CASA, UniCredit target €5.1bn buybacks as capital generation tops agenda for FIG

27 Jan 2012

Crédit Agricole and UniCredit offered to buy back up to €5.1bn of subordinated debt this week, highlighting the fact that despite January being a crucial month for funding, capital remains top of the agenda for Europe’s largest financial institutions.

Both banks are targeting capital gains through below-par buybacks.

The deals come as Portugal’s Banco BPI launched a tender on a €1bn covered bond (see separate story) and amid a run of innovative subordinated and hybrid issues from banks and insurers (see stories on deals from Aegon and ...

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