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UniCredit issues a 10 year Covered Bond (OBG) benchmark for Euro 1 billion

UniCredit has launched today a new fixed rate OBG bond with 10 year maturity for Euro 1 billion out of the Conditional Pass Through OBG Programme guaranteed by UniCredit OBG s.r.l. ("CPT OBG Programme"), setting a new reference point on UniCredit covered bond curve.


It is the third issue placed on the market out of this Programme.


The deal has encountered a strong interest from investors, with a final order book of almost Euro 2 billion and a participation of approx 90 institutional investors.


Following the particularly positive feedback, the price guidance, initially set at 25 bps area, has been revised and fixed at 20 bps over the swap rate of equivalent maturity, well inside the initial indications.


The bond will pay a coupon of 0.375%, with an issue price set at 98.99% and a yield of approx 67 bps inside the equivalent maturity BTP at time of launch.


The issue was distributed to different institutional investors' categories such as funds (33%), banks (29%) and Central Banks and Official Institutions (27%). The demand was driven by a wide geographical diversification, with Italy (34%), Germany/Austria (21%), France (16%) and Benelux (9%).


UniCredit Bank AG together with Credit Agricole, Deutsche Bank, JP Morgan, Natixis and Santander have managed the placement acting as joint bookrunners. Sole Arranger of the Programme is UniCredit Bank AG. The issue is expected to be rated AA+ by Fitch.


The issue launched today is part of the 25 billion Euro Programme. The bonds issued under the Programme are guaranteed by a portfolio composed, as of 30th June 2016, by approx 88% residential mortgages to households and by 12% commercial mortgages to SMES. For the benefit of the OBG holders (including this issue, the CPT OBG Programme has 13.95 billion Euro bonds outstanding), the bank has already segregated at the same date approx 15.7 billion Euro residential mortgages and 2.2 billion Euro commercial mortgages originated by UniCredit S.p.A..


The overall portfolio at the end of June includes approx 225,000 mortgages and shows a very high granularity (with an average outstanding amount of approx Euro 80,000). The average loan-to-value is ca 47% and the geographical concentration is mainly in the Northern and Central part of Italy, for 54% and 25% respectively.



Milan, 24th August 2016





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