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UniCredit SpA: the European Roadshow on its Italian Obbligazioni Bancarie Garantite (OBG) Programme Completed

UniCredit SpA has completed the European investor roadshow on its Obbligazioni Bancarie Garantite Programme (OBG), announced back in 2008 with an overall capacity of up to 20 billion Euros.


The roadshow was held between June 8th and 17th and met with broad interest from institutional investors in the principal European financial centers, including Milan, Vienna, Zurich, London, Amsterdam, Rotterdam, Paris, Hamburg, Frankfurt, Cologne, Munich and Düsseldorf.


The Italian legislative framework enables Italian OBG to be included among the key market segment of regulated covered bonds, next to German Pfandbriefe or French Obligations Foncières.


OBG provide the investor with a double guarantee from both the issuing bank - in this case the holding company UniCredit SpA - and in addition a portfolio of segregated residential mortgages.


For the benefit of the OBG holder, the bank has transferred in April this year 5.1 billion Euros to the Programme vehicle, following 6.8 billion Euros already transferred in August 2008. Going forward the bank is planning to add newly originated mortgages to the programme.


The portfolio is composed of 100% residential mortgages and represents the typical product supplied among the Italian customer base by UniCredit Family Financing Bank SpA (the new name of UniCredit Banca per la Casa SpA and the central product factory for mortgage lending within UniCredit Group).


The portfolio is characterised by an average loan-to-value of less than 67%, a geographical concentration in northern and central Italy of 55% and 24% respectively, and by an excellent level of granularity. Approximately 100,000 mortgages are included with an average outstanding amount lower than Euro 120.000.


The OBG issued under this Programme are expected to be rated AAA by all three rating agencies and comply with the criteria set out by the Capital Requirement Directive and the UCITS directive.


With the OBG Programme, UniCredit Group will be benefiting from an additional diversification of funding sources, improved funding cost and the typical medium/long term characteristic of the product.
The Programme has been arranged by the Structured Capital Markets department of the Corporate and Investment Banking division of the Unicredit Group.



Milan, 18th June 2009





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