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UniCredit successfully issues Senior Non-Preferred Notes for EUR 1 billion


Today, UniCredit S.p.A. (issuer rating Baa1/BBB/BBB) has successfully issued a fix-to-floater Senior Non-Preferred Bond for EUR 1 billion with 6 years maturity and a call after year 5, targeted to institutional investors.


The issuance follows a book building process that gathered strong demand of more than EUR 2.1bn from more than 150 institutional investors globally. The initial guidance of 185bps over the 5-year mid swap rate has been consequently revised downwards and set at 160bps, resulting in a fixed coupon of 4.45% paid annually, with an issue/re-offer price of 99.842%.


The bond will have a one-time issuer call at year 5, as to maximize regulatory efficiency. Should the issuer not call the bond 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 160bps, paid quarterly.


The final allocation has been mainly in favor of funds (67%), banks & private banks (20%), hedge funds (7%), insurances (3%), official institutions & central banks (3%), with the following geographical distribution: Italy (27%), France (22%), UK (16%), Germany/Austria (13%), Benelux (9%), Nordics (5%), Iberia (4%) and Swiss (1%).


The amount issued is part of the 2023 Funding Plan and confirms once again UniCredit's ability to access the market in different formats.


UniCredit Bank AG acted as Global Coordinator and as Joint Bookrunner together with Citi, Deutsche Bank, Mediobanca, Natwest, Santander and Sociètè Gènèrale.


The bond, documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Senior Non-Preferred debt of the issuer. The expected ratings are as follows: Baa3 (Moody's)/ BBB- (S&P)/ BBB- (Fitch).


Listing will be on the Luxembourg Stock Exchange.


Milan, 9 February 2023





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