UniCredit (rated Baa2/BBB/BBB+) has today issued a new senior benchmark floater with a maturity of 3 years and a size of Euro 1.25 billion.
Coupon has been set at 95 bps over 3 month Euribor with an issue/re-offer price of 99.911%.
The initial price guidance was set at 105 bps area, then, given the very positive market feedback, it and has been revised to 100 bps area achieving a final issue spread equal to 98 bps. Furthermore, the final size of the deal has increased to Euro 1.25 billion from initial target of Euro 1 billion.
UniCredit Corporate & Investment Banking, Deutsche Bank, Goldman Sachs and Morgan Stanley, have managed the placement acting as joint bookrunners.
The transaction has involved approx. 200 institutional investors with total orders for more than Euro 2 billion. The allocation by investor types/regions: asset managers (65%), banks (27%) and insurance companies (7%); France (22%), Germany/Austria (20%), Italy (18%), UK/Ireland (15%) and Asia (6%).
The bonds form part of the UniCredit's outstanding benchmark curve and are documented under the Euro Medium Term Notes Program. Listing will be on the Luxembourg Stock Exchange.
Milan, 3 April 2014