Secondary rally dampens UniCredit take-up
An exuberant rally in Italian hybrids was a headwind to UniCredit’s jumbo buyback offer last week, meaning investors were only prepared to tender a third of the €5.6bn equivalent eligible for repurchase in Italy’s first large scale buyback. At the same time, Crédit Agricole found a nearly 50% take-up on its own jumbo buyback, thanks to a greater number of French precedents.
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