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Bollettino 01-2020 Anno 145 - N. 1 (1a quindicina di gennaio) € 8,00 Milano, 15 gennaio 2020 ISSN 2499-1457 Pag. 1 Quindicinale finanziario tecnico-culturale fondato nel 1876 da F. Bocconi e A. Brambilla, diretto da Sandro Gerbi FITD (SVI), mediante compensaZione INDICE con il credito derivante dalle obbligazio- ni subordinate denominate “Banca Cari- Azioni L’Italia in recupero Rubrica dell’azionista ..................... pag. 1 ge S.p.A. 2018-2028 Tasso Fisso Tier II” Operazioni in corso, approvate dallo stesso possedute, per un importo e deliberate............................................ » 1 Emanuele Bellingeri, Managing Director, nominale corrispondente; Dividendi................................................ » 3 Head of Asset Management Italy at Credit Suisse (ii) la seconda tranche, di importo pari Convocazioni Assemblee e CDA ........ » 4 a €63 milioni, è stata sottoscritta da Cas- Obbligazioni sa Centrale Banca (CCB); L’industry dell’Asset & Wealth Management sta cambiando radicalmente. Qua- Rubrica dell’obbligazionista ................ » 6 (iii) la terza tranche, di importo pari a Obbligazioni del mese.......................... » 7 li i driver di crescita nel prossimo futuro? €85 milioni, è stata sottoscritta per Nuove quotazioni.................................. » 8 Le sfide le conosciamo e sono la pressione sui margini e una spinta al consolida- €22.845.540,881 da coloro che risultava- Calendario 2020 emissioni titoli di mento per la battaglia sulle fee. Di fatto la MIFID ha accelerato questo modello dan- stato italiani in euro............................... » 8 no azionisti della Banca precedentemen- do ancora più spinta all’industrY del passivo che ha raggiunto i 6 trilioni. Un ruolo Cedole.................................................. » 13 te alla data di avvio dell’Offerta (cui tale chiave lo giocano l’asset allocation e la ricerca. L’asset allocation in particolare deve tranche era riserVata) e per Fondi di investimento combinare il passivo con una selezione di fondi capaci di catturare l’alfa quali i fon- Fondi “nuovi autorizzati”...................... » 8 €62.154.459,12 dal Fondo Interbancario Dividendi Fondi/ETF........................... » 11 di tematici e il mondo degli alternativi (real estate, private markets.. ). di Tutela dei Depositi (FITD), a Valere Analisi del mercato sulla garanzia dallo stesso prestata sulla I mercati............................................... » 16 Dopo le ottime performance sui mercati azionari nel 2019, quali indicazioni porzione della tranche non sottoscritta, Costo del capitale proprio calcolato per il nuovo anno? (iv) la quarta tranche, di importo pari tramite CAPM ..................................... » 16 Il nuovo anno si è aperto con scenari macro del tutto inattesi che al contempo non ad €238,8 milioni, è stata sottoscritta dal Indici mercato azionario italiano ....... » 16 hanno avuto grandi impatti sui mercati azionari. Sembra quindi che anche la ricer- FITD. Indice delle banche sistemiche......... » 16 ca giochi un ruolo chiave. Una ricerca globale capace di individuare i macro trend e Tassi d’interesse emissioni Come preVisto dall’operaZione di Raf- una presenZa globale permette di anticipare o leggere prontamente gli scenari di governative.......................................... » 16 forzamento Patrimoniale e come indica- geopolitica che assieme alle politiche delle banche centrali oggi definiscono le rego- to nel relativo Regolamento, sono inoltre le del gioco. oggi in assegnaZione gratuita gli “War- Rubrica dell’azionista rant Banca Carige S.p.A. 2020-2022” ai IT0003128367 - ENEL - Il 23 dicem- Qual è la vostra visione sull’Italia? beneficiari, diversi da SVI, FITD e CCB, bre 2019 Enel ha comunicato che, attra- Per il 2020 abbiamo una visione positiva sul mercato Italiano basata su una cresci- nel rapporto di 1 (uno) Warrant ogni 4 verso la sua controllata statunitense per ta degli utili a cui potrebbe essere accompagnata un’espansione del multiplo. (quattro) AZioni sottoscritte ed emesse le rinnoVabili Enel Green PoWer North A liVello di utili ci aspettiamo che alcuni settori ciclici come i consumi, gli industriali nell’ambito dell’Aumento di Capitale. America, Inc. (EGPNA), ha messo in e il settore energetico possano marcare crescite a doppia cifra e trainare così il mer- Nel contesto dell’operazione di Raffor- eserciZio il parco eolico da 450 MW di cato. Anche le utilities potranno fare bene, mentre per le banche ci aspettiamo utili zamento Patrimoniale, in data odierna è High Lonesome situato nelle contee di positivi ma con crescita inferiore. A livello di multiplo il mercato rimane a sconto ri- aVVenuta anche l’emissione e il regola- Upton e Crockett in Texas, il più grande spetto alla storia (di circa il 2%), mentre ancora fortemente a sconto