Market plays down T2 call risk as UniCredit calls bond

By Tyler Davies
07 Apr 2020

UniCredit has said that it will redeem €2.5bn of tier two capital next month, with regulators allowing banks to manage their debt capital stacks freely during the coronavirus crisis.

The Italian bank said on Monday evening that it would be calling a €2.5bn subordinated bond at par on May 3, its early redemption date.

The 10 year non-call five instrument was issued in 2015 and had been paying a floating coupon to investors of 2.75% over ...

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