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UniCredit issues subordinated benchmark

UniCredit (rated Aa3/A/A) has today launched a new 10 year "lower tier 2" subordinated benchmark in size of Euro 750 million.

The bond pays a fixed coupon of 6.125% and has an issue/re-offer price of 99.62% consistent with a spread of 245 bps over swap rate of equivalent maturity.

UniCredit Corporate & Investment Banking, BNP Paribas and Goldman Sachs International have managed the placement acting as joint bookrunners.

The transaction has been widely distributed among institutional investors collecting orders for over 1 billion with the following allocation by investor types / regions: asset managers (66%), banks (26%), insurance companies (6%); Italy (26%), UK/Ireland (24%), France (20%), Germany (15%), BeNeLux (9%).

The bond is documented under the issuer's Euro Medium Term Notes Program. In light of the subordinated status, the expected ratings are as follows A1 (Moody's / A- (S&P) /A- (Fitch). The bond will be computed in the Tier 2 regulatory capital of UniCredit, contributing to the Total Capital Ratio. Listing will be on the  Luxembourg Stock Exchange.



Milan, 12 April 2011



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