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Banks

Italy - Factors to watch on Jan. 19

The following factors could affect Italian markets on Thursday.

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

U.S. investors have bought around 11 percent of a new 6-billion euro 15-year bond Italy issued on Wednesday, the Treasury said.

Eurogroup President Jeroen Dijsselbloem told la Repubblica that if the EU Commission requested a “reasonable” 0.2 percentage point reduction in Italy’s structural deficit, the Eurogroup would accept it, dismissing criticism that austerity measures are to blame for weak growth.

COMPANIES

BANCA MONTE DEI PASCHI DI SIENA

The bank is unlikely to tap markets with an upcoming 2 billion euro ($2.1 billion) bond as it fears a state guarantee on the issue would not be sufficient to draw enough investor demand, three sources familiar with the matter said.

(*) The EU Commission will be strict in evaluating the bank’s rescue plan, Eurogroup President Jeroen Dijsselbloem told la Repubbica, making sure reimbursements for retail junior bondholders are not excessive.

PRYSMIAN

Investment firm Tamburi said its Clubtre unit sold a 1.85 percent stake in the company for 24.40 euros per share in an accelerated bookbuilding arranged by Morgan Stanley.

(*) CEO Valerio Battista told Il Sole 24 Ore that the business outlook for 2017 was good though not exceptional with a rather significant order book. He said the group’s focus was on cash generation and on how to use proceeds from an equity-linked bond that will be invested in treasury shares to be used in future acquisitions.

MEDIASET, TELECOM ITALIA

The group is ready to scale down its pay-TV business and give up broadcasting soccer if it becomes too costly, it told analysts at a closed-door presentation, in a strategic U-turn since a soured deal with Vivendi.

(*) Mediaset is open to an accord with Vivendi that supports growth for the Italian broadcaster, its chief executive was quoted as saying on Thursday, but there is no interest in a possible deal involving Telecom Italia.

LUXOTTICA

Rating agency Standard & Poor’s said on Wednesday it had placed its ratings for the company, including its ‘A-’ long-term and ‘A-2’ short-term corporate credit ratings, on CreditWatch with positive implications.

UBI, BANCA POPOLARE DELL’EMILIA ROMAGNA

The Bank of Italy said on Wednesday it had approved the sale of three small banks rescued from bankruptcy in November 2015 to UBI. It said a resolution fund financed by the country’s healthier lenders would now focus on completing the sale of the fourth rescued bank - Carife - to Popolare dell’Emilia Romagna.

UBI said late on Wednesday it had signed the contract to buy rescued banks Banca Marche, Banca Etruria and CariChieti.

GENERALI

French insurer AXA would not be able to buy a significant stake in the Italian group without the pre-emptive approval of insurance watchdog IVASS, according to Anna Finocchiaro, government minister for relations with parliament.

ITALIAN BANKS

Eurogroup President Jeroen Dijsselbloem said in an interview with la Repubblica he did not think there was a prospect of a new banking crisis in Italy but that the government was dealing with the problems of the past.

He added he did not know whether a 20 billion euro fund set up by Italy to support weak banks was sufficient but said it was positive “that government and supervisors are at work to solve these problems”.

ANSALDO STS

Ordinary shareholders’ meeting (1000 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

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