Today, UniCredit S.p.A. (issuer rating Baa1/BBB+/BBB+) successfully issued dual tranche senior bonds comprising of a EUR 1 billion with 6 years maturity, callable after 5 years, and of a EUR 1 billion with 10 years maturity, targeted to institutional investors.
The issuance follows a book building process that gathered a combined demand of approximately EUR 5.8 billion, with more than 300 orders from institutional investors. Given the strong market feedback, terms of the two tranches were set as follows:
- for the 6NC5 years bond, the initial guidance of 125bps over the 5-year mid swap rate has been revised downwards and set at 95bps, resulting in a fixed coupon of 3.10% paid annually, with an issue/re-offer price of 99.90%. The bond will have a one-time issuer call on June 2030. Should the issuer not call the bond, the coupons for the subsequent periods until maturity will reset to a floating rate equal to 3-months Euribor plus the initial spread of 95bps
- for the 10 years bond, the initial guidance of 150/155bps over the 10-year mid swap rate has been revised downwards and set at 125bps, resulting in a fixed coupon of 3.725% paid annually, with an issue/re-offer price of 99.811%.
The final allocation of the 6NC5 bond has been mainly in favor of funds (72%) and banks/private banks (23%), with the following geographical distribution: France (28%), Germany/Austria (25%) and UK (13%).
Regarding the 10 years bond, the final allocation has been mainly in favor of funds (53%) and hedge funds (15%), with the following geographical distribution: France (27%), UK (24%) and Germany/Austria (21%).
UniCredit Bank GmbH acted as sole Global Coordinator and as Joint Bookrunner together with ABN AMRO, BBVA, BNP PARIBAS, Erste Group, IMI - Intesa Sanpaolo, LBBW, Natixis, NatWest and JP Morgan.
The bonds, part of the 2025 Funding Plan and documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Preferred Senior debt and will contribute to further strengthen UniCredit's best-in-class buffers over relevant requirements, granting optionality and flexibility for funding in the remainder of 2025.
The expected ratings are as follows: Baa1 (Moody's)/ BBB+ (S&P)/ BBB+ (Fitch).
Listing will be on the Luxembourg Stock Exchange.
Milan, 3 June 2025
Contacts:
Media Relations e-mail: MediaRelations@unicredit.eu
Investor Relations e-mail: InvestorRelations@unicredit.eu