UniCredit blows out in AT1 as it backs new P2 composition

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By Tyler Davies
12 Feb 2020

UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.

The leads on the perpetual non-call June 2027 AT1 were BNP Paribas, Citi, Credit Suisse, Deutsche BankGoldman SachsSantander and UniCredit.

The bookrunners began the pricing for the deal in the 4.625% area, at which level they were quickly swamped with orders.

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