UniCredit shows strong bid for Italy with FRN

By Nathan Collins
03 Apr 2014

UniCredit sailed to success with a three year floating rate deal on Thursday, reaffirming the strength of demand from investors for Italian financial paper. Even investors that normally stick to fixed rate paper were lured into the deal by the prospect of picking up Italian risk.

Deutsche Bank, Goldman Sachs, Morgan Stanley and UniCredit priced the €1.25bn three year floater at 98bp over quarterly Euribor, at the tight end of guidance of 100bp area. The leads circulated initial price thoughts of 105bp area over Euribor on Thursday morning.

The deal drew over €2bn ...

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