November 29, 2016 / 5:00 AM / 10 months ago

Italy - Factors to watch on Nov. 29

The following factors could affect Italian markets on Tuesday.

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 .

ECONOMY

Rome, Economy Minister Pier Carlo Padoan attends book presentation (1700 GMT).

Stalling recovery would be the greatest risk facing the euro zone’s economy, the head of the European Central Bank said on Monday, underscoring, before an important policy decision next week, the ECB’s focus on supporting growth.

DEBT

Italy’s public debt is sustainable but there is no room for complacency and the government should respect European budget rules, European Central Bank President Mario Draghi said on Monday.

Treasury sells 1.25-1.75 billion euros 0.35 percent BTP bonds due Nov. 1, 2021; 1-1.5 billion euros 1.25 percent BTP bonds due Dec. 1,2026; 1.25-2.0 billion euros CCTeu bonds due Feb. 15, 2024; 0.500-1.0 billion euros CCTeu bonds due June 15, 2022. Subscriptions close at 1000 GMT.

COMPANIES

BANCA MONTE DEI PASCHI DI SIENA

More than 8 billion euros of legal claims against Monte dei Paschi di Siena, its weakening liquidity and the potential for more bad loan writedowns are among risks the bank says could scupper its 5-billion-euro rescue plan.

The bank purchased a nominal 3.98 million euros worth of Upper Tier II 2008-18 securities and sold 395,000 euros worth of the same notes on Monday, it said in a statement.

(*) Over 90 percent of the retail investors who hold Monte dei Paschi’s 2.1 billion euro bond due in 2018 won’t be able to convert their securities into shares without upgrading their risk profile under MiFID rules, something which the bank will not encourage them to do, Il Sole 24 Ore reported citing sources within the bank.

(*) The paper also said market watchdog Consob has clarified the short-selling ban on Monte dei Paschi shares applies also to bondholders who took up the conversion until the bank declares the conversion valid. This is a problem as it prevents investors from netting their position, Il Sole said.

(*) Monte dei Paschi is set to hold a board meeting on Thursday after its top managers meet investors in London, Paris Frankfurt and, possibly, New York this week, Il Messaggero reported, adding Qatar’s Investment Authority may be willing to sign a non-binding agreement to invest 1 billion euros in the bank.

(*) UNICREDIT

The bank expects to sign a pre-underwriting agreement with a consortium of banks for a planned cash call of up to 13 billion euros before a Dec. 12 board meeting, Il Messaggero reported. The share issue should be launched in February. Morgan Stanley, UBS, JPMorgan, BAML and Mediobanca will be joint global coordinators for the issue. Credit Suisse, Goldman Sachs, HSBC and Citi co-global coordinators.

BANKS

A top bond investor for BlackRock, the world’s largest asset manager, is bargain-hunting in Europe as investors fret over a coming vote that may shake Italy’s government.

ENI

The Italian oil and gas company is in talks with various parties to cut its stake in the giant Zohr gas field offshore Egypt to 50 percent, Chief Executive Claudio Descalzi said on Monday.

He added that an agreement on Mozambique field stake sale is “ripe”, but permits and bureaucracy are slowing things down.

TELECOM ITALIA

Telecom Italia and its controlling shareholder Vivendi have agreed their first content partnership which will give the Italian phone company’s customers access to short, original series designed for mobile devices.

CREDITO VALTELLINESE

Next year will be an interesting year for Creval in terms of M&A, as it will be for other former cooperative banks that were transformed into joint stock companies, the lender’s chairman Miro Fiordi told Reuters, adding that getting to a merger won’t be easy.

EDISON, ENI

Italian energy group Edison EDNn.MI, a division of French utility EDF EDF.PA, wants to triple the size of its domestic electricity and gas retail business as the market is opened up to more competition, and is interested in buying oil company Eni’s ENI.MI retail business, its CEO said on Monday.

ALERION CLEAN POWER

Edison said on Monday its unit Eolo Energy bought further shares in Alerion Clean Power outside its takeover bid on the company, raising its stake in Alerion to 12.144 percent.

CDR ADVANCE CAPITAL

Extraordinary, warrant and bond holders’ meetings.

FALCK RENEWABLES

Presents 2017-2021 industrial plan (1430 GMT).

BANCA IFIS

The company said it had bought about 71 million euro ($75.1 million) nominal value worth of non-performing loans.

M&A, ILVA

India’s JSW Steel has joined one of two investor groups vying to take over Italy’s loss-making Ilva steel plant, a source with knowledge of the matter said on Monday.

M&A, AC MILAN

Silvio Berlusconi’s holding company may ask the Chinese investors seeking to buy Italian soccer club AC Milan to make a further downpayment if the deal’s closing is postponed, two sources close to the matter told Reuters on Monday.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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