AT1 market reboots as UniCredit prices, others to follow

By Graham Bippart
27 Mar 2014

After a two week hiatus, the additional tier one market has rebooted with Italy’s debut AT1 issuer UniCredit printing a $1.25bn trade at 8% — a level that partly reflects a new equilibrium in the asset class, after investors pushed back over successively tighter and tighter prints.

The deal brought in an $8bn book, a figure lower than on other, recent AT1 deals which breached well into the tens of billions, perhaps further illustrating a slight correction.

“Before, going into it you knew you were going to have a €10bn book and every ...

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