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Consob proposes change to Monte dei Paschi bondholder payout

Italian market regulator Consob believes the refund to retail investors who bought junior bonds from Banca Monte dei Paschi di Siena SpA should be determined by the price paid, rather than the nominal value of the debt, Reuters reported Jan. 19.

Under a decree passed in December 2016, about 40,000 holders will be able to swap their bonds, valued at 100% of nominal value, for shares in the bank that will be swapped into ordinary bonds. The changes proposed by Consob would prevent bondholders who bought junior bonds on the secondary market below par from deriving a profit by exchanging them for shares at 100% of nominal value.