UniCredit to break hybrid inertia with new structure

UniCredit will price a Eu500m perpetual non-call 10 year step-up hybrid tier one later this week which could finally break the inertia in the market since the beginning of the year. The transaction is the first of its kind in that it will comply with the upcoming European regulatory framework under the Capital Requirement Directive 2. To find out whether the deal will open the floodgates of issuance for hybrid capital, read EuroWeek on Friday.