco may launch two new funds that will be financed mostly by issuing debt.
The initial capital should reach EUR2-3bn, increasing up to EUR5bn
Italian institutions among the main shareholders. The Newco should be funded by private investors mainly, even though Cassa Depositi and Prestiti (CDP) may take a 20% stake injecting EUR1bn, whilst banking foundations could also participate for up to EUR500m, pension funds for an undisclosed amount and Italian banks for EUR1.5-2bn, we estimate. According to the Sole 24 Ore, Unicredito could inject EUR500m, Intesasanpaolo a higher amount and UBI a lower amount. No institutions should control more than 20% stake in order to avoid full consolidation of the Newco
in its own balance sheet.
EUR5bn programme enough to provide support to banks…. Details are still unclear, but we assume that the larger fund would have a EUR3.5bn liquidity to invest in supporting banks’ recapitalisation, corresponding to 65% of the four banks bailed in November. Veneto Banca and Banca Popolare di Vicenza are widely expected to rise EUR2.8bn over the next weeks but these operations have already been guaranteed from the two main Italian banks ISP and UCI. As we have no indication of other large capital needs in the sector, we believe that EUR3.5bn could
be adequate to support the sector short term.
… but not to support NPLs disposals. Gross NPLs in February hit EUR196bn. Regardless of considerations on the coverage and the collateral values (Italian banks, new financing structure to improve market price of NPLs, 19 February 2016) a new fund with EUR1.5bn liquidity would make no difference, albeit it may be helpful
to support specific situations to be valued on a bank by bank basis.
JPM:
ASOS H1 PBT 5% beat, gross margin +40bp and FY16 guidance maintained +3%
ERICB/NOKIA -ve read from Juniper pre-release, JNPR -6% after hours -2%
GIVAUDAN Strong beat driven by a very robust performance in Fragrance +2%
LVMH Fashion & Leather Goods a miss at flat vs. JPMC e 2%. -3%
REPSOL Trading statement yday, broadly inline unch
ROCHE FDA approves Venclexta. Was well anticipated unch
ROCKET Selling 9.1% stake in Lazada for USD 137mm. Px looks good +3%
STAN CHART JPM Reit OW +2%
TELENOR Press: Telenor exiting India will be a last resort option -2%
TRYG Numbers look good and Solvency 2 better than expected +2%
WHITBREAD Costa management change -2%
ShoreCap:
SHIRE - cited as possible target for Allergan (DealReporter).................+1%
SHELL - Van Beurden says market conditions are challenging,china weakened....-1%
OXFORD INST - strong performance last quarter,reits prev guidance for FY...+0.5%
ASOS - H1 pbt 21.2m+18%.Revs 667.3m+21%.On track sales&margin growth for Fy..+2%
SPORTS DIRECT - To buy freehold property from CIP for 108m..................UNCH
MICHAEL PAGE - Q1 trading particularly good performances in US,Cont Europe...+1%
NEXT FIFTEEN - Fy ptp 16.1m.Revs 129.8m.Confident forward statement..........+1%
SCS - LfL sales +9.1%,profit +13%,strong sales order intake,FY modestly ahead+3%
GALLIFORD TRY - responsible for four out of the seventeen Edinburgh schools.UNCH
BREEDON - Hope acquisition to be referred for in-depth investigation by CMA-0.5%
SOFTWARE RADIO - sees FY results ahead of mkt expec,revs +24%,gd order book..+5%
PORVAIR - gd start to yr,revs +14%,healthy order books,inline..............+0.5%
FALKLAND ISL - FY profits 10-15% lower than prev yr,record cash at £14m....-tive
Mainfirst:
*GIVAUDAN-Sales 1.15b(1.15),Flav 591m(597),Frag 561m(549),LFL 5.8%..+1%
*LVHM-F&L 0%(2.5),W&S 6%(6),W&J 7%(3.9),Rev 8.62b(8.73),OG 3%.......-5%
*SIKA-Sales 1.274m(1.256),EMEA/NA/Asia all better,outlook ok........+0.5%
*VIVENDI-To acquire 15% of FNAC(+1%),via Capital Inc of €159m.......U/C
*FRAPORT-March paseengers +3.9%,Cargo -1.6%,Q1 passengers +3.3%.....+0.5%
*ROCHE-FDA grants Venclexta accelerated approval....................+0.5%
*CLARIANT-To buy 17% Biospectrum,become Global distributor..........-0.5%
*ROCKET-Sells 9.1% stake in Lazada for $137m to Alibaba Group.......+2.5%
*NOKIA/ALCATEL/ERIC'S-Read across from Juniper after hrs -6%........-2%
