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UniCredit issues Euro 500 million Covered Bond due 2020


UniCredit Spa (rated Baa1/BBB-/BBB+) has today issued a new floater Covered Bond with a maturity of 5 years (31 October 2020) and a size of Euro 500 million.


Coupon has been set at 7 bps over 3 month Euribor with an issue price of 100%.


Credit Agricole, Credit Suisse, HSBC, UBS e UniCredit Bank AG have managed the placement acting as joint bookrunners.


The issue is expected to be rated AA+ by Fitch.


The Covered Bond is issued out of the Conditional Pass Through OBG Programme guaranteed by UniCredit OBG s.r.l. ("CPT OBG Programme").


The Covered Bond launched today is the second public issue out of the 25 billion Euro Programme constituted in 2012 in Soft Bullet format and restructured at the end of 2014 into a Conditional Pass Through format. The Covered Bond issued under the Programme are guaranteed by a portfolio currently composed by 85% residential mortgages to households and by 15% commercial mortgages to SMES. For the benefit of the OBG holders (including this issue, the CPT OBG Programme has 7.9 billion Euro bonds outstanding), the bank has already segregated around 12.7 billion Euro residential mortgages at 30 June 2015 and 2.3 billion Euro commercial mortgages originated by UniCredit S.p.A..


Listing will be on the  Luxembourg Stock Exchange.


Milan, 7 September 2015