UniCredit eyes more core with buyback

25 Jan 2012

As its blockbuster rights issue approaches its close, UniCredit is targeting a further increase to its core capital with a below par buyback of up to €3bn of tier one and tier two securities.

Some €5.5bn equivalent of capital securities issued by UniCredit Group are eligible for buyback at between 50% and 87% of par.

If investors tender more than €3bn equivalent of paper for buyback, the five tier one securities targeted will take priority over the three tier two instruments that ...

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