*ASOS-Rev £667m(666),PT £21.2m(20.2m,GM +40bp's(7)..................+3%
CS:
Asos +2% H1 revs inline, pretax profit 5% beat
Burberry -2-3% Negative read from LVMH numbers, Fashion & Leather weaker
Chr Hansen +1% sees organic revenue growth BETTER
Clariant +0.5% Signed an agreement to acquire a 17 % share in BioSpectrum
Engie +1% Gazprom Agrees on Natgas Pricing w/Engie, Ending Dispute
Ericsson -1-2% US peer JUNIPER -6% after hours post weaker numbers
Fagron -1-2% Q1 revs 5% miss, stock -86% over the past 6 months
Givaudan UNCH Q1 sales 0.5% ahead, org growth slightly better
Italy banks -2% Details on Italian fund Atlante, 5 billion Euros
Kering -2-3% Negative read from LVMH numbers, Fashion & Leather weaker
LVMH -2% Revenue 1% below cons, Fashion & Leather weaker
Michael Page UNCH UK looks slightly worse, EU slightly better
Miners M/P Copper -0.10%, Brent -0.50%, Iron Ore -0.35%, China -0.70%
Nokia -1% US peer JUNIPER -6% after hours post weaker numbers
Norsk Hydro -1% US Peer ALCOA -4.5% after hours, Q1 ahead, guidance weak
Pernod +0.5% Positive read from LVMH no's, cognac better in US market
Remy +1% Positive read from LVMH no's, cognac better in US market
Roche M/P AbbVie, Roche Drug Wins U.S. Approval to Treat Leukemia
Shire M/P Speculated as Potential AGN Target: DealReporter
Sika -1% No's inline, LatAm better offset by weakness in N America
Tryg +2-3% Q1 pretax DK563m vs cons 489m, Solvency II better
Whitbread -1% MD of Costa Chris Rogers to leave
Italy agrees €5bn fund to rescue weaker lenders
Italy’s strongest banks, insurers and asset managers have agreed to create a €5bn backstop fund to bail out weaker lenders in an effort to calm growing investor concern about the stability of the banking sector of the eurozone’s third-largest economy.
The rescue fund, announced by Prime Minister Matteo Renzi after a six-hour meeting of financiers, regulators and ministers in Rome, comes after a plunge in the value of Italian bank shares this year on widening concerns about the effect of €360bn of non-performing loans on Italy’s financial stability.
Dubbed “Atlas” after the mythological god who held up the sky, the fund will see UniCredit, Intesa Sanpaolo and UBI Banca, Italy’s strongest banks, handing over hundreds of millions of euros to create a backstop facility to bail out distressed smaller lenders.
Crucially, in return for providing private funds, the government has agreed to bring the country’s laggard bankruptcy laws in line with European norms which are seen as an impediment to the sale of bad loans.
“In the next days we will make the bankruptcy procedure faster and more simple so that everyone can be assured of getting their money back in a reasonable timeframe,” Mr Renzi said in a statement.
The deal, which has defied expectations that it would be watered down at the last moment, is the first time Italy’s banking system has drawn together to protect its weakest constituents since 1982 when eight large banks bailed out the collapsed scandal-hit lender to the Vatican Banco Ambrosiano.
Shares UniCredit, Intesa Sanpaolo and UBI Banca have jumped about 15 per cent in the past three days since reports of a possible deal became public.
At present, it takes an average of eight years in Italy compared with an EU average of about two to three years to recover bad loans. Bankers consider this a drag on the ability of Italian banks to sell their bad loans.
A senior banker who had been at the meeting said the government had agreed to pass the tougher bankruptcy laws within the next 10 days, raising the prospect of a stand-off between Mr Renzi and the Italian civil judiciary.
“The fund is an instrument that could contribute to completing the process of strengthening the solidity of the Italian banks and expanding the market for non-performing loans,” said Pier Carlo Padoan, Italy’s finance minister, who has driven the deal.
Eoin Mullany, analyst at Berenberg, has argued “a balance sheet clean-up is needed for investors to trust bank balance sheets” in Italy. And for this to happen, a robust stress test with a credible capital backstop was needed, he added.
