Italian banks are preparing to sell at least 8 billion euros ($11 billion) of stock to shore up their balance sheets, as nations shunned during the sovereign-debt crisis return to favor with investors.
Alpha Bank A.E. has enough demand for all its stock as the Greek lender joined Piraeus Bank SA in selling 3 billion euros ($4.2 billion) in shares to bolster capital, two people with knowledge of the matter said.
Banco Popolare SC, Italy’s fourth- biggest bank, was suspended from trade in Milan after slumping the most in more than five years on plans to sell as much as 1.5 billion euros ($2.1 billion) of shares to bolster capital.
U.S. stocks rose, with the Standard & Poor’s 500 Index approaching a record, while Treasuries retreated amid continued confidence in the strength of the world’s largest economy. Emerging-market equities capped the biggest weekly gain in five months, and gold and silver rallied.