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UniCredit launches Hybrid Tier 1 issue

UniCredit has launched today a new Hybrid Tier 1 instrument in an aggregate principal amount of Euro 750 million, issued by UniCredit International Bank (Luxembourg) S.A. and guaranteed by UniCredit S.p.A. The transaction, targeted at a broad European investor base, is aimed at allowing UniCredit to benefit from current positive market conditions and strong demand for this kind of instrument. After the book-building process, the total order amount was twice as the final issue size.

The maturity of the Hybrid Tier 1 instrument is linked to the duration of UniCredit and the instrument will be redeemable, at the option of the issuer, after ten years subject to Bank of Italy approval.

The instrument carries an annual coupon of 8.125% for the first 10 years, following which, if not redeemed, the instrument will pay a quarterly floating rate coupon equal to 3 month Euribor plus a spread of 665 basis points per annum. The issue/reoffer price has been set at 100%.

UniCredit Corporate & Investment Banking, Societe Generale and Deutsche Bank are acting as joint bookrunners. The instrument has met demand from a variety of investor types: asset managers 81%, banks 9% and insurance companies 7%, and geographic areas: UK/Ireland 30%, Germany 17%, France 16%, Italy 11% and Switzerland 8%.
The settlement date will be on 10 December 2009 and the denominations of the instrument are Euro 50,000 and integral multiples of Euro 1,000 in excess thereof. Application has been made to list the instrument on the Luxembourg Stock Exchange, which is expected to occur on the settlement date.

UniCredit is rated "Aa3" by Moody's and "A" by Standard & Poor's. The expected rating of this instrument, given the subordinated status, is "A2" (Moody's)/"BBB" (S&P). Moody's has recently published a new methodology for the rating of hybrid instruments. Such methodology may result in a lower rating for the instrument.


Milan, 24th November 2009




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