Italy is keen to present the agreement as a private sector deal in order to avoid coming up against EU state aid restrictions. Nonetheless, the Treasury-owned Cassa Depositi e Prestiti has an unspecified stake in the project which is likely to trigger competition scrutiny.
Overall, the fund had the specific role of providing a “backstop facility” to ensure “the success of capital hikes demanded by the single banking supervisor of banks that today are facing difficult market conditions”, Rome said.
A large investor with direct knowledge of the talks said Italy would “probably squeak through as a result of this deal”. But this person still bemoaned the fact that Italy’s regulators had not forced a clean-up of the banks “years ago” and “at less expense”.
The agreement comes at the eleventh hour ahead of a €1.75bn cash call demanded by the single banking supervisor and is due to start on April 18 to fill a capital hole at Popolare di Vicenza, a regional bank, which was uncovered by EU regulators after a financial mis-selling scandal.
Bankers and investors have seen the capital call, which is underwritten by UniCredit, Italy’s largest bank by assets, as a “flash point” for the country’s system as it could have forced the bank, which has a core tier 1 ratio of about 10.5 per cent, to raise capital itself if it were left holding shares, turning a local issue into a more systemic one.
The Atlas fund is expected to mop up any unsold shares in the Vicenza cash call and two further cash calls demanded by the banking supervisor at regional banks Veneto Banca and Banco Popolare, worth a combined €2bn.
Senior financiers in the room on Monday described a tense six-hour meeting where Ignazio Visco, the governor of the Bank of Italy, told bankers they had no choice but to give money to ensure financial stability.
New cap hikes and NPL backstop fund another step in the right direction, albeit small
New cap hikes & NPL backstop fund set up
Private asset manager Quaestio announced the set-up of a fund subscribed by financial institutions and foundations, without mention of size, and with a mandate to buy shares in banks which need equity, and also invest in the junior tranches of NPL securitizations, following the government scheme created earlier this year to ease bad loans sales. The government welcomed this initiative and unveiled the project of another decree within a few days, aimed at further speeding up collateral recovery of bad debts.
Q1 sales: unimpressive, but more worrying for peers, and likely to outperform the sector
Update LVMH reported 3.6% sales growth for Q1 (Bloomberg cons. and SGe at 5-6%), with cc
growth at 3% (cons. and SGe at 4%). This is the lowest cc growth since Q1 15, while the FX boost
was its lowest since 2014 . Comments by segment: Wine and spirits: Sales grew 6% at cc,
rebounding as expected (SGe: 7%) after Q4’s weak 4% showing as the Chinese cognac retail
market stabilised leading restocking to continue, US sales remained strong, and champagne sales
were strong (note however that Q1 is the smallest quarter of the year). Fashion – leather goods:
Q1’s 0% cc growth was a negative surprise (cons. 2.5%), and we expect management comments
at today’s conference call. The main factors behind this result were likely slowing European (all
three months impacted by of Paris terrorist attacks, vs 1.5 months in Q4), Japanese (slower
Chinese tourist rise) and US (stock market volatility, presidential election year) markets, with no
APAC improvement. This showing likely points to flat/negative growth for Vuitton (generally slightly
below the segment) and still negative growth at transitioning M. Jacobs and D. Karan, and at L.
Piana, hit by lower sales to Russians. The release mentions the continued strong showings of
Fendi, Celine and Kenzo. Others: Perfume/cosmetics growth of 9% at cc marks further
acceleration in this segment, which is outperforming the luxury goods industry and currently
playing to LVMH’s strengths (luxury, fragrance and cosmetics). Watches and jewellery posted cc
growth of 7%, up from Q4’s 3%. This is marginally reassuring for the other listed players, as the
release points to outperformance vs the industry on the basis of Bulgari’s continued successful
new product range and Tag Heuer’s successful price repositioning (at last) and smartwatch
launch. Lastly, retailing cc growth unsurprisingly slowed to 4% (in line with SGe), as we believe
DFS’s unchanged high-single-digit drop (95% of sales from Japanese/Chinese tourists) was offset
by slower growth from Sephora compared with H2 15, albeit a still stellar >10% at cc, on SGe.
