UniCredit rides 12nc7 wave amid ‘unsustainable’ rally
UniCredit had a strong response from European investors on Monday morning when it launched a 12 year non-call seven tier two deal, despite only offering a minimal new issue premium and little concession to where it would have priced a similar deal but with a bullet maturity. However, after three weeks of almost continual tightening in the FIG credit markets, bankers expressed concern that the good conditions were unsustainable.
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