Seeking Alpha


- OTCPK - Current
  • Jan. 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.
  • Jan. 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!
  • Jan. 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!
  • Jan. 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
  • Jan. 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!
  • Jan. 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!
  • Dec. 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
  • Dec. 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.
  • Dec. 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!
  • Dec. 8, 2011, 11:18 AM
    Results begin to leak out about the latest (likely irrelevant) EU bank stress tests. The EBA concludes the continent's banks need to raise €114.7B, €8B more than the October estimate. German lenders need €13.1B, Italians €15.4B. U.K banks (the collective) apparently are not in need of fresh capital.
  • Nov. 18, 2011, 11:21 AM
    Continuing declines in government bond prices suggest Italy's banks need an additional €6.1B in capital beyond that estimated by the EBA just weeks ago. An example: Two year paper valued at €0.97 on the euro on September 30 is now worth just €0.927.
    | Comment!
  • Nov. 16, 2011, 2:55 PM
    BNP Paribas (BNPQY.PK) joins other EU lenders in slashing jobs as they seek to cut costs and raise capital. BNP will cut 1,396 positions - roughly 6.5% of its staff - from its corporate and investment bank, a division that is struggling due to the difficult financial markets.
    | Comment!
  • Nov. 16, 2011, 7:30 AM
    The CEO of Unicredit requests the ECB widen the range of collateral it will accept from Italian banks in exchange for funding. This news, which signaled a worsening of the liquidity freeze for Italy's lenders, short circuited a nice rally in risk assets this morning.
    | Comment!
  • Nov. 14, 2011, 9:25 AM
    Unicredit resumes trading, -9% in its first prints after being halted before its earnings release. Europe at session lows, Stoxx 50 -1.7%. Italy -2.2%.
    | Comment!
  • Nov. 14, 2011, 9:19 AM
    Shares are halted in Italy's Unicredit after the announcement of a €10.6B loss in Q3 against expectations of a €7.4B profit. The bank will slash 5.2K jobs, eliminate its dividend, and proceed with a capital raise of €7.5B (market cap is €15B). Unicredit is the only Italian lender among 29 financials worldwide considered systemically important financial institutions. (earlier)
  • Nov. 14, 2011, 6:55 AM
    Italy's Unicredit is expected to unveil 5K in job cuts and plans to raise €7.5B in a rights issue. The bank - with a book of €38B of government debt -  forgot the maxim to raise capital when you can, not when you have to, and now will have to tap markets following a near 50% plunge in shares this year.
    | Comment!
Visit Seeking Alpha's
UNCFF vs. ETF Alternatives
Company Description
Currently, there's no company description for UNCFF.
Sector: Financial
Country: Italy