SG view We will review our estimates after the call (3:00pm CET; 33(0)1 70 77 09 44), but
note that Q1 is one of the two smallest quarters of the year. The FLG weakness is a negative
sign for whole sector’s upcoming Q1 reporting, while diversification into segments in which
peers are not (beverages, Sephora) or much less (beauty) active should again secure LVMH’s
outperformance (SGe: sector at 0–2%). The stock and the sector should trail the market
today, but we maintain our positive stance on LVMH vs the sector.
How we value the stock Our TP is the average of SOP/DCF (9.5% WACC, 4% long-term
growth). See our models on pages 3-5.
Weak performance expected in France: We forecast continuing weak top-line
performance in France with 1Q like-for-like sales ex petrol and calendar down by -1.0%
at the hypermarkets and up by +0.7% at the supermarkets. Although Carrefour
admittedly continued to lose market shares during the period, this weak performance
should be viewed in the context of demanding comps (LFL ex. fuel/petrol +2.1% at the
hypers and +2.5% at the supers in 1Q15). However, we are confident that the changes
implemented by the group in its commercial strategy will gain traction among French
customers at some point. Although Carrefour remains the third cheapest banner in
France, its price differential with Leclerc and Géant Casino hypermarkets is now at its
narrowest level in the past 12 months.
Top-line growth still dynamic in Southern Europe: We expect 1Q performance in
Spain and Italy will confirm the positive 4Q trends with LFL sales up by 3.0% in both
countries. In Spain, the group remains well positioned to benefit from the improving
economic environment, while its turnaround in Italy is under way. However, we believe
that Carrefour’s performance in Belgium will remain weak (LFL -0.5%) as the group is
impacted by Delhaize’s commercial initiatives to regain market share.
Mixed performance expected in Emerging Markets: We forecast another solid
performance in Brazil despite the continuing difficult environment with like-for-like
sales up by 9.0% ex-calendar. The group continued to benefit from its more favorable
format mix as well as the difficulties of its main competitors. However, we do not
expect any significant improvement in China, where Carrefour’s LFL sales will likely
decline again by -10.0% in 1Q despite undemanding comps.
Overweight rating reiterated with a €31 price target: Although Carrefour does not
offer the best earnings momentum in the sector this year and there are limited positive
catalysts in the short term, we struggle to justify the 20% discount at which it is trading
to its peers (FY16E P/E of 14.0x vs 17.7x for the sector average). Carrefour remains a
well managed company with a strong balance sheet and its multi-format strategy is
promising. Carrefour will release its 1Q sales on 15th April at 6:30am UK time
(conference call at 7:30 – dial in: +33 1 70 77 09 58, no password).
(Google Translation)
Quaestio Sgr will launch an alternative investment fund (FIA) called Atlas to support the recapitalization of Italian banks and facilitate the sale of the system suffering. This was communicated by a note of the management company headed by Alessandro Penati."Following meetings with a large number of institutional investors, banks, insurance, banking foundations and CDP - the note reads - Quaestio has reached an important number of accessions to launch the Atlas Fund. " The goal is' to ensure the success of the capital required by the Authority Supervisory increases in banks today are facing objective market difficulties, acting as a back-stop facility ". The second objective is the suffering. Atlas' will focus its investments on the junior tranche of securitization vehicles, being able to rely on those with greater seniority for which there is a manifest interest from investors. " The fund promoted by the government with private resources for the banking sector and launched by Sgr Quaestio Alessandro Penati, Cariplo and open to other investors to act as security to the capital increases network and resolve the problem of suffering is called Atlas as the Titan who was holding on his shoulders the weight of the heavens. An operation that, as the Prime Minister Matteo Renzi, sees the market "which addresses issues with its own resources without seeking public money." The fund, which according to some sources will have a budget of 5 billion can be increased up to EUR 6 billion, has in fact, as pointed out Queastio, "reached an important number of participants" on the part of banks, foundations and others and will see the CDP with a limited share. The new breakthrough arrived in the afternoon after a summit held at the MEF with CEOs of major Italian banks. At the meeting the details of the mechanism have been explained verbally defined in a positive climate and that, as they explained the participants, it gives confidence on the success of the operation. Besides the premier Matteo Renzi had announced in the morning that this is "the perfect week" for the banks plan