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News from Italy |
ITALY SEES FIRST BANK REQUEST FOR STATE AID |
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3/11/2009
- Banco Popolare has become the first Italian bank to seek state aid to strengthen its capital base. The bank has announced that it will sell €1.45 billion of convertible bonds to the government.
Last month the Italian government approved a decree allowing banks to raise up to €12 billion in capital by selling convertible bonds that could be converted into non-voting shares to the government. The decree introduced the so-called Tremonti bonds as a way to pump cash into the credit system.
In exchange for the bonds, the banks will pay an annual coupon of between 7.5 and 8.5% initially, although this will increase over time.
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Fonte: Citywire
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