Italian volatility forces UniCredit funding rethink
UniCredit has overhauled its funding strategy to insulate itself from hostile wholesale markets, its head of funding said this week. With the senior unsecured market shut even for top tier issuers, the bank announced a new funding strategy for 2013-2015 with an “embedded” policy of no issuance in senior unsecured.
Instead, the bank will rely on an increased capacity for covered bond issuance and a greater retail funding presence.
UniCredit is Italys largest bank and the only Italian financial institution named by the Financial Stability Board as a global systemically important financial institution. The bank has come under scrutiny
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