Spotlight on Uni-Sai syndicate as underwriters left with €624m

The curtain came down on Thursday on the first act of the dual €1.1bn rights issues for Italian insurers Unipol and Fondiaria-Sai with the cast of underwriters declining to feign surprise at the appearance of €624m of unsold stock. Act two, a five day auction of unexercised rights, could start as soon as next week.