Unicredit plans to offload €17.7bn of non-performing loans into a pair of securitisation vehicles as part of its turnaround plan. A positive response among investors to the restructuring also prompted the bank to sell €500m of Additional Tier 1 securities in a private placement last week. The AT1 perpetual securities will pay a 9.25% annual coupon and can be called after 5.5 years. They will contribute to Tier 1 capital and will be temporarily written down if the bank's common equity Tier 1 ratio falls below 5.125%. UniCredit said the deal was placed with a selected number of international institutional investors.
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