Unicredit is trying to sell a slug of its bonds. It looks like this time they are actually trying to sell the bonds, rather than get them guaranteed by the Italian government and pledge them to the ECB.
The timing is obviously designed to take advantage of the LTRO money out there. It will be very curious to see how well this deals and who buys it. It would be great to see some non-Italian non-bank buyers. That would be best outcome. Finding out that the bulk is sold to banks, or even worse, Italian banks, would just entrench the contagion and circularity even more.