UniCredit Defies Coupon Furor With Popular $2 Billion Bond
- Senior sale drew more than $8 billion of investor orders
- Some funds bypassed new bonds due to surprise coupon skip
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UniCredit SpA carried out a $2 billion bond sale that saw robust demand, helping the Italian lender move on from this week’s furor over a missed coupon payment.
The Milan-based bank priced the two-part offering of senior notes after pulling in more than $8 billion of demand from about 200 investors, the majority coming from North America. The strong order book helped the bank cut the initial spread offered by 25 basis points.