Monte dei Paschi debt-to-equity swap won't include FRESH notes
Reuters
Published Dec 01, 2016 11:19
Updated Dec 01, 2016 11:31
Monte dei Paschi debt-to-equity swap won't include FRESH notes
MILAN (Reuters) - Italian bank Monte dei Paschi di Siena (MI:BMPS) said on Thursday it had not been able to include a nominal 1 billion euros in so-called "Fresh" financial instruments issued in 2008 in its offer to convert part of its debt into newly-issued shares.
The debt-to-equity swap offer is a key plank of a 5 billion euro (4.19 billion pound) capital raising plan the bank is striving to complete this year to stave off the threat of being wound down.
"The result of the analyses conducted so far regarding the possibility of including the "Fresh 2008" issue in the voluntary conversion offer, did not allow the bank for the time being to proceed with the plan," Monte dei Paschi said in a statement.
Monte dei Paschi CFO said on Wednesday the inclusion of the Fresh notes looked "quite difficult" given regulatory and time constraints.
The Italian press has reported that a group of funds led by Attestor Capital had bought the Fresh notes with the idea of converting them, but they failed to reach an accord on the terms of the conversion with the bank.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.