UniCredit has become the first Italian bank to launch a new deal since a new government took office in the country. The €1.25bn tier two attracted €3bn of orders and was tightened more than expected, according to one of the leads.
UniCredit was marketing a euro-denominated 10 year non-call five year tier two bond on Monday. The Italian lender chose Goldman Sachs, HSBC, Mediobanca, Société Générale, UBS and UniCredit as lead managers.
They circulated initial price thoughts of 265bp area over mid-swaps and, a