UBI Banca lands blowout with debut AT1

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By David Freitas
13 Jan 2020

Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.

UBI picked Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and UBS to manage sale of the perpetual non-call 5.5 year transaction, which had its size fixed at €400m from the outset.

They started out with price thoughts of ...

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