rispetto agli al- mento del prestito subordinato Tier 2 per parco eolico in eserciZio presente nel tri mercati europei (di circa il 20%). €200 milioni, interamente sottoscritto da portafoglio globale di rinnoVabili del Inoltre dal punto di vista valutativo pensiamo che il rendimento da dividendo possa primari investitori istituzionali. Gruppo. Enel ha inoltre siglato con Da- comprimersi ulteriormente nel 2020, trainato dalla situazione globale dei tassi. In A seguito della realiZZaZione del Raf- none North America, società di pubblica questo ambito, le utilities regolate e le assicurazioni offrono ancora un rendimento forzamento Patrimoniale, dando corso a utilità, un PoWer Purchase Agreement non proporzionato al livello di rischio e pensiamo che il mercato possa correggere quanto previsto dall’Accordo Quadro fir- (PPA) della durata di 12 anni per la for- questa valutazione al rialzo. Infine pensiamo che il mercato possa beneficiare dalla mato da FITD, SVI, CCB e Carige, lo SVI nitura di energia rinnovabile, che preve- nuova normativa PIR, perciò siamo positivi anche sulle società a media capitalizza- ha consegnato parte delle aZioni riVe- de la consegna dell’elettricità prodotta da zione. In questo segmento adottiamo un approccio molto selettivo, stando su nomi nienti dalla sottoscriZione della prima una porZione di 20,6 MW del progetto al- di elevata qualità. tranche dell’Aumento di Capitale (per un l’azienda di prodotti alimentari e bevan- controValore pari a €10 milioni) alla de, permettendo l’espansione del parco di Credit Suisse è attiva in tutte le aree. Quali le sinergie col Private Banking e Banca che ha dato disposizioni di accre- ulteriori 50 MW e incrementando così la l’Asset Management? ditare le azioni in oggetto sui conti degli capacità di High Lonesome fino a un to- Sì Credit Suisse è attiva in tutte le aree anche nel private banking e nell’investment intermediari in data 23 dicembre 2019, tale di 500 MW. L’espansione da 50 MW banking. La peculiarità in Italia è che tutte e tre le divisioni sono presenti in forze e affinché vengano assegnate - nei termini di High Lonesome, attualmente in co- collaborano fianco a fianco anche grazie alla prossimità fisica. Non solo, come as- previsti dalla Nota sull’assegnazione gra- struzione si prevede che inizi a produrre set management siamo gli unici ad avere anche un team di gestione nel Paese, non tuita delle azioni agli azionisti pubblica- energia nel primo trimestre del 2020. ci limitiamo ad avere solo la forza vendita. La presenza di team esperti delle tre di- ta il 30 agosto 2019 sul sito internet del- la Banca - a coloro che, essendo aZionisti IT0003007728 - TOD’S - Il 23 dicem- visioni ci rende anche possibile soddisfare le esigenze del cliente con soluzioni su della Banca precedentemente alla data di bre 2019 la Società ha comunicato che è misura che combinano le capacità delle tre divisioni e si avvalgono dell’expertise e stato depositato per l’iscrizione presso il aVVio dell’Offerta, hanno partecipato al- dell’esperienza maturate negli anni anche in altre geografie. Registro delle Imprese delle Marche l’at- l’Assemblea Straordinaria del 20 settem- to di fusione per incorporaZione della so- bre 2019. cietà interamente controllata Del.Com. poiché realizzata con società interamen- di rafforzamento patrimoniale e di deri- Nell’ambito del complessiVo rafforZa- S.r.l. nella Tod’s S.p.A. in esecuzione del- te controllata senZa interessi significatiVi sking annunciata lo scorso 9 agosto dai mento e risanamento della Banca, si è le delibere di fusione rispettiVamente di altre parti correlate. Commissari Straordinari e approVata perfezionata, nei termini e alle condizio- adottate dal CdA della Tod’s S.p.A. e dal- dall’Assemblea Straordinaria degli aZio- ni descritte nel Prospetto InformatiVo, l’assemblea dei soci di Del.Com. S.r.l. in Operazioni in corso nisti il 20 settembre 2019; l’Aumento di l’operazione di cessione di crediti. Capitale da €700 milioni è stato intera- data 21 ottobre 2019. OpZioni-assegnaZioni-cambi-raggruppamenti-fraZionamenti Rispetto a quanto comunicato in data L’atto di fusione sarà trasmesso alla mente sottoscritto tramite l’emissione di 13 dicembre u.s. l’importo sottoscritto da Consob nei termini previsti dalla norma- (Dopo il cod. ISIN indichiamo la data di inizio e 700.000.000.000 di nuove azioni ordina- coloro che risultaVano aZionisti della tiva regolamentare vigente. di fine dell’operazione) rie della Banca, allocate nel modo se- Banca precedentemente alla data di aV- La fusione, ai sensi dell’art. 9.1 lettera IT0005108763 - 09/01/2020 - guente: Vio dell’Offerta, risulta aumentato delle e) del Regolamento Consob n. 31/01/2020 - BANCA CARIGE: il 20 di- (i) la prima tranche, di importo pari a azioni sottoscritte in prelazione. 17221/2010,
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