UniCredit nips in ahead of referendum

摘要

Unicredit seized what could be the last issuance window for Italian unsecured bank debt this year ahead of a hotly contested constitutional referendum that could unleash yet more volatility in the sector. The €lbn 10-year (Baa1/ BBB-/BBB+) issue was only the third benchmark senior transaction from Italy in 2016 after access to cheap ECB funding weighed heavily on wholesale supply. A brewing crisis in the country's banking sector has also hindered market access for its lenders. Italian banks have endured a barrage of negative headlines this year, particularly as Banca Monte dei Paschi's rescue package has seemingly struggled to get off the ground (See story on p8).