UniCredit buys back as capital dominates agenda
As its blockbuster rights issue approaches its close, UniCredit is aiming for a further increase to its core capital with a below par buyback of up to €3bn of tier one and tier two securities. It comes shortly after Aegon tapped US retail investors for a $500m tier two instrument, showing that capital is firmly on the agenda for European FIG treasuries — even if they are suddenly shy of funding markets.
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