Secondary rally dampens UniCredit take-up

An exuberant rally in Italian hybrids was a headwind to UniCredit’s jumbo buyback offer last week, meaning investors were only prepared to tender a third of the €5.6bn equivalent eligible for repurchase in Italy’s first large scale buyback. At the same time, Crédit Agricole found a nearly 50% take-up on its own jumbo buyback, thanks to a greater number of French precedents.