Against a backdrop of high volatility, SG CIB played a key role in the reopening of the Covered Bond primary market at the end of August. SG CIB supported in particular Unicredit during its 10-year Covered Bond issue performed on 25 August 2011.  The Italian bank thus successfully completed the first transaction by a peripheral country issuer since the Credito Emiliano OBG issue on 8 June (SG CIB Bookrunner).
This operation was priced at MS+215bp, at the bottom of the initial spread range (MS+215/220bp) amounting to €1 B, in line with the maximum size announced by the issuer. The transaction offers an attractive 5% coupon in a context of widespread decreases in long rates and has benefited from very large orders (>€100 M) from several quality investors (Insurers and Central Banks in particular).