UBI finds only just enough covered bond demand

PA-Italian bank
By Bill Thornhill
08 Jan 2018

Unione di Banche Italiane (UBI Banca) wasted little time in following Crédit Agricole Cariparma with the second Italian Obbligazioni Bancarie Garantite of the year. The relatively small sized €500m tranches were just oversubscribed, reflecting the fact they were priced deeply through multiyear treasury bonds (BTPs).

UBI Banca opened order books on Monday for a dual tranche 6.5 year and 12 year offering due July 2024 and January 2030. 

Both tranches were described as “benchmarks” ...

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