UniCredit, the second largest bank in our country, readmitted to the consortium to place the bonds on the market Recovery Fund. Eight credit institutions, including the group led by Andrea Orcel previously excluded from deal unions to finance the Next Generation Eu will be admitted, as announced by Affaritaliani.it, to participate in future issues. This is what the European Commission communicates.
“After a careful analysis that took into account the remedies applied by the institutes and in accordance with the principle of proportionality, the Commission has approximately eight of the ten primary dealers who provided the requested information concluded its assessment“, indicates the EU executive. The eight institutions admitted to participate in future transactions – indicates a community source – are UniCredit, Nomura, Credit Agricole, Jp Morgan, Citibank, Barclays, Bank of America and Deutsche Bank. The evaluation process for the remaining two institutions is still ongoing.
On the occasion of the first operation the European Union had temporarily excluded 10 large banks from the start of the placement of the bonds issued to finance the Next Generation Eu plan for violation of EU antitrust rules. These institutions, although included in the list of primary dealer they had not been invited “to bid for individually syndicated transactions” and before they could participating in new transactions had to prove that they have put corrective measures in place to ensure that irregularities cannot happen again.
in the meantime on the stock market, today’s decline in the stock (-4.3%), hands over to the group in Piazza Gae Aulenti the black shirt weekly Piazza Affari: UniCredit sold 7% between last Monday and today’s session. The recall of the hawk the Fed this time scared the markets which – amidst the hypothesis of an anticipated rate hike, reductions in stimulus programs and galloping inflation – were hit by investor sales.
The main European stock exchanges closed in red, with banks, energy and insurance companies at the bottom of the lists. Struggling with the day of four witches, i.e. the simultaneous expiration of a substantial amount of derivatives on international markets, which already increases volatility by itself, the lists have increased their losses after the surprise exit of Jim Bullard, Fed chairman of St. Louis, who said in an interview that he expects the first rate hike towards the end of 2022 (and not 2023 as emerged from the last Fed meeting), explaining how the debate on possible monetary policy adjustments is now ‘open’ because there would be more inflation than expected “.
In this climate, while Wall Street is heading for the worst week since January, Piazza Affari lost 1.9% at the end of the session.