Financial Times
25.6.2018
Activist piles pressure on UniCredit to convert complex securities

The hedge fund that believes a big chunk of UniCredit's core capital is invalid has written to the bank's largest investors, calling for them to increase pressure on the lender to convert €3bn of complex instruments into common equity.

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The existence of the Cashes "also makes the ordinary shares of UniCredit ineligible as CET1 instrument", Caius has said -calling into question up to two-thirds of the bank's €48.9bn of CET1 capital.