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UniCredit makes its debut in the Asian capital markets by issuing a Singapore Dollar subordinated bond

UniCredit (Baa2/BBB+/A-) makes its debut in the Asian capital markets by launching a Lower Tier2 subordinated benchmark denominated in Singapore Dollar (SGD).

 

The issue is worth SGD 300 million (equivalent to approximately Euro 200 million), which represents the benchmark size for the Singaporean market, and has a 10.5 years maturity (callable after 5.5 years).

 

The bond pays a fixed coupon of 5.50% and has an issue price of 100, consistent with a spread of 447 bps over Singapore swap rate.

 

Nomura, Standard Chartered and UBS Investment Bank have managed the placement in the local market acting as joint bookrunners.

 

The transaction has been widely distributed among Asian institutional investors and local private wealth management firms, collecting orders of approximately SGD 500 million.

 

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: Baa3 (Moody's) / BBB (S&P) / BBB+ (Fitch).

 

The bond will be computed in UniCredit's Tier 2 regulatory capital, contributing to the Total Capital Ratio. Listing will be on the  Luxembourg Stock Exchange.

 

 

 

Milan, 16 January 2013