UniCredit S.p.A. has issued USD 3.5 billion of Senior Non-Preferred Notes across multiple tranches, targeting institutional investors. With this transaction UniCredit successfully returns to the US market, demonstrating its well-diversified investor base and funding sources.
The Notes further reinforce UniCredit's USD credit curve by adding depth and liquidity across maturities and are eligible for MREL purposes.
The book-building process attracted strong demand of more than USD 20 billion from more than 200 investors worldwide, with approx. 65% of the demand coming from North America. This allowed UniCredit to tighten the initial price guidance and achieve the following terms:
- 4NC3 fixed-to-fixed-rate Notes: USD 1.5 billion, with a coupon of 5.970% per annum for the initial three years, payable semi-annually, equivalent to a spread of 105 basis points over the three-year US Treasury rate. If the Notes are not redeemed by the Issuer, the coupon will be reset at the one-year US Treasury rate plus 105 basis points;
- 6NC5 fixed-to-fixed-rate Notes: USD 1 billion, with a coupon of 6.201% per annum for the initial five years, payable semi-annually, equivalent to a spread of 125 basis points over the five-year US Treasury rate. If the Notes are not redeemed by the Issuer, the coupon will be reset at the one-year US Treasury rate plus 125 basis points; and
- 11NC10 fixed-to-fixed-rate Notes: USD 1 billion, with a coupon of 6.585% per annum for the initial ten years, payable semi-annually, equivalent to a spread of 148 basis points over the ten-year US Treasury rate. If the Notes are not redeemed by the Issuer, the coupon will be reset at the one-year US Treasury rate plus 148 basis points.
All tranches have an issue and re-offer price of 100.00%.
The Notes have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may be offered and sold only: (i) to qualified institutional buyers, as defined under Rule 144A of the Securities Act, in transactions exempt from registration under the Securities Act; and (ii) outside the United States in accordance with Regulation S under the Securities Act or pursuant to another applicable exemption from registration.
Citigroup, J.P. Morgan and UniCredit acted as Global Coordinators. Barclays, BofA Securities, Goldman Sachs International, HSBC, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities acted as Joint Bookrunners.
The transaction marks UniCredit's first issuance in the US market since 2021 and initiates the pre-funding of the Group's 2027 funding needs.
The Notes will be issued under UniCredit's GMTN Programme and are expected to be rated Baa2 by Moody's, BBB by S&P and BBB+ by Fitch. The minimum denomination is USD 250,000, with additional amounts in increments of USD 1,000 thereafter. Settlement is expected to take place on 19 November 2026.
Milan, 13 November 2026
Contacts:
Media Relations e-mail: MediaRelations@unicredit.eu
Investor Relations e-mail: InvestorRelations@unicredit.eu