Today, UniCredit S.p.A. has issued Additional Tier 1 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes targeted at institutional investors for a total amount of EUR 750 million.
This Additional Tier 1, part of UniCredit's institutional MREL funding plan for 2026, improves the Tier 1 ratio by about 25 basis points.
The book building process gathered demand above EUR 3.5 billion from more than 220 investors globally, enabling to review downwards the guidance, initially set at 6.625% - 6.75% area, and to fix the coupon at 6.25%, with a reset margin of 284.1 bps, the lowest ever set by UniCredit.
The final allocation has been mainly in favour of funds (67%), hedge funds (17%), central banks and official institutions (9%), with the following geographical distribution: UK (33%), France (26%), Asia (9%).
The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or the Issuer CET1 ratio at any time falls below the trigger level, the instrument will be temporarily written down to cure the breach, taking also into consideration other instruments with similar write down triggers, ranking pari-passu among themselves.
The securities are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and may be called by the Issuer on 3 December 2031 and thereafter on any interest payment date, subject to regulatory approval.
The Notes pay fixed rate coupons of 6.25% per annum up to December 2031 on a semi-annual basis; if not called, coupons will be reset every 5 years to the aggregate of the then 5-Years Mid-Swap rate plus 284.1 bps, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. In line with the regulatory requirements, the coupons payments are fully discretionary.
UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with Barclays, BNP PARIBAS, BofA Securities, Citi, J.P. Morgan, Morgan Stanley and Santander.
The notes are expected to be rated "Ba2" by Moody's and "BB" by S&P.
Milan, 18 September 2026
Contacts:
Media Relations e-mail: MediaRelations@unicredit.eu
Investor Relations e-mail: InvestorRelations@unicredit.eu