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New Bond Issues
UniCredit raised €750mn via a PerpNC5.25 AT1 at a yield of 6.25%, ~44bp inside initial guidance of 6.625%-6.75% area. If not called by 3 December 2031, the coupon will reset to the EURIBOR ICE Swap 5Y plus 284.1bp. Below is a table comparing UniCredit’s latest issuance with its peers.

The junior subordinated note is rated Ba2/BB and received orders over €3.25bn, 4.3x issue size.
BPCE raised €1.5bn via a 6NC5 bond at a yield of 4.608%, 30bp inside initial guidance of MS+140bp area. The senior non-preferred note is rated Baa1/BBB+/A. Proceeds will be used for general corporate purposes.
New Bond Pipeline