|Bid||17.41 x 0|
|Ask||17.42 x 0|
|Day's range||17.38 - 17.38|
|52-week range||8.03 - 19.70|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Turmoil in the banking sector has sent yields on the riskiest bonds issued by European lenders including UniCredit, Santander and BBVA spiking as investors price in the risk they may not be redeemed as soon as possible. To beef up their regulatory capital and meet requirements over their ability to withstand possible losses, banks often sell hybrid instruments that stand between debt and equity known as contingent convertible (CoCo) bonds. CoCo bonds convert automatically into equity or are written off if there is a capital shortfall.
MILAN (Reuters) -UniCredit has told proxy advisers that their recommendation to reject the Italian bank's new remuneration policy would result in higher fixed pay for CEO Andrea Orcel without a more challenging framework. UniCredit has proposed a new remuneration structure for its CEO that would boost his pay package by 30% if he beats a new set of targets for 2023, while penalising underperformance more than in the past. "The increased quantum of fixed salary is the one element of this proposal that is an act of the board and is not voted on at the AGM," UniCredit said in a letter to the advisors seen by Reuters.
The former head of the remuneration committee and board member of UniCredit, Jayne-Anne Gadhia, did not quit the bank due to alleged disagreements over the pay package of CEO Andrea Orcel, the chairman of Italy's No.2 lender said on Friday. UniCredit is proposing hiking Orcel's fixed salary by 30% while a corresponding increase in the variable pay would be tied to the group beating financial targets. "The suggestion that Dame Jayne-Anne left the bank 'after skirmishes ... over [chief executive] pay' is false, as we have repeatedly said", Chairman Pier Carlo Padoan said in a letter to the Financial Times, referring to an opinion piece published by the British newspaper on March 13.