January 11, 2019 / 5:02 AM / 5 months ago

Italy - Factors to watch on Jan. 11

The following factors could affect Italian markets on Friday.

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

ISTAT releases November industrial output (0900 GMT) and monthly bulletin on the state of the economy in December (1000 GMT).

DEBT

Treasury sells 2.5-3.0 billion euros 2.30 percent BTP bonds due Oct. 15, 2021; 1.75-2.25 billion euros 2.50 percent BTP bonds due Nov. 15, 2025; 0.75-1.25 billion euros 3.45 percent BTP bonds due March 1, 2048. Subscriptions close at 1000 GMT.

Japanese investors bought 22 billion yen of Italian state bonds in November, according to data from the Treasury.

FIAT CHRYSLER

The Italian automaker has agreed to a settlement worth about $800 million to resolve claims from the U.S. Justice Department and state of California that it used illegal software that produced false results on diesel-emissions tests, according to court filings on Thursday.

UNICREDIT, BANCA CARIGE

Italy’s biggest bank might consider buying troubled Banca Carige if such a deal came with state financial support, two sources close to the matter said on Thursday.

Banca Carige shares are currently suspended from trading.

BANCA CARIGE

The troubled Italian lender could launch a state-guaranteed bond worth around 1 billion euros next week, Italian daily Il Messaggero said on Friday.

The Malacalza family, the bank’s main shareholder, welcomes requests from Italy’s two deputy prime ministers for more light to be shone on the lender’s troubles and its debtors, Il Sole 24 Ore said citing sources close to the family. (*) Malacalza is still committed to Carige and is ready to do its part, La Stampa said. In an interview with the paper the banking association president Antonio Patuelli said it would be a mistake to nationalise the bank.

TELECOM ITALIA

An attempt to convince three board members representing the majority slate of investor Elliott to resign to make way for representatives of the main shareholder Vivendi has failed, Il Sole 24 Ore said. That paves the way for a clash in next Monday’s board meeting to set a shareholder meeting requested by Vivendi to revoke 5 Elliott members.

The board is leaning towards calling a shareholder meeting at the end of February and in any case after the Feb. 26 board meeting on 2018 results, La Repubblica said.

GENERALI

Ratings agency AM Best upgraded the Italian biggest insurer’s long-term credit rating to ‘a+’ from ‘a’ and affirmed its financial strength rating of A(Excellent), Generali reported on Thursday. The outlooks on both ratings are stable. (*) Gabriele Galateri is in pole position to be reconfirmed as chairman of the insurer, Il Sole 24 Ore said.

(*) ATLANTIA

The new governance structure of the group’s Italian highway unit Autostrade per l’Italia (ASPI) will probably be drawn up next week, Il Sole 24 Ore said. Atlantia CEO Giovanni Castellucci will meet minority shareholders Allianz and Silk Road Fund on names with ASPI general manager Roberto Tomasi in pole to become CEO.

TERNA

The Italian power grid company sold 250 million euros of green bonds maturing in July 2023 via private placement as a reopening of an issuance launched in July 2018, the company said on Thursday. The new bonds pay a yield 1.05 percent, equal to 90 basis points over the midswap rate.

(*) CREDITO EMILIANO

Credem has successfully issued a 750 million euro covered bond.

CATTOLICA ASSICURAZIONI

The Board of Directors of the Italian cooperative insurer accepted General Reinsurance request to become a member of the company. General Reinsurance, which is part of Warren Buffet’s Berkshire Hathaway Group, is Cattolica’s main shareholder with a 9,047 percent stake.

(*) TISCALI

The company announced the issue of a convertible bond loan on Friday.

STEFANEL

An Italian court gave the clothing group until April 15 to file for creditor protection scheme or for a debt restructuring agreement, the company said on Thursday. The court simultaneously appointed three judicial commissioners, Stefanel added.

VISIBILIA EDITORE

Extraordinary shareholders’ meeting (0800 GMT).

DIARY

Rome, Prime Minister Giuseppe Conte attends meeting of labor consultants (0900 GMT).

Rome, President Sergio Matterella, Prime Minister Giuseppe Conte, Bank of Italy Governor Ignazio Visco attend a book presentation (1600 GMT).

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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