UniCredit, Generali push forward in sub and senior as investors change views

UniCredit and Assicurazioni Generali this week proved that Italian credits are beginning to decouple from the European periphery, with Generali building a €9bn order book for its well-flagged subordinated bond and UniCredit hitting the market two days in a row — first re-opening its recent tier two bond and then printing a five year senior deal that came flat to its secondary curve, writes Will Caiger-Smith.