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UniCredit successfully issues dual tranche Senior Preferred Notes for a total amount of EUR 1.75 billion


Today, UniCredit S.p.A. (issuer rating Baa1/BBB/BBB) launched a dual tranche Senior Preferred EUR 1.25 billion with 6 years maturity, callable after 5 years, and EUR 500 million with 10 years maturity.


The amount issued is part of the 2022 Funding Plan and confirms once again UniCredit's ability to access the market in different formats.

The two tranches were set with the following terms:


-   for the 6NC5 years bond, a fixed coupon of 0.925% paid annually, with an issue/re-offer price of 99.844%, equivalent to a spread of 85 bps over the 5 year swap rate. The bond will have a one-time issuer call at year 5, to maximize regulatory efficiency. Should the issuer not call the bonds after 5 years, the coupons for the subsequent periods until maturity will reset to a floating rate equal to 3-months Euribor plus the initial spread of 85 bps;

-   for the 10 years bonds, a fixed coupon of 1.625%, paid annually, with an issue/re-offer price of 99.808%, equivalent to a spread of 125 bps over the 10 year swap rate.

The transaction has encountered a demand above 2.5bn with almost 200 combined orders from institutional investors.


The final allocation of the 6 years maturity, callable after 5 years bond has been mainly in favor of funds (69%), banks & private banks (13%), official institutions & central banks (8%) and insurances (8%), with the following geographical distribution: France (32%), Germany/Austria (17%), Italy (14%), Benelux (8%), Iberia (7%), UK (7%) and Nordics (7%).


In relation to the 10 years bond, the final allocation has seen mainly funds (50%), insurances (34%), official institutions & central banks (11%), banks & private banks (5%), with the following geographical distribution: France (36%), UK (33%) Germany/Austria (12%), Nordics (9%) and Italy (6%).


Given the positive market feedback and the order book size, the pricing guidance, initially set in the 105 bps area over mid-swap rate for the 6 years maturity, callable after 5 years bond and in the 135 bps area for the 10 years bond, was reviewed downwards and finally set at 85 bps and 125 bps respectively.


UniCredit Bank AG acted as Sole Book Runner and Lead Manager. Commerzbank, Credit Suisse, Mediobanca, Natixis, NatWest Markets and Santander acted as Joint Lead Managers (no books).


The bonds, 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, 11 January 2022






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