UniCredit completes £400m senior non-preferred bond issuance
Posted on May 4, 2026
UniCredit S.p.A. has finalised the placement of a senior non-preferred bond in dematerialised form for a nominal value of £400 million, with a maturity date set for 22 October 2031. The issuance was targeted at institutional investors.
The bond carries a fixed annual coupon of 5.263%, payable semi-annually until 22 October 2030. From that date, if the issuer does not exercise its early redemption option, the coupon will be reset based on the prevailing 1-year UK Gilt reference rate plus a spread of 108 basis points.
The notes were issued under UniCredit S.p.A.’s Euro Medium Term Note programme. The securities have been admitted to listing on the regulated market of the Luxembourg Stock Exchange and centralised with Euronext Securities Milan (Monte Titoli).
The transaction was managed by a syndicate of financial institutions acting as joint lead managers, including Barclays, BMO Capital Markets, HSBC, Lloyds, and UniCredit Bank GmbH.
A&O Shearman provided legal assistance to UniCredit S.p.A. with a team led by partner Cristiano Tommasi, supported by senior associate Elisabetta Rapisarda and trainee Antonio Iuliano. Counsel Elia Ferdinando Clarizia managed the tax aspects of the transaction. For UniCredit, the legal profiles were overseen by the internal Business Legal Advice team, with support from 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.
