20 November 2019 by jbchevrel
Atlantia SpA (ATLIM) manages, expands, and maintains transport infrastructures under concession. ATLIM manages 14,000 km of toll motorway in Europe, Americas and India. ATLIM also operates electronic tolling systems as well as the airports in Rome and the great city of Nice. ATLIM was a member of the Main until s30 included and since then a member of the CrossOver. Today it was the worst-performing name in CrossOver s32, the 5y wider by +35bp. Last night ATLIM released a statement announcing its temporary withdrawal from the Alitalia bailout. “Following on from the announcement of 15 October 2019, having noted the lack of any significant developments in relation to the issues raised at that time, the Company announces that, as things stand, the conditions that need to be met in order for Atlantia to be able to take part in a consortium, set up to put together a binding offer for Alitalia, do not as yet exist. In any event, Atlantia continues to be willing to engage in the process of identifying an industrial partner and reaching agreement on a solid, long-term business plan for the turnaround of Alitalia.” 5y CDS was +15bp on the back of that, adding to the general risk off move this AM. Then the widening accelerated (5y CDS came wider +35bp) as La Repubblica reported that the boards of ATLIM and ASPI (ATLIM highway unit) may have had information indicating that Genoa’s bridge that collapsed had safety issues. Repubblica cited a document found in ATLIM’s registry by finance police as part of a probe over the bridge collapse. Elsewhere Italian risk was rather firm with 10y BTP/DBR -5 tighter at 157, local stocks stable partly thanks to AS Roma (halted after rising +11% --Il Messaggero reported a US investor Friedkin was keen for a stake).