of the government. Of course the meeting was "interim" because the written documentation will be provided on Tuesday at banks so that managers can then bring the dossier to the respective boards of directors. The same government, however, announced Renzi and Economy Minister Pier Carlo Padoan , will facilitate even more the creation of the fund not with public aid (not to fall under the ax of the EU) but with "accompanying policies" in order to speed up debt collection, putting them in dl banks that will also address the issue compensation. That way the measures taken to make the bankruptcy procedures in order to reduce and make more predictable and rapid re-entry periods easier and faster. Brussels, as the Fund will be based on private resources, will not require prior authorization, but in fact carefully consider the details of the mechanism to see whether there is violation of the rules on state aid. In the headquarters of Via XX Settembre and then arrived in different times, ad Unicredit and Intesa Sanpaolo while at 18 it was the turn of a large patrol of capiazienda of other banks: BNL, Bper, Banco Popolare, BPM, Creval, Credem and Popolare Sondrio, many of whom did not know the details the new mechanism on both the front of the quota price on the value of suffering, as well as the impact on equity of a possible participation in the operation. The meeting lasted for nearly two hours, would seem to have clarified these questions. You will see now what will be the people who actually participate in the fund. The foundations of the system, despite the misgivings of some bodies, should ensure around 500 million Euros thanks to the activism of President Acre and the Cariplo Giuseppe Guzzetti. The CDP precisely should maintain a limited amount not to feed the doubts of Brussels. In the statement issued in the evening, Quaestio notes that points Atlas' to ensure the success of Supervisory Authority required capital increases in banks today are faced with objective market difficulties, acting as a back-stop facility ". In the front row there are so Popolare Vicenza and Veneto Banca but not only. Also on loans (net in Italy to 88 billion euro) fund emphasizes that the amount that can be "deconsolidated from bank balance sheets will be far greater than those purchased by the Fund, as Atlas will focus its investments on the tranche junior securitization vehicles, being able to rely on those with greater seniority for which there is a clear interest from investors. "
Original in Italian : http://www.ilsole24ore.com/art/finanza-e-mercati/2016-04-11/nasce-atlante-fondo-salva-banche-215559.shtml?uuid=AC8Pcg5C&fromSearch
Quaestio Sgr lancerà un Fondo d'investimento alternativo (Fia) chiamato Atlante per sostenere la ricapitalizzazione delle banche italiane e favorire la cessione delle sofferenze del sistema. Lo comunica una nota della società di gestione presieduta da Alessandro Penati.
«A seguito di incontri con un vasto numero di investitori istituzionali, banche, assicurazioni, fondazioni bancarie e Cdp - si legge nella nota - Quaestio ha raggiunto un importante numero di adesioni per lanciare il Fondo Atlante». L'obiettivo è «assicurare il successo degli aumenti di capitale richiesti dall'Autorità di Vigilanza a banche che oggi si trovano a fronteggiare oggettive difficoltà di mercato, agendo da back stop facility». Il secondo obiettivo sono le sofferenze. Atlante «concentrerà i propri investimenti sulla tranche junior di veicoli di cartolarizzazione, potendo far leva su quelle a maggior seniority per le quali c'è un manifesto interesse da parte degli investitori».
Il fondo promosso dal governo con risorse private per il settore bancario e lanciato dalla Sgr Quaestio di Alessandro Penati, Cariplo e aperto ad altri investitori per fare da rete di sicurezza agli aumenti di capitale e risolvere il problema delle sofferenze, si chiama Atlante come il Titano che reggeva sulle spalle il peso della volta celeste. Una operazione che, come afferma il premier Matteo Renzi, vede il mercato «che affronta i problemi con risorse proprie senza chiedere soldi pubblici». Il fondo, che secondo alcune fonti avrà una dotazione di 5 miliardi di euro aumentabili fino a 6 miliardi, ha infatti, come sottolinea Queastio, «raggiunto un importante numero di adesioni» da parte di banche, fondazioni e altri e vedrà la Cdp con una quota limitata.
Il nuovo passo avanti è arrivato nel pomeriggio dopo un vertice tenuto al Mef con gli amministratori delegati delle principali banche italiane. Nella riunione i dettagli del meccanismo sono stati illustrati verbalmente in un clima definito positivo e che, come hanno spiegato i partecipanti, dà fiducia sul successo dell'operazione. D'altronde lo stesso premier Matteo Renzi in mattinata aveva annunciato che questa è «la settimana giusta» per il piano banche del governo. Certo la riunione è stata «interlocutoria» anche perché la documentazione scritta verrà fornita martedì alle banche in modo che i manager possano poi portare il dossier ai rispettivi consigli di amministrazione.
