UniCredit completes €1bn senior non-preferred bond issuance

UniCredit S.p.A. has successfully finalised the placement of a €1 billion senior non-preferred fixed-to-floater bond in dematerialised form, intended for institutional investors. The bond issuance has a six-year maturity and carries a fixed annual coupon of 3.776% until the reset date, scheduled for 16 April 2031. Starting from the reset date, if the issuer does not exercise its early redemption option, the coupon will become variable and will be determined quarterly based on the 3-month Euribor rate plus a spread of 95 basis points.

The notes were issued under UniCredit S.p.A.’s €60 billion Euro Medium Term Note programme. The bond has been admitted to listing on the regulated market of the Luxembourg Stock Exchange and centralised at Euronext Securities Milan (Monte Titoli). The joint lead managers for the transaction included ABN Amro, BNP Paribas, J.P. Morgan, Mediobanca, RBC Capital Markets, Santander, and UniCredit Bank GmbH.

A&O Shearman assisted UniCredit S.p.A. with a team led by partner Cristiano Tommasi, supported by senior associate Elisabetta Rapisarda and associate Paolo Martellone. Counsel Elia Ferdinando Clarizia provided assistance regarding the tax aspects of the transaction. For UniCredit, the legal profiles were managed by the internal Business Legal Advice team, with the support of Marco Daina and Roberta Grasselli.

Clifford Chance advised the joint lead managers with a team led by partner Gioacchino Foti, alongside counsel Jonathan Astbury, senior associate Francesco Napoli, and associate Benedetta Tola.