UniCredit fixes call option to pref senior deal

UniCredit_FIG_PA_230x150_281118
By Tyler Davies
18 Jun 2019

UniCredit made the unusual decision of adding a one year call option to a preferred senior bond on Tuesday, nodding towards the bond’s potential value as total loss-absorbing capacity (TLAC). The Italian bank won strong support on a day when dovish central bank comments were fuelling a big rally in the value of risk assets.

UniCredit sold €1.25bn of six year preferred senior bonds, giving itself the option to call the debt after the first five years, in June 2024.

European banks have slowly started to move towards issuing senior bonds with call options a year ahead of maturity, as a way of ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.