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UniCredit: The first issue of Italian obbligazioni bancarie garantite greeted with success by investors

UniCredit launched today its inaugural OBG (Obbligazioni Bancarie Garantite) benchmark. The transaction, reopening the OBG market, met with very strong interest from the international investor community. Although already scheduled as a sizable 2 billion Euros jumbo, the deal was covered by double the orderbook, allowing to close the deal early this morning ahead of schedule.


The issuance - managed by UniCredit (HVB) with BNParibas, Citibank, Deutsche Bank and UBS - has been taken up by close to 200 institutional investors, mainly funds (60.1%), banks (26.7%) and insurance companies (11.3%). The demand was driven by a wide geographical diversification, with Germany being the major contributor followed by France, Italy and UK.


UniCredit's OBG are expected to be rated AAA/Aaa/AAA by Fitch/Moody's/S&P. The 7 year issue will pay a coupon equal to 4.25%, equivalent to a 103 basis points over the equivalent swap maturity. The issue price has been set at 99.666%.


The OBG provide the investor with a double protection, first from the issuing bank - in this case the holding company UniCredit S.p.A. - and in addition a portfolio of segregated assets.


The issue launched today by UniCredit is part of the 20 billion Euros Program published in 2008 and based on a portfolio composed of 100% residential mortgages. For the benefit of the OBG holders (7 billion Euros bonds, including today's transaction), the bank has already segregated around 11.9 billion Euros. The transfer was done by UniCredit Family Financing Bank S.p.A,, our core product factory for residential mortgages to individuals and families. The global segregated portfolio comprises of approximately 100,000 mortgages and has a very high granularity (with an average outstanding amount lower than Euro 120.000). It is characterized by an average loan-to-value of less than 67%, a geographical concentration in northern and central Italy of 55% and 24% respectively. The Program has been arranged by the Structured Capital Markets department of the Corporate and Investment Banking division of the UniCredit Group.


The issuance was proposed to the market after an intensive roadshow for institutional investors, held in the principal European financial centers, including Milan, Vienna, Zurich, London, Amsterdam, Rotterdam, Paris, Hamburg, Frankfurt, Cologne, Munich, Düsseldorf and Rome. The roadshow met a broad interest both for the legal and contractual framework, and for the high quality of the residential mortgages within the second guarantee cover pool.


Milano, 29th June 2009




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