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May 27 2021, 12:46 AM May 26 2021, 3:45 PM May 27 2021, 12:46 AM (Bloomberg) It was Euroclear’s fault, but the latest twist in UniCredit SpA’s coupon fiasco is exacerbating investors’ frustrations with the bank. (Bloomberg) It was Euroclear’s fault, but the latest twist in UniCredit SpA’s coupon fiasco is exacerbating investors’ frustrations with the bank. The drama began last week. Chief Executive Officer Andrea Orcel who’s been in the job a little over a month surprised bondholders when he decided not to pay a coupon of about 30 million euros ($37 million) due this week on legacy bonds, on the grounds that the bank made a loss last year. Investors had been assured on earnings calls this year that it would be honored.

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