Italy Banks Said to Use State-Backed Bonds for ECB Loans
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UniCredit SpA and Intesa Sanpaolo SpA are among Italian banks that used bonds guaranteed by Italy as collateral to obtain loans from the European Central Bank at today’s auction, two people with knowledge of the matter said.
Italian banks issued about 40 billion euros ($52 billion) in state-backed bonds, the Italian exchange said in a filing yesterday. UniCredit issued 7.5 billion euros of the bonds and Intesa Sanpaolo created 12 billion euros of notes maturing in March. The bonds were to be used as collateral for the ECB auction, two people familiar with the situation said yesterday.