Unicredit SGD Bond Alert : Withholding Tax ?

It is definitely not Singapore because with holding tax here is 10% and they have sort of postponed that (again) to 2018 for non residents.

So I am hearing that the January issued Unicredit SPA sub debt is subject to WITH HOLDING TAX ! of 15-20% on its COUPON i.e. about 1% deducted off the coupon.

Would be helpful if someone can verify that for me. It is not mentioned in Bloomberg or the termsheet of the bond when it was launched.

We can only assume it must be with held at source in Italy ? And it sounds sneaky to me, if it is true.

This is troublesome indeed for the SGD 300 mio floating out there. And we also have that dicey Italian law governed non loss absorption clause.

Seeing market price of 91.50/96.00 now.