Today, UniCredit S.p.A. (issuer rating Baa1/BBB+/BBB+) has successfully issued a EUR 1.25 billion Senior Non-Preferred bond with 6 years maturity, callable after 5 years, targeted to institutional investors.
The amount issued completes the institutional senior component of UniCredit's 2025 funding plan, confirming once more UniCredit's fixed income investors' appreciation and its broad market access in different formats.
The issuance followed a book building process that gathered a demand of more than EUR 4.3 billion, with approximately 190 orders from institutional investors.
Given the strong market feedback, the initial guidance of 120bps over the 5-year mid swap rate has been revised downwards and set at 90bps, resulting in a fixed coupon of 3.20% paid annually, with an issue/re-offer price of 99.786%. The bond will have a one-time issuer call in September 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 90bps.
The final allocation has been mainly in favor of funds (77%) and banks (10%), with the following geographical distribution: UK (34%), France (19%), Germany/Austria (15%) and BeNeLux (11%).
UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with BNP Paribas, Deutsche Bank, J.P. Morgan, Raiffeisen Bank International, RBC Capital Markets and Santander.
The bonds, documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Non-Preferred Senior debt. The expected ratings are as follows: Baa3 (Moody's)/ BBB (S&P)/ BBB (Fitch).
Listing will be on the Luxembourg Stock Exchange.
Milan, 15 September 2025
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