Italy’s trickiest cash call is not coming cheap, writes LJucca
A man walks in front of Monte Dei Paschi di Siena bank in downtown Milan July 23, 2010. REUTERS/Stefano Rellandini/File Photo, in which the Italian government owns a 64% stake after a 2017 bailout, will pay 125 million euros in fees to underwriters of its jumbo 2.5 billion euro cash call, most of which will be taken up by Rome. The fees amount to some 15% of the 857 million euros banks and fund Algebris have agreed to backstop.
That compares to fees of just between 2% to 3% for plain rights issues, according to one senior banker. The fees in Saipem’sThe fees provide a buffer for underwriters including Citigroup
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