Published: August 23, 2013
Italian bank issues third covered bond of the year, backed by global mortgage portfolio.
UniCredit has issued a benchmark seven-year covered bond worth €1bn (US$1.3bn).
The deal, backed by a global mortgage portfolio, attracted more than €1.4bn in orders from more than 120 investors. In final allocation, 56% went to investment funds, 31% to banks and 9% to insurance companies.
Investors in Germany and Austria accounted for 33% of successful orders, followed by those in the UK and Ireland (with 17%), Italy (14%), France (10%) and Benelux (10%).
The bond is part of the Italian bank’s €35bn covered bond programme announced in 2008 and follows €1bn deals in January and June.
UniCredit’s own corporate and investment banking team ran the deal alongside Bancca IMI, Banco Santander, Deutsche Bank, JP Morgan and Lloyds.