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UniCredit sells $200M of Yapı ve Kredi AT1 notes

UniCredit SpA has sold $200 million of the $650 million of perpetual fixed-rate resettable Additional Tier 1 notes issued by Turkish lender Yapı ve Kredi Bankası AŞ.

The sale follows the completion of the 180-day period from the notes' issue date, during which the Italian bank agreed not to sell any of the notes it purchased from the initial offering.

UniCredit said the sale is in line with its strategy to reduce the intragroup's exposure, noting that the economic impact of the notes' disposal is nonmaterial and will be reflected in its third-quarter financial results.