Lo stesso governo comunque, annunciano Renzi e il ministro dell'economia Pier Carlo Padoan, agevolerà ancor più la nascita del fondo non con un aiuto pubblico (per non cadere sotto la scure della Ue) ma con norme “di accompagnamento”, in modo da velocizzare il recupero crediti, inserendole nel dl banche che affronterà anche il tema indennizzi. Saranno così varate misure per per rendere più semplici e veloci le procedure concorsuali in modo da ridurre e rendere più prevedibili e rapidi i tempi di rientro. Bruxelles, visto che il fondo poggerà su risorse private, non richiederà un'autorizzazione preventiva ma appunto esaminerà con attenzione i dettagli del meccanismo per vedere se vi sia violazione della normativa sugli aiuti di Stato.
Nella sede di via XX Settembre quindi sono arrivati, in tempi diversi, gli a.d. di Unicredit e Intesa Sanpaolo mentre verso le 18 è stato il turno di una folta pattuglia di capiazienda delle altre banche: Bnl, Bper, Banco Popolare, Bpm, Creval, Credem e Popolare Sondrio, molti dei quali ignoravano i dettagli del nuovo meccanismo sia sul fronte del prezzo delle quote che sul valore delle sofferenze, oltre che sull'impatto sul proprio capitale di una eventuale partecipazione all'operazione. La riunione, protratta per quasi due ore, sembrerebbe aver chiarito questi interrogativi.
Si vedrà ora quali saranno i soggetti che effettivamente parteciperanno al fondo. Il sistema delle fondazioni, malgrado le perplessità di alcuni enti, dovrebbe assicurare circa 500 milioni di euro grazie anche all'attivismo del presidente Acri e della Cariplo Giuseppe Guzzetti. La Cdp appunto dovrebbe mantenere una quota limitata per non alimentare i dubbi di Bruxelles. Nel comunicato emesso in serata, Quaestio rileva come Atlante punti ad «assicurare il successo degli aumenti di capitale richiesti dall'Autorità di Vigilanza a banche che oggi si trovano a fronteggiare oggettive difficoltà di mercato, agendo da back stop facility». In prima fila ci sono così Popolare Vicenza e Veneto Banca ma non solo. Sulle sofferenze inoltre (le nette in Italia sono a 88 miliardi di euro) il fondo sottolinea come l'ammontare che potrà essere «deconsolidato dai bilanci bancari sarà di gran lunga superiore a quelle acquistate dal Fondo, in quanto Atlante concentrerà i propri investimenti sulla tranche junior di veicoli di cartolarizzazione, potendo far leva su quelle a maggior seniority per le quali c'è un manifesto interesse da parte degli investitori».
Il nuovo passo avanti è arrivato nel pomeriggio dopo un vertice tenuto al Mef con gli amministratori delegati delle principali banche italiane. Nella riunione i dettagli del meccanismo sono stati illustrati verbalmente in un clima definito positivo e che, come hanno spiegato i partecipanti, dà fiducia sul successo dell'operazione. D'altronde lo stesso premier Matteo Renzi in mattinata aveva annunciato che questa è «la settimana giusta» per il piano banche del governo. Certo la riunione è stata «interlocutoria» anche perché la documentazione scritta verrà fornita martedì alle banche in modo che i manager possano poi portare il dossier ai rispettivi consigli di amministrazione.
Lo stesso governo comunque, annunciano Renzi e il ministro dell'economia Pier Carlo Padoan, agevolerà ancor più la nascita del fondo non con un aiuto pubblico (per non cadere sotto la scure della Ue) ma con norme “di accompagnamento”, in modo da velocizzare il recupero crediti, inserendole nel dl banche che affronterà anche il tema indennizzi. Saranno così varate misure per per rendere più semplici e veloci le procedure concorsuali in modo da ridurre e rendere più prevedibili e rapidi i tempi di rientro. Bruxelles, visto che il fondo poggerà su risorse private, non richiederà un'autorizzazione preventiva ma appunto esaminerà con attenzione i dettagli del meccanismo per vedere se vi sia violazione della normativa sugli aiuti di Stato.
