UNICREDIT S.P.A. (39/2020) UniCredit successfully issues callable Senior Non-Preferred benchmark bond

Podstawa prawna: Inne uregulowania

EUR 1.25 bn Senior Non-Preferred 7NC6 Fixed to Floating Rate underwritten by more than 170 institutional investors with an order-book of more than EUR 2.1 bn

Today, UniCredit has launched a Senior Non-Preferred benchmark, with a 7 year maturity and a call after year 6. The amount issued is equal to EUR 1.25 billion and represents the 3rd issuance since Covid-19 outbreak, reaffirming once again UniCredit's solid fixed income investors base and its market access in different formats.

Following the positive market response, the price guidance initially set at Mid Swap +280 bps has been revised down to a final spread of 255 bps.

The bond pays a fixed coupon of 2.20% during the first 6 years and has an issue price of 99.855%, equivalent to a spread of 255 bps over the 6 year swap rate. It envisages a one-time issuer's call at year 6, in order to optimize the regulatory efficiency.

Should the call not be exercised after 6 years, the coupons for final year until maturity will reset to a floating rate equal to the 3-month Euribor plus the initial spread of 255 bps, paid quarterly.

The bond has been distributed to more than 170 different institutional investors' among different categories such as funds (64%), insurances/ pension funds (14%), banks (14%), official institutions (8%). The demand came from the following main regions: UK (28%), France (22%), Italy (12%), Germany/Austria (11%), Nordics (9%) and Iberia (5%).

Barclays, Goldman Sachs International, Natixis, Santander, Société Générale and UniCredit Bank AG have managed the placement acting as joint bookrunners.

The bonds will be documented under the Euro Medium Term Notes Programme and, in light of the senior non-preferred status, will have the following expected ratings: Baa2 (Moody's) / BBB- (S&P) / BB+ (Fitch). The minimum denomination of the bonds is EUR 250,000 and EUR 1,000 thereafter. Listing will be on the Luxembourg Stock Exchange.

After having completed the 2020 TLAC funding plan well in advance, UniCredit took advantage of the positive market conditions in order to pre-fund the TLAC funding needs foreseen for 2021.

Milan, 15 July 2020

Contacts:

Media Relations Tel. +39 02 88623569; e-mail: MediaRelations@unicredit.eu

Investor Relations Tel. + 39 02 88621028; e-mail: InvestorRelations@unicredit.eu

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