UniCredit a annoncé lundi que ses ratios de solvabilité à fin 2016 ne répondaient pas aux exigences imposées par la BCE en attendant son augmentation de capital de 13 milliards d’euros pour renforcer son bilan.
Dans un document de préparation à la levée de fonds, la banque italienne explique la dégradation de ses ratios de fonds propres par les charges exceptionnelles de 12,2 milliards d’euros qu’elle prévoit d’inscrire dans ses comptes du quatrième trimestre afin de renforcer la couverture de ses créances douteuses.
La plus grande banque italienne précise que son ratio de solvabilité CET1 devrait être d’environ 8% fin 2016.
Elle ajoute qu’elle ne sera pas en mesure de verser des dividendes et des coupons sur certains instruments de dette tant que ses ratios n’auront pas été améliorés.
Rappels
January 24 – Bloomberg (Saleha Mohsin): “U.S. Treasury Secretary nominee Steven Mnuchin said an ‘excessively strong dollar’ could have a negative short-term effect on the economy. ‘The strength of the dollar has historically been tied to the strength of the U.S. economy and the faith that investors have in doing business in America,’ Mnuchin said in a written response to a senator’s question about the implications of a hypothetical 25% dollar rise. ‘From time to time, an excessively strong dollar may have negative short-term implications on the economy.’ The dollar slumped to the weakest in more than six weeks after the remarks…”
January 23 – Reuters (Lisa Lambert and David Lawder): “Dialing back the Volcker Rule that limits banks’ ability to engage in speculative investments is a top priority for President Donald Trump’s nominee for U.S. Treasury secretary, Steve Mnuchin, according to a document seen by Reuters… In written responses to questions posed by members of the U.S. Senate Finance Committee, Mnuchin said he would use his role as head of the interagency Financial Stability Oversight Council to give the Volcker Rule a stricter definition of proprietary trading. In ‘prop trading’ a financial firm uses its own money to invest in privately held companies, hedge funds and similar vehicles. The Volcker rule was designed to limit the type of risk-taking activities that helped land banks in trouble during the financial crisis. ‘As Chair of FSOC I would plan to address the issue of the definition of the Volcker Rule to make sure that banks can provide the necessary liquidity for customer markets and address the issues in the Fed report,’ Mnuchin wrote…”
January 26 – Financial Times (Barney Jopson): “Dozens of US exporters including GE and Boeing are squaring off against Walmart and other retailers as a radical Republican plan to tax imports divides the giants of corporate America. The rift in the business community threatens President Donald Trump’s pledge to overhaul the tax code for the first time in 30 years by undermining a blueprint that House Republicans are drafting for the White House. The Financial Times has learnt that GE, Boeing, Dow Chemical and dozens of other manufacturers are in advanced talks over forming a coalition to lobby in favour of the import tax, just as Walmart and other big importers… rally against it… The ‘border adjustment’ tax regime, which would penalise imports and exempt exports, is central to the plans of House Republicans initiating tax legislation.
January 24 – Financial Times (Joe Rennison): “Foreign investor participation in US government bond auctions remains subdued, according to fresh data…, despite renewed appetite for 3-year and 10-year debt. Foreign investors bought the smallest percentage of the recent 30-year Treasury bond auction since February 2016… Analysts point to the reduction in Treasury holdings from big foreign holders such as China and Japan putting pressure on others to back away from the Treasury market, despite it’s relatively more attractive yields compared to other government securities across the globe.”
January 23 – Wall Street Journal (Christopher Whittall, Jon Sindreu and Brian Blackstone): “By keeping interest rates low and in some cases negative, central banks have prompted some of the most conservative investors to join the hunt for higher returns: Other central banks. Central banks from Switzerland to South Africa are investing a bigger share of their growing foreign-exchange reserves in equities, corporate bonds and other riskier assets. Branching out from the traditional central-bank practice of investing primarily in ultrasafe government bonds such as U.S. Treasurys means taking on more risk. But at a time when global growth, interest rates and potential returns on many assets are low, many central bankers are becoming increasingly focused on maximizing investment returns.”
[Reuters] Global shares, dollar retreat on Trump travel ban, weak U.S. GDP
[Washington Post] Trump’s First 100 Days: Trump’s move on immigration leads to chaos at airports
[FT] Asia borrowing binge hits record high in January
[Bloomberg] Dollar Slips After Trump Move, Asia Stocks to Fall: Markets Wrap
[Reuters] U.S. stock futures fall after Trump immigration controversy
[Reuters] BOJ to keep policy steady, seek to allay tapering fears
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