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Equity investors gave three cheers today to UniCredit's strategic plan, announced this morning, which features a EUR 13bn rights issue to be done early in 2017.
The bank's shares opened down as investors digested the pre-market open announcement of the plan, but surged in the morning and again in the afternoon, to end up 16%. That took the stock to its best level since early June, before the Brexit referendum.
Trading volume was 326m shares, about 5% of the market cap and more than double the typical volume in recent weeks.
UniCredit, Morgan Stanley and UBS are structuring advisers on the rights issue, and will be global coordinators along with Bank of America Merrill Lynch, JP Morgan and Mediobanca.
Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and HSBC will be co-global coordinators.
They have all, except UniCredit, pre-underwritten the...