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UniCredit issues Additional Tier 1 Notes (AT1) for a total of EUR 1 billion

UniCredit S.p.A. has launched today an issue of Additional Tier 1 notes, denominated in Euro, for a total of € 1 billion, with characteristics compliant with new "CRD IV" regulation in place starting from 1st January 2014.


The notes are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and can be called by the Issuer after 7 years and thereafter at any interest payment date. The notes pay fixed rate coupons of 6.75% per annum for the initial 7 years on a semi-annual basis; if not redeemed, coupon will be reset every 5 years at the then 5-Years Mid-Swap rate + 610 bps. In line with the regulatory requirements, the coupon payments are fully discretionary.


Additional Tier 1 will contribute to strengthen the Tier 1 ratio of UniCredit S.p.A. The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or Issuer CET1 at any time falls below the trigger level, the instrument will be temporarily written down by the amount required to cure the breach, taking into consideration other instruments with similar write down triggers.


The offer has encountered significant interest from investors, bringing the order book to approximately 2 billion EUR with more than 150 investors, allowing to price the security with a coupon of 6.75% and a price equal to 100%, in line with the initial guidance.


The Notes were distributed to different institutional investors' categories such as funds (84%), banks (13%) and insurance companies (2%). The demand was coming from the following regions: UK/Ireland (34%), France (20%), Italy (12%) and Germany/Austria (7%).

UniCredit Corporate & Investment Banking together with BofA Merrill Lynch, Credit Agricole, Credit Suisse and Deutsche Bank have managed the placement acting as joint bookrunners. The expected rating from Fitch is "BB-". Bonds will be listed on the Luxembourg Stock Exchange.