Today, UniCredit S.p.A. (issuer rating A3/A-/A-) successfully issued dual tranche Senior bonds comprising of a EUR 1.25 billion with 4.5 years maturity, callable after 3.5 years, and EUR 750 million with 10 years maturity, targeted to institutional investors.
The issuance follows a book building process that gathered a combined demand of over EUR 7.3 billion, with more than 350 orders from investors globally. Given the strong market feedback, terms of the two tranches were set as follows:
- for the 4.5NC3.5 years bond, the initial guidance of 85bps over the 3.5-year mid swap rate has been revised downwards and set at 55bps, resulting in a fixed coupon of 2.875% paid annually, with an issue/re-offer price of 99.778%. The bond will have a one-time issuer call on July '29. 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 55bps;
- for the 10 years bond, the initial guidance of 120/125bps over the 10-year mid swap rate has been revised downwards and set at 95bps, resulting in a fixed coupon of 3.80% paid annually, with an issue/re-offer price of 99.738%.
The final allocation of the 4.5NC3.5 bond has been mainly in favor of funds (81%) and banks/private banks (13%), with the following geographical distribution: UK (40%), France (15%) and Germany/Austria (15%).
In relation to the 10 years bond, the final allocation has been mainly in favor of funds (58%) and banks/private banks (22%), with the following geographical distribution: France (27%), Germany/Austria (21%) and UK (20%).
UniCredit Bank GmbH acted as sole Global Coordinator and as Joint Bookrunner together with BNP PARIBAS, Citi, Danske Bank, Erste Group, HSBC, LBBW, Natixis, NatWest and Raiffeisen Bank International.
The bonds, part of the 2026 Funding Plan and documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Preferred Senior debt.
The expected ratings are as follows: A3 (Moody's)/ A- (S&P)/ A- (Fitch).
Listing will be on the Luxembourg Stock Exchange.
Milan, 8 January 2026
Contacts:
Media Relations e-mail: MediaRelations@unicredit.eu
Investor Relations e-mail: InvestorRelations@unicredit.eu