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UniCredit successfully issues dual tranche 3-Year Senior Non-Preferred Notes for a total amount of USD 3 billion

UniCredit SpA successfully issued USD 2.5 billion Fixed Rate Notes and USD 0.5 billion Floating Rate Notes, both due on 14 January 2022 (collectively, the "Notes") for a total combined amount of USD 3 billion.


This transaction is the third on the Senior Non-Preferred market by UniCredit following its inaugural EUR 1.5 billion 5-year issue in January 2018 and the USD 3 billion 5-year issue executed in November 2018.


The bonds will be eligible for the forthcoming TLAC requirement improving the subordination ratio by approx. 72bps. The transaction is part of UniCredit's TLAC funding plan for which the company had announced planned issuances of EUR 3 to 5 billion by the end of 1Q 2019 during its 3Q 2018 results presentation


The book building process generated approx. USD 8 billion in demand, which constitutes one of the largest order books (for a single transaction) seen on a "Yankee" bond over the last 3 years with a very granular distribution attracting orders from over 200 global accounts: 65% from US, 18% from UK, 3% from the Middle East and 14% from the rest of Europe.


Given the positive market feedback and the very sizable order book, the guidance set initially at 430bps over the 3-year US Treasury was tightened considerably by 30bps. The  final issue spread was equal to T + 400bps for the fixed rate tranche and 390bps over US Libor for the floating rate tranche, equivalent to approx. 3 month Euribor + 365bps. This is the largest pricing leverage seen on a USD trade so far in 2019 across both, US and European issuers. 

UniCredit has a very strong fixed income investors base and very strong and continuous placement capacity.


The two tranches of the Notes were set with the following terms:

- for the 3-year Fixed Rate Notes, a coupon at 6.572%, paid semiannually, with an issue/re-offer price of 100%;

- for the 3-year Floating Rate Notes, a coupon at 3 month US Libor + 390bps, paid quarterly, with an issue/re-offer price of 100%.


The Notes have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may only be sold (i) to qualified institutional buyers, as defined under Rule 144A of the Securities Act, in transactions exempt from registration under the Securities Act and (ii) in accordance with Regulation S of the Securities Act or pursuant to another applicable exemption from the registration.

UniCredit Bank AG, Barclays, Citigroup, Goldman Sachs, JPMorgan and UBS managed the placement and acted as Joint Bookrunners for the Notes.


The Notes will be issued pursuant to the USD GMTN Programme and are expected to have the following ratings: Baa3 (Moody's) / BBB- (S&P) / BBB (Fitch). The minimum denomination of the Notes is USD 350,000 and USD 1,000 thereafter.



Milan, 09th January 2019





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