Deals
Monte Paschi Said to Consider Debt-Stock Swap to Trim Share Sale
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Banca Monte dei Paschi di Siena SpA is considering using a debt-for-equity offer as a way to reduce the size of its planned 5 billion euros ($5.6 billion) rights issue, according to a person with knowledge of the matter.
The swap is only one of the options the bank is considering, said the person, who asked not to be identified because the matter is private. The rights issue is part of a financing plan announced last month on the same day European stress tests showed that Monte Paschi’s capital would be wiped out in a severe economic crisis.