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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.