Maintaining momentum in volatile markets: UniCredit’s DCM platform delivers across asset classes, building on strong 1Q26

Despite persistent volatility and shifting issuance windows, the team has reaffirmed its position as a trusted partner to corporates, financial institutions and public-sector issuers. The period has been defined not simply by activity levels, but by precision, consistency and the ability to act decisively when market conditions allowed.

Executing with discipline in challenging conditions

The reopening of primary markets in spring was not without its challenges. Rates uncertainty, geopolitical tensions and intermittent bouts of risk aversion required issuers to remain agile and selective in timing their transactions.

Against this backdrop, UniCredit’s approach has been clear – combining market insight with disciplined execution to help clients access liquidity efficiently and with confidence. Identifying the right issuance window has been as critical as structuring the deal itself, and the platform has consistently delivered on both fronts.

Corporates: landmark transactions across formats and geographies

On the corporate side, UniCredit has played a leading role in a number of high-profile and strategically important transactions, spanning senior, green and hybrid formats.

Particularly notable mandates include our Global Coordinator role on Rheinmetall’s €500m 5-year senior bond – the company’s first EUR bond in around 15 years – underscoring our consistent support for the defence sector, which has positioned us to be a trusted advisor as they look to ramp up activities. Alongside this, we’ve also served as Global Coordinator for Mundys’ €500m sustainability-linked bond, and both Global Coordinator and Structuring Advisor on Vår Energi’s €750m hybrid bond, demonstrating not only our ability to consistently land top roles on major transactions, but also to do it across product types, including sustainability-linked and hybrid offerings.

Elsewhere, we have contributed to several benchmark deals, including Eni’s €2bn dual-tranche transaction, Hera’s inaugural European green bond, Telekom Srbija’s dual-currency issuance and České dráhy’s entry into the market. These deals highlight the bank’s role in enabling clients to combine funding efficiency with strategic objectives such as sustainability and capital optimisation.

Beyond these, we’ve helped a host of for leading European and international names tap the market, including Mercedes, Airbus, SAP, RELX Finance and OMV, underlining the breadth of our franchise and our ability to operate across sectors and jurisdictions.

Financial institutions: breadth across capital structures

Activity in the financial institutions space has been equally strong, with UniCredit supporting a wide range of banks and insurers across the capital structure.

The platform has been active with clients including Alpha Bank, FinecoBank, BPER Banca, Assicurazioni Generali, CDP, UNIQA, Bank Pekao and Bank of Montreal.

Highlights include:

 • Global Coordinator on UNIQA’s €500m Tier 2 issuance alongside a concurrent tender offer

 • Sole Global Coordinator and Joint Bookrunner on our own €1.25bn subordinated Tier 2 transaction, paired with a liability management exercise

 • Key roles in BPER’s €500m Additional Tier 1 issuance and Alpha Bank’s €600m green senior preferred bond

 • Participation in Bank of Montreal’s dual-tranche covered bond issuance, totalling €2bn

These transactions demonstrate not only the platform’s structuring capabilities, but also its ability to manage complex, multi-layered capital strategies and liability management exercises.

Public sector: continued strength in SSA

We have also maintained a strong presence in the sovereign, supranational and agency segment, supporting issuers such as the Republic of Serbia, the German state of Schleswig-Holstein and Austria’s OeKB.

This activity reflects the platform’s established relationships and credibility across the public sector, as well as its ability to deliver stable execution in a segment that remains central to broader market functioning.

Delivering where it matters most

Taken together, these transactions reinforce a consistent theme: UniCredit’s DCM platform is not only active, but highly effective in translating market access into tangible outcomes for clients.

In a period where timing, clarity and execution discipline have been critical, the platform has helped clients navigate uncertainty, capture investor demand and achieve their funding objectives.

As markets continue to evolve through the remainder of 2026, UniCredit remains focused on what has driven this performance to date – deep client engagement, strong market insight and a relentless focus on execution.

Building on the momentum from the start of the year, the trajectory remains clear: delivering at scale, across products and geographies, and supporting clients when it matters most.