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UniCredit issues EUR 750 million Additional Tier 1 PerpNC 6/2028 Notes (AT1)


UniCredit S.p.A. has issued today Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes - Additional Tier 1, for a total amount of EUR 750 million targeted to institutional investors.


UniCredit decided to proceed with the transaction to continue to strengthen its regulatory capital taking advantage of the positive market window.

The Additional Tier 1 notes will contribute to improve the Tier 1 ratio and are included in the 2021 UniCredit's Funding Plan, completing the AT1 issuance needs for the year.


The issuance follows a book building process that gathered a demand over EUR 2.25 billion from more than 180 investors globally, enabling to review downwards the guidance, initially set at 4.875% area, and to fix the coupon at 4.45%.


The bond has been distributed to different institutional investor categories such as funds (82%), insurances&pension funds (9%), hedge funds (5%) and banks&private banks (4%), with the final allocation originated by UK (47%), France (14%), Germany/Austria/Swiss (9%), Italy (9%), North America Off-Shore (8%), Middle East/Asia (6%), others (7%).


The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or Issuer CET1 ratio at any time falls below the trigger level, the instrument will be temporarily written down to cure the breach, taking into consideration other instruments with similar write down triggers, ranking pari-passu.


The securities are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and may be called by the Issuer on any calendar day during the six-month period commencing on 3rd December, 2027 and ending on 3rd June, 2028 and thereafter on any interest payment date, subject to Regulatory approval. Notes pay fixed rate coupons of 4.45% per annum up to June 2028 on a semi-annual basis; if not called, coupon will be reset every 5 years to the aggregate of the then 5-Years Mid-Swap rate plus 460.6 bps, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. In line with the regulatory requirements, the coupon payments are fully discretionary.


Barclays, BNP Paribas, Deutsche Bank, HSBC, Santander, UBS Investment Bank and UniCredit Bank AG have managed the placement acting as joint bookrunners.

The expected rating from Moody's is "Ba3".



Milan, 30th June 2021






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