Brexit boost gives UniCredit a window for ‘opportunistic’ AT1

UniCredit_PA_120319
By Tyler Davies
12 Mar 2019

UniCredit raised €1bn of additional tier one (AT1) capital on Tuesday without paying a premium to its investors. It had been encouraged to open a new deal after the financial institutions bond market jumped in the run-up to a series of votes on Brexit by the UK parliament.

The Italian lender picked Crédit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, ING and UniCreditto arrange the sale of a perpetual non-call June 2026 AT1.

Investors responded well to initial price thoughts of 8% area, and orders topped €2bn by ...

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