trending Market Intelligence /marketintelligence/en/news-insights/trending/VAsgyGS9NTUzVxKyMXQdvA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Monte dei Paschi to launch share-to-debt swap offer for retail bondholders

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Monte dei Paschi to launch share-to-debt swap offer for retail bondholders

Banca Monte dei Paschi di Siena SpA said it intends to launch a voluntary public offering on behalf of Italy's Ministry of Economy and Finance to swap shares former retail bondholders had been given as part of a state rescue for senior debt.

Shareholders who tender their stock will receive senior debt securities maturing May 15, 2018, up to a maximum aggregate nominal amount of €1.54 billion.

Monte dei Paschi said the tender period under the offering, which is expected to last three weeks, could begin before the end of October, subject to discussions with the Italian stock exchange and approval from Italian regulator Consob.

The Italian lender noted that if all shareholders were to tender all their stock, the Italian finance ministry's stake in the bank would rise to 67.76% from the current 52.18%.

BonelliErede advised Monte dei Paschi on the offering.