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UniCredit Hybrid issues 9.375% Hybrid Tier 1

UniCredit Hybrid issues 9.375% Hybrid Tier 1



UniCredit has today launched a Euro 500 million Hybrid Tier I issue, with maturity linked to the duration of UniCredit, which provides the issuer an option to redeem after year ten, subject to Bank of Italy approval. The deal carries a coupon of 9.375% for the first 10 years. If not called the instrument will pay a quarterly floating rate coupon equal to 3 month Euribor plus a spread of 749 basis points. The issue price has been set at 100%. Ratings are expected to be Baa3 by Moody's and BBB by Fitch.

The transaction met strong demand from a wide range of institutional investors bringing the order book to a total of Euro 1.1 billion, involving over 210 different investors. The strong investors feedback allowed the bank to reach the target size of Euro 500 million and tighten the initial price guidance indicated from the joint book runners of "mid 9".

The instrument has met demand from a variety of institutional investor types: asset managers 52%, banks 32% and insurance companies 4%, and also included a broad geographic distribution: UK/Ireland 25%, Germany 18%, Switzerland 15 % and Italy14 %. UniCredit Corporate & Investment Banking, Credit Suisse and JP Morgan have been acting as joint book runners.

The transaction fully complies with the CRD II framework, which is expected to be introduced in Italy by October 31, 2010 and become effective from December 31, 2010. With this hybrid Tier I financing, UniCredit has completed all bank capital funding needs envisaged for 2010.



Milan, 14th July 2010





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