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UniCredit issues a 7 years Covered Bond (OBG)

UniCredit has launched today a new OBG benchmark issue with a 7 year maturity for a total size of Euro 1 billion.
The issue is setting up a new reference point on the UniCredit covered bond curve, confirming the tight pricing relative to respective Government and peer benchmarks.

The transaction - managed by UniCredit Corporate & Investment Banking together with Banca IMI, Commerzbank, Natixis and UBS - has involved different institutional investors' categories such as funds (38.3%), banks (32.4%), central banks (12.7%) and insurance companies (7.4%). The demand was driven by a wide geographical diversification, with Germany being the major contributor (32%) together with Italy (30.3%) and France (17%).The issue, is expected to be rated AAA/Aaa/AAA by Fitch/Moody's/S&P, will pay a coupon equal to 3.375%, equivalent to 112 basis points over the swap rate with the same maturity and an issue price set at 99.935%.

The issue launched today is part of the 20 billion Euro Programme announced in 2008 and based on a portfolio entirely composed by residential mortgages. For the benefit of the OBG holders (up to date 8.15 billion Euro issued including the present issue), 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 as of end of June 2010 comprises approximately 106,000 mortgages and has a very high granularity (with an average outstanding amount lower than Euro 110.000). It has an average loan-to-value of approx 63%, a geographical concentration in northern and central Italy of 55% and 23% respectively. The Programme has been arranged by UniCredit Corporate & Investment Banking.



Milan, 4 October 2010



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