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Reopening of the debut UniCredit OBG Jumbo – total amount raised by € 0,5 billion to € 2,5 billion

Following the continuous interest of the market, UniCredit has today increased its OBG benchmark issue. The fully fungible € 500 mln increase will enlarge the original size of 2 billion to a new total of 2,5 billion further increasing the market liquidity.

The 7 year OBG pays a coupon of 4,25% and based on the new issue price of 101.18%, the spread equates to 86 bps over swaps. The positive spread performance since launch of the original deal at 103 bps confirms the positioning of OBG among the prime European covered bond markets. Lead Manager of the increase is UniCredit Corporate and Investment Banking division.

UniCredit's OBG are expected to be rated AAA/Aaa/AAA by Fitch/Moody's/S&P. The OBG are bonds characterized by a double protection from both the issuing bank - in this case the holding company UniCredit S.p.A. - and in addition a portfolio of segregated residential mortgages.

The issue launched today is part of a € 20 billion Programme announced back in 2008 and based on 100% residential mortgages. For the benefit of the OBG holders € 11,9 billion of residential mortgages have already been segregated. The assets have been transferred by UniCredit Family Financing Bank S.p.A., the central product factory for residential mortgage lending in Italy. The portfolio includes approximately 100,000 mortgages with average loan-to-value of less than 67%, a geographical concentration in northern and central Italy of 55% and 24% respectively.


Milan, 13rd July 2009




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