Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks

Monte dei Paschi shareholders approve €5bn recap plan

Posted on November 24, 2016

Shareholders at Italy’s Monte dei Paschi di Siena have voted in favour of the lender’s €5bn recapitalisation and a restructuring of its €28bn in gross non-performing loans, it said in statement on Thursday.

Monte Paschi, Italy’s third largest bank by assets, will launch a debt-for-equity swap from Monday, through which the bank hopes to raise up to €1.5bn, say senior bankers. It plans to raise the rest of the capital in a share sale.

Looming over the deal is an Italian referendum on constitutional reform on December 4 which senior bankers say will be decisive to plan’s success.

If a “No” vote wins – as polls indicate – senior bankers say Monte Paschi’s recapitalisation plan will not find backers and the Italian government will either end up taking a stake in the bank or the lender will have to undertake a mandatory debt for equity swap, in both cases forcing burden sharing on some investors.

Senior bankers say a “Yes” vote could see Qatar putting as much as €2bn into the bank as part of a relationship building exercise with the Italian government.

JP Morgan and Mediobanca are advising on the deal.

The shareholder meeting also voted Alessandro Falciai as chairman of Monte Paschi. He replaces Massimo Tononi who quit the role after only a year in the job following the ousting of former chief executive Fabrizio Viola under pressure from the Italian Treasury and JP Morgan.

Marco Morelli, a former Bank of America Merrill Lynch and JP Morgan banker, took over as CEO in September.