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FIG buyers focus on lower capital targets as UniCredit presents AT1

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By Bill Thornhill, Tyler Davies
13 Dec 2017

Investors looking at UniCredit’s new additional tier one (AT1) trade on Wednesday will have been pleased to learn that the firm’s capital requirements have fallen by 50bp. Meanwhile, covered bonds are set to remain well supported, and the equity tranches of NPL portfolios look likely to offer securitization investors oversized returns next year.

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By Bill Thornhill, Tyler Davies
13 Dec 2017