UNICREDIT SPA (8/2025) UniCredit issues EUR 1 billion Additional Tier 1 PerpNC 6/2033 Notes at the lowest ever reset margin

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 Additional Tier 1, part of UniCredit's institutional MREL funding plan for 2025, contributes to improvement of the Tier 1 ratio by about 35 basis points.

The issuance follows a book building process that gathered a demand of more than EUR 6.2 billion from more than 340 investors globally, enabling to review downwards the guidance, initially set at 6.25% area, and to fix the coupon at 5.625%, with a reset margin of 329.9 bps, the lowest ever set by UniCredit.

The final allocation has been mainly in favor of funds (59%), hedge funds (22%), and banks (17%), with the following geographical distribution: UK (34%), Italy (15%), France (14%) and BeNeLux (8%).

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 also into consideration other instruments with similar write down triggers, ranking pari-passu among themselves.

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, 2032 and ending on 3rd June, 2033 and thereafter on any interest payment date, subject to Regulatory approval.

Notes pay fixed rate coupons of 5.625% per annum up to June 2033 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 329.9 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, Deutsche Bank and Morgan Stanley.

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

Milan, 18 February 2025

Contacts:

Media Relations e-mail: MediaRelations@unicredit.eu

Investor Relations e-mail: InvestorRelations@unicredit.eu

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