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UniCredit successfully issues callable Senior Preferred benchmark bond


EUR 1.25 billion Senior Preferred 6NC5 Fixed to Floating Rate underwritten by ca 150 institutional investors with an order-book of more than EUR 2.5 billion 


UniCredit has launched today its first Senior Preferred benchmark out of its 2020 Funding Plan, with a 6 year maturity and a call after 5 years for an amount of EUR 1.25 billion.

The transaction has been highly successful gathering a very positive market response. As a consequence, the price guidance initially set at Mid Swap + 185 bps has been revised down to a final spread of 160 bps confirming once again UniCredit's appreciation by the fixed income investors base.


The bond pays a fixed coupon of 1.25% during the first 5 years, and has an issue price of 99.563%, equivalent to a spread of 160 bps over the 5 year swap rate.

The bond has a one-time issuer's call at year 5, in order to optimize the regulatory efficiency. Should the call not being exercised after 5 years, the coupon for final year until maturity will reset to a floating rate equal to the 3-month Euribor plus the initial spread of 160 bps, paid quarterly.

The bond has been distributed to different institutional investors' categories such as funds (76%), banks/private banks (19%) and insurance/pension funds (3%). The demand came from the following main regions: France (21%), Italy (21%), Nordics (16%), Germany/Austria (12%) and UK (9%).


UniCredit Bank AG acted as Sole Book Runner and Lead Manager. Citi, Commerzbank, ING, Natixis, NatWest Markets and UBS Investment Bank acted as Joint Lead Managers (no books).


The bond, documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Senior Preferred debt of the issuer. The expected ratings are as follows: Baa1 (Moody's) / BBB (S&P) / BBB- (Fitch).


Listing will be on the Luxembourg Stock Exchange.



Milan, 9 June, 2020




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