Unicredit took the market by surprise last Wednesday, selling its first Additional Tier 1 bond since 2014 to a select group of investors in an exercise that was also the first time since May a bank had raised AT1 in euros. The club deal came at a price for the Italian lender, however, carrying a 9.25% coupon for the perpetual non-call June 2022s, even though it priced the deal just a day after the bank had unveiled a €13bn rights issue to plug a €12.2bn hole primarily created by bad loan provisions (see Top News).
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