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Italy - Factors to watch on May 26
Italy - Factors to watch on May 26
About this update from Iren S.p.a.
The following factors could affect Italian markets on Monday.Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).For a complete list of diary events in Italy please click on .DEBTMoody's on Friday raised its outlook on Italy to "positive" from "stable", citing improved confidence following a "better-than-expected" fiscal performance last year and a "stable" political environment, which will support the government's plans. The credit ratings agency also maintained its "Baa3" rating on Italy.Scope Ratings said on Friday it had completed its monitoring review on Italian credit ratings without taking any rating action.Treasury announces minimum guaranteed rates for new 7-year BTP Italia bond offer due June 4, 2032.Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on May 29.COMPANIESUNICREDIT MIL:UCG, BANCO BPM MIL:BAMIThe European Central Bank and Bank of Italy have raised their level of attention on the need to protect the two lenders' stability after the latest twists and turns in UniCredit's attempt to buy smaller rival Banco BPM, Il Messaggero reported on Saturday.Following the decision by UniCredit to challenge in court the conditions the government has imposed for its bid on Banco BPM, and the potential legal reaction by Banco BPM, the newspaper said that the dispute has become too contentious, cutting off the market, stakeholders and investors.The two authorities want to verify whether Banco BPM's autonomy as a bank is preserved, the paper said, adding that in the coming days they would use all the tools at their disposal to verify the situation.The government has no intention to change the stringent conditions it set on UniCredit in relation to the lender's bid for Banco BPM, Treasury Junior Minister Federico Freni said on Friday.(*) An administrative court will discuss on June 10 the appeal presented by Banco BPM against market regulator Consob's 30-day suspension of UniCredit's takeover offer, ANSA news agency reported on Sunday, citing sources close to Banco BPM. PIRELLI MIL:PIRCThe Italian tyre maker Pirelli is in a risky situation after its Chinese leading shareholder Sinochem rejected a proposal by the company to solve governance issues that could hinder its expansion in the United States, the group's CEO told daily Corriere della Sera on Saturday....