UBI Banca lands blowout with debut AT1

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UBI Banca lands blowout with debut AT1

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General view of Ubi Banca sign in Milan, Italy, on January 07 2020 (Photo by Mairo Cinquetti/NurPhoto) | Mairo Cinquetti/NurPhoto/PA Images

Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

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