UniCredit has market to itself for debut jumbo

UniCredit on Monday priced the first Italian covered bond issue since Banca Popolare di Milano inaugurated the obbligazioni bancarie garantite market in July 2008. The Eu2bn seven year mortgage-backed jumbo, UniCredit’s inaugural OBG, was priced at 103bp over mid-swaps off the back of almost Eu3.9bn of orders. UniCredit could be the only issuer to launch a deal this week, as the market awaits the European Central Bank’s announcement of further details of its covered bond purchase plan at its press conference on Thursday. Read EuroWeek this Friday for coverage of UniCredit’s debut benchmark and the ECB’s announcement.