Nella sede di via XX Settembre quindi sono arrivati, in tempi diversi, gli a.d. di Unicredit e Intesa Sanpaolo mentre verso le 18 è stato il turno di una folta pattuglia di capiazienda delle altre banche: Bnl, Bper, Banco Popolare, Bpm, Creval, Credem e Popolare Sondrio, molti dei quali ignoravano i dettagli del nuovo meccanismo sia sul fronte del prezzo delle quote che sul valore delle sofferenze, oltre che sull'impatto sul proprio capitale di una eventuale partecipazione all'operazione. La riunione, protratta per quasi due ore, sembrerebbe aver chiarito questi interrogativi.
Si vedrà ora quali saranno i soggetti che effettivamente parteciperanno al fondo. Il sistema delle fondazioni, malgrado le perplessità di alcuni enti, dovrebbe assicurare circa 500 milioni di euro grazie anche all'attivismo del presidente Acri e della Cariplo Giuseppe Guzzetti. La Cdp appunto dovrebbe mantenere una quota limitata per non alimentare i dubbi di Bruxelles. Nel comunicato emesso in serata, Quaestio rileva come Atlante punti ad «assicurare il successo degli aumenti di capitale richiesti dall'Autorità di Vigilanza a banche che oggi si trovano a fronteggiare oggettive difficoltà di mercato, agendo da back stop facility». In prima fila ci sono così Popolare Vicenza e Veneto Banca ma non solo. Sulle sofferenze inoltre (le nette in Italia sono a 88 miliardi di euro) il fondo sottolinea come l'ammontare che potrà essere «deconsolidato dai bilanci bancari sarà di gran lunga superiore a quelle acquistate dal Fondo, in quanto Atlante concentrerà i propri investimenti sulla tranche junior di veicoli di cartolarizzazione, potendo far leva su quelle a maggior seniority per le quali c'è un manifesto interesse da parte degli investitori».
Golan may request to be appointed receiver
Golan Telecom, the Israeli telecommunications company, may request the appointment of a receiver, according to a report in Globes. The report noted, based on unidentified sources, that, following the probable decision of the Antitrust Authority of Israel to block its planned merger with the Israeli telecommunications company Cellcom, Golan is considering requesting the appointment of a receiver and a stay on proceedings from the court.
Golan has been paying ILS 21m (USD 5.7m) a month to Cellcom to use the latter's network, at a rate that has been increasing over the last few years, while it has not been able to expand its number of subscribers. The report said that the company believes these to be the main reasons for its financial difficulties, which it argues it might have overcome with a potential merger with Cellcom.
Golan did not comment on the news.
Globes
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US Market closed lower on the day of kick off of earnings with AA reporting. equity market gapped up to begin its day as more news regarding Italy's planned bad-bank fund boosted investor sentiment. The fund is aimed at limiting a possible contagion effect from bad loans originated by Italian banks and is expected to improve balance sheets of those banks. Separately, an extended rally in crude oil added support to the opening move higher. eight sectors were in the red with health care (-0.7%), consumer staples (-0.7%), and telecom services (-0.6%) rounding out the leaderboard. Conversely, materials (+0.5%), and financials (+0.3%) finished with the only gains. CHK+19.7% after having its borrowing base reaffirmed at $4 billion. The company also increased collateral under its loan amendment. Volume were in line with 888mil shares. After Hours Alcoa beats by $0.04, misses on revs; lowers FY16 aluminum demand growth to +5% from +6%; spin off on track for 2H, AA-4.72%. JNPR sees Q1 EPS $0.35-0.37 vs $0.44 Consensus, lower guidance -7%. Asian equity markets are mixed, with Shanghai Composite posting a modest decline while Nikkei225 leads the key indices higher. USD/JPY is helping the recovery in Tokyo, as the pair traded up about 30pips back above 108.20 from the get-go in Japan trading session. Negative interest rate policy (NIRP) at the Bank of Japan continued to backfire, with the latest Japan bank lending growth falling to 2 1/2 year lows. Some of the weakness in China stocks has been attributed to speculation that the latest inflation figures do not warrant continued policy easing by the PBoC. Brazil Lower House Congressional Committee voted by a margin of 38 to 27 in favor of impeaching Pres Rousseff, as the process now shifts to lower house of Congress vote on Sunday. ADRs of Brazil related names traded in Asia have reportedly rallied on these developments, with investors consistently cheering what appears to be an impending conclusion to the Rousseff administration saga.
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