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UniCredit issues a 12 years OBG

UniCredit has launched today a new OBG benchmark issue with a 12 year maturity for a total size of Euro 1 billion.


The transaction follows the previous 7 years issue successfully executed by UniCredit during last July, for a total size of Euro 2.5 billion, and is strategically aimed at setting up a reference benchmark curve not only for the issuer but also for the broader Italian OBG market.


The issue in particular represents one o the very few bond launched in the period subsequent the recent financial crisis with a maturity above 10 years, providing a clear signal of name appreciation in the market.


The transaction - managed by UniCredit (HVB) together with Barclays, Calyon, HSBC and Natixis - has involved different institutional investors' categories such as funds (48%), insurance companies (20%) and banks (12%). The demand was driven by a wide geographical diversification, with Germany being the major contributor together with France, Italy and Benelux.


UniCredit's OBG are expected to be rated AAA/Aaa/AAA by Fitch/Moody's/S&P. The issue launched today will pay a coupon equal to 4,375%, equivalent to a 60 basis points over the swap rate with the same maturity and an issue price set at 99.434%.


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 from a portfolio of segregated assets.


The issue launched today by UniCredit is part of the 20 billion Euros Programme, published on 2008 and based on a portfolio composed of 100% residential mortgages. For the benefit of the OBG holders (up to date 8.5 billion Euros issued), the bank has already segregated around 11.9 billion Euro of residential mortgages originated by UniCredit Family Financing Bank S.p.A.


The global portfolio comprises of approximately 94,000 mortgages, as of June 2009 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 approx 66%, a geographical concentration in northern and central Italy of 55% and 24% respectively. The Programme has been arranged by UniCredit (CIB).




Milan, 26 October 2009




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