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14 February 2012
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22 February 2012
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03-04 May 2012
Vienna, Austria
Italy's UniCredit in first public covered bond program for e20bn
The giant Italian banking group UniCredit is preparing its first public covered bond program with a volume of e20bn to refinance residential mortgage loans, following on from issues from Banco Populare di Milano, UBI Banca and Banca Carige which set up programs based on the law passed in Italy in 2007. "As residential mortgage lending is part of UniCredit's core business, covered bonds could be considered a natural source of funding, particularly since the RMBS market is still not functioning adequately," Commerzbank-Dresdner Kleinwort commented.