Bond run hits UniCredit capital buffer, trading income
Bank rides rollercoaster of BTP price plunge
The second quarter tantrum in the Italian government bond (BTP) market tore 30 basis points out of UniCredit’s Common Equity Tier 1 (CET1) capital ratio.
The Italian lender reported an end-June ratio of 12.51%, down from 13.06% three months prior – its third consecutive quarter of decline. UniCredit attributed 35bp of the drop to the fall in value of bonds held for trading, and all but 5bp of this to the surge in BTP yields over the second quarter. The turmoil was also reflected in UniCredit’s
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