Italians build record books with new UK buyers
UniCredit this week sold a Eu1.25bn 12 year benchmark off the back of a Eu4.6bn orderbook, the largest ever for an Italian issuer. Bolstered by the pull of a rare maturity that is being increasingly favoured by investors due to the regulatory environment, the transaction’s reception was, in the words of one syndicate official, "overwhelming".
The public sector jumbo deal was priced by leads BNP Paribas, UBS and UniCredit at 165bp over mid-swaps, the tight end of revised guidance of plus 165bp-170bp, and substantially inside Intesa Sanpaolos recent 10 year issue, which was priced at 180bp over.
The April 2023 issue carries an eye-catching
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