The Italian Stock Exchange, commenting on the session of September 6, 2023

The session for Italian stocks and the main stock exchanges of the Old Continent continues in negative territory. In Avary Square, Popolare de Sondrio is in the spotlight, due to some rumors regarding the possible rise of the Unipol capital. It is a step that opens up new scenarios for the sector.

At 12:00, the FTSEMib index lost 0.65%, reaching 28,465 points. While the total shares decreased by 0.63%. The middle border (-0.37%) and the star (-0.48%) are also red.

Banks in general are sluggish, which is also quite noticeable. With one exception: those outside of FTSEMib are in remarkable shape Sondrio’s people which rises by 4.92%. According to rumors, in recent weeks Unipol (-0.51%) would have asked the European Central Bank to be able to increase the bank’s capital to 19.99%. If that were the case, the insurance group would have the same minimum BBR Bank (-1.62%). It is a situation that could be a prelude to a common future for the two banks.

On the matter, the Unipol Group issued, this morning, a memorandum in which it confirmed that it had “started preparatory activities to obtain the necessary licenses from the competent regulatory authorities (Italian and foreign) for evaluation, taking into account market conditions and the general context that exists from time to time, and potential future increases in investment.” In the shares held by the Unipol group in Banca Popolare di Sondrio”.

Eyes rise among insurance companies General insurance (-0.71%). Il Leone di Trieste introduced a new Euro-denominated Tier 2 security maturing in September 2033, issued in a green format, with an amount equal to EUR 500 million, an annual coupon of 5.272% and an issue price of 100%. This transaction is in line with Generali’s commitment to sustainability. In fact, the corresponding amount of net securities proceeds will be used to finance “qualifying green projects.” During the bond offering phase, applications exceeding €1.1 billion, more than twice the offer, were raised from a highly diversified base of approximately 180 international institutional investors, representing approximately 90% of applications placed.

Soul contract (-0.37%) announced that net inflows to assets under management in August 2023 were positive at €256 million. In the first eight months of 2023, Anima Holding’s net inflows were positive at €577 million. Total assets under management at the end of August 2023 amounted to 188.22 billion euros, an increase compared to the same month last year when it reached 182.8 billion euros.

S&P Global Ratings upgraded its debt rating to: We are building (-0.77%) to “BB” from “BB-” with a stable outlook. The reasons lie in the improvement of Webuild’s credit metrics in 2022 and in the further improvement they will bring in the biennium 2023-2024, reflecting the increase in revenues, profitability and better cash flow management. This improvement is largely due to the increase in revenue resulting from significant new orders obtained. Furthermore, S&P identified Webuild’s improvement in financial risk profile as sustainable and highlighted how it has benefited from the company’s strong experience in executing complex construction projects.