UnipolSai gives Italy its first RT1 bond

By Tyler Davies
20 Oct 2020

UnipolSai Assicurazioni was nearly three times subscribed for a restricted tier one (RT1) this week — the first of its kind in Italy. An attractive coupon helped to offset any concerns about Italian sovereign risk or a lack of liquidity in the RT1 market.

UnipolSai started the pricing on its €500m perpetual non-call 10 year RT1 in the 6.75% area on Tuesday morning, having spoken with investors about its plans a day earlier. 

Bookrunners BNP Paribas, Intesa Sanpaolo, JP Morgan, Mediobanca and UniCredit registered more than €1bn of orders by 10am ...

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