In a boost for the beleaguered Italian bank, its record share issue has been 99.8% subscribed.
Editor’s Remarks: The cash call, Italy’s biggest ever, is designed to pick the bank up after a tough recession saddled the country’s lenders with a total of €356bn in bad debt. UniCredit has had a particularly troublesome time, with its capital ratios consistently lagging behind other Italian lenders despite the €14.5bn it has raised in share issues since 2008. The strong take-up in the latest round will help it clean up after a €13.6bn loss in the fourth quarter of 2016, and will start to vindicates the relaunch strategy brought in by new CEO Jean-Pierre Mustier.
What to watch: Unicredit, Monte dei Paschi di Siena, Deutsche Bank