UNICREDIT SPA (3/2025) UniCredit successfully issues dual tranche Senior Non-Preferred bonds for a total amount of EUR 2 billion

Podstawa prawna: Inne uregulowania

Today, UniCredit S.p.A. (issuer rating Baa1/BBB/BBB+) successfully issued dual tranche Senior Non-Preferred bonds comprising of a EUR 1 billion with 4.5 years maturity, callable after 3.5 years, and EUR 1 billion with 8 years maturity, callable after 7 years, targeted to institutional investors.

The issuance follows a book building process that gathered a combined demand of approximately EUR 5.6 billion, with more than 290 orders from institutional investors.

Given the strong market feedback, terms of the two tranches were set as follows:

- for the 4.5NC3.5 years bond, the initial guidance of 130bps over the 3.5-year mid swap rate has been revised downwards and set at 98bps, resulting in a fixed coupon of 3.30% paid annually, with an issue/re-offer price of 99.877%. The bond will have a one-time issuer call on July 28. Should the issuer not call the bond, the coupons for the subsequent periods until maturity will reset to a floating rate equal to 3-months Euribor plus the initial spread of 98bps;

- for the 8NC7 years bond, the initial guidance of 170bps over the 7-year mid swap rate has been revised downwards and set at 140bps, resulting in a fixed coupon of 3.80% paid annually, with an issue/re-offer price of 99.710%. The bond will have a one-time issuer call on January 32. Should the issuer not call the bonds after 3 years, the coupons for the subsequent periods until maturity will reset to a floating rate equal to 3-months Euribor plus the initial spread of 140bps.

The final allocation of the 4.5NC3.5 bond has been mainly in favor of funds (67%) and central banks (18%), with the following geographical distribution: France (27%), UK (21%), Iberia and BeNeLux (11% each).

In relation to the 8NC7 bond, the final allocation has been mainly in favor of funds (70%) and banks (10%), with the following geographical distribution: France (39%), UK (22%), Germany/Austria (14%) and Iberia (6%).

UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with Barclays, Erste Group, HSBC, IMI - Intesa Sanpaolo, ING, Mediobanca, Natixis and Santander.

The bonds, documented under the issuer's Euro Medium Term Notes Program, will rank pari passu with the outstanding Non-Preferred Senior debt. The expected ratings are as follows: Baa3 (Moody's)/ BBB- (S_P)/ BBB (Fitch).

Listing will be on the Luxembourg Stock Exchange.

Milan, 9 January 2025

Contacts:

Media Relations e-mail: MediaRelations@unicredit.eu

Investor Relations e-mail: InvestorRelations@unicredit.eu

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