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Thursday, January 19, 2012, 11:30 AM Italian banks tapped the ECB's LTRO for €50B in December - covering 90% of their 2012 funding needs, with a second auction set to take place next month. Italy (+2.5%) is leading Europe higher today with especially gaudy gains by its banks. Unicredit +13.4%, Popolare +15%, Intesa +6.9%. (see also) Comment! [Global & FX, Financials]
Tuesday, January 17, 2012, 4:30 PM Aabar Investments - essentially an Abu Dhabi-owned hedge fund - buys up part of Unicredit's rights issue, giving it a 6.5% stake in the bank. Whether Aabar is the smart money or not is a different issue. The fund previously owned a 5% stake in Unicredit, but lost it through derivatives transactions as the stock's price fell over recent years. Comment! [Global & FX, Financials]
Thursday, January 12, 2012, 8:19 AM Unicredit +12.7% is leading Italy higher (+3.3%) as a local paper reports Kazakhstan's Samruk Kazyna Fund has taken a stake in the lender. Earlier, Blackrock retracted a statement it had slashed its stake in the bank. The shares remain lower by about 50% since the Jan. 4 capital raise. Comment! [Global & FX, Financials, On the Move]
Wednesday, January 11, 2012, 5:19 AM BlackRock (BLK) issues a correction, saying it still holds a 3.09% stake in UniCredit (UNCFF.PK). BlackRock's mistaken statement on Dec. 27 that it had cut its holdings to 1.71% helped prompt a massive sell-off in the Italian bank. UniCredit +4% in Italy. Comment! [On the Move, Financials]
Monday, January 9, 2012, 6:10 AM UniCredit's (UNCFF.PK) €7.5B ($9.5B) capital raising looks to be in further trouble after trading in the rights to buy into the share issue, which began today, were suspended and indicated -37.5%. The development doesn't bode well for other lenders that need to raise cash. UniCredit -11.2% in Milan. 1 Comment [Financials, Top Stories, On the Move]
Thursday, January 5, 2012, 1:14 PM Italian market regulator Consob has opened an investigation into the moves in UniCredit - off about 30% in 2 days in the wake of its dilutive capital raise. There is particular interest in whether there was a violation of the months old short-selling ban. 2 Comments [Global & FX, Financials]
Thursday, January 5, 2012, 9:54 AM Found in the prospectus for UniCredit's capital raise yesterday: "Concerns that the eurozone sovereign debt crisis could worsen may lead to the reintroduction of national currencies in one or more eurozone countries or, in particularly dire circumstances, the abandonment of the euro." 1 Comment [Global & FX, Financials]
Thursday, January 5, 2012, 9:36 AM Reuters reports a source in the Prime Minister's office saying Mario Monti has unexpectedly jetted off to Brussels, with no details yet on who he is meeting or what his agenda is. Italian shares scrape session lows, -3.8%. Unicredit -15.6%. Things to do in Brussels besides drinking beer. 3 Comments [Global & FX]
Thursday, January 5, 2012, 8:07 AM Simon Nixon wonders how Unicredit might do if named EineKredit and headquartered in Germany. The lender is again well-capitalized and has the ECB guaranteeing its funding requirements are met, yet trades at 0.2X book value even with profitable subsidiaries in Germany and elsewhere. A breakup of the company might deliver a wallop of value. Comment! [Global & FX, Financials]
Thursday, January 5, 2012, 7:59 AM Shares in Italy's 2nd largest bank, Unicredit, are off another 12% after tumbling about 15% yesterday in the wake of a massively dilutive capital raise. Leaving behind its 2009 financial crisis lows, the share price has returned to early 1990s levels. Italy's main stock gauge, the MIB 40, -3.3%. Comment! [Global & FX, Financials]
Wednesday, January 4, 2012, 12:11 PM Unicredit (UNCFF.PK) shares may have gotten slammed on the bank's capital raise today (off 14.5% in Milan), but the bank did raise the necessary funds, "no mean feat" given the debt crisis, writes George Hay. On the hook now are the underwriters who will find themselves holding €7B worth of shares if the stock falls below the €1.94 subscription price before the end of January. 1 Comment [Global & FX, Financials]
Wednesday, January 4, 2012, 11:05 AM Italy's Unicredit (UNCFF.PK) continues to slide, off 13.5% in Milan, as word emerges just 24% of shareholders took part in today's €7.5B share offering, despite it being priced 69% below Tuesday's closing price. Comment! [Global & FX, Financials]
Wednesday, January 4, 2012, 4:13 AM UniCredit (UNCFF.PK) approves the terms of a proposed share issue, with plans to offer 3.86B new shares at a steep 43% discount to current prices. UniCredit is looking to raise €7.5B ($9.8B) in new capital. Shares -9.9% in Italy. Comment! [Financials, On the Move, Global & FX]
Wednesday, December 21, 2011, 4:22 AM UniCredit (UNCFF.PK) and Intesa Sanpaolo (ISNPY.PK) are among the Italian banks that will reportedly use bonds guaranteed by Italy as collateral for loans from the ECB. Sources say officials from Italy's biggest banks are meeting with the Finance Ministry today to define the terms of the transaction. In Italy, UniCredit +2%, Intesa +2.6%. 1 Comment [Global & FX, Financials, On the Move]
Thursday, December 15, 2011, 12:59 PM UniCredit (UNCFF.PK) shareholders give 97.9% approval to the Italian bank's plan to raise €7.5B ($9.8B) through a share sale. That equates to 33.6% of its ordinary shares. With EU banks needing to raise €115B, and with UniCredit having the second-highest capital needs, the share sale will be closely watched. 3 Comments [Financials, Global & FX]
Tuesday, December 13, 2011, 4:47 PM Unicredit shareholders meet Thursday to approve a €7.5B rights issue that will be eyed closely by the entire banking industry. "If they fail, everyone else will fail," says an industry source. EU banks need to raise €115B in capital based on the latest EBA stress test, an amount that won't be reached by fancy accounting and selling assets. Unicredit has the 2nd highest capital needs. Banco Santander (STD) takes the #1 spot, needing €15B. Comment! [Global & FX, Financials]

UNCFF.PK Unicredito Italia Az

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Unicredito Italia Az