UNICREDIT SPA (80/2024) UniCredit issued EUR 1 billion Additional Tier 1 PerpNC 6/2032 Notes

Raport bieżący z plikiem 80/2024

Podstawa prawna: Inne uregulowania

Today UniCredit S.p.A. has issued "Additional Tier 1" Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes targeted to institutional investors, for a total amount of EUR 1 billion.

This is UniCredit's first Additional Tier 1 after more than 3 years improving the Tier 1 ratio by about 35 basis points and completing UniCredit's institutional MREL funding plan for 2024.

The issuance follows a book building process that gathered a demand of approx. EUR 3.8 billion from more than 220 investors globally, enabling to review downwards the guidance, initially set at 7% area, and to fix the coupon at 6.5%.

The final allocation has been mainly in favor of funds (66%), hedge funds (19%) insurances _ pension funds (9%) and banks (6%), with the following geographical distribution: UK (38%), France (22%), Italy (8%), US offshore (7%), Nordics (6%) and BeNeLux (6%).

The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or Issuer CET1 ratio at any time falls below the trigger level, the instrument will be temporarily written down to cure the breach, taking into consideration other instruments with similar write down triggers, ranking pari-passu.

The securities are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and may be called by the Issuer on any calendar day during the six-month period commencing on 3rd December, 2031 and ending on 3rd June, 2032 and thereafter on any interest payment date, subject to Regulatory approval.

Notes pay fixed rate coupons of 6.5% per annum up to June 2032 on a semi-annual basis; if not called, coupon will be reset every 5 years to the aggregate of the then 5-Years Mid-Swap rate plus 421.2 bps, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. In line with the regulatory requirements, the coupon payments are fully discretionary. UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with Barclays, BNP Paribas, BofA Securities, Morgan Stanley and Santander.

The notes are expected to be rated "Ba3" by Moody's.

Milan, 9th September 2024

Contacts:

Media Relations e-mail: MediaRelations@unicredit.eu

Investor Relations e-mail: InvestorRelations@unicredit.eu

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