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UniCredit successfully issues EUR 1.25 billion 10Y Senior Preferred Bond


Today, UniCredit S.p.A. (issuer rating Baa1/BBB/BBB) has successfully issued a fixed rate Senior Preferred Bond for EUR 1.25 billion with 10 years maturity, targeted to institutional investors.


The book building process gathered very strong demand of more than EUR 4.35 billion from more than 240 institutional investors globally. The initial guidance of 170bps over the 10-year mid swap rate has been revised remarkably downwards and set at 125bps, resulting in a fixed coupon of 4.00% paid annually, with an issue/re-offer price of 99.935%.


The final allocation has been mainly in favor of funds (42%) and pension funds/insurances (31%), with the following geographical distribution: France (29%), Germany/Austria (19%), UK (14%), BeNeLux (11%) and Italy (10%).


The amount issued is part of the 2024 Funding Plan and confirms once again UniCredit's ability to access the market in different formats.


UniCredit Bank GmbH acted as Sole Book Runner and Lead Manager. Citi, Deutsche Bank, HSBC, Natixis, RBI and Santander acted as Joint Lead Managers.


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


Listing will be on the Luxembourg Stock Exchange.



Milan, 27 February 2024


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