UniCredit’s monster trade gives Italy reason to fear MREL

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UniCredit’s monster trade gives Italy reason to fear MREL

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Unicredit Tower (Torre Unicredit) in the new building complex Porta Nuova in Milan, Italy, 14 March 2015. Photo: NICOLE BECKER/dpa | Nicole Becker/DPA/PA Images

UniCredit stunned the market with a whopping $3bn deal sold to a single investor this week. Though the bank won plenty of plaudits for its “one and done” strategy, the staggeringly high cost of its issuance shone a fresh light on the problems that other banks could face in trying to meet their regulatory requirements for loss-absorbing debt. Tyler Davies reports.

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