UniCredit and Bawag exploit ‘unsustainable’ FIG rally
Subordinated debt investors on Monday welcomed UniCredit's 12 year non-call seven deal, which was priced 100bp inside where it printed a 10 year non-call five deal about one year ago. The deal underlined the strong bid for high yielding bank paper, but some market participants warned that the latest bull run was unsustainable.
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