Unipol Assicurazioni Places €1 Billion Restricted Tier 1 Bond

Unipol Assicurazioni S.p.A. has successfully completed the placement of a €1 billion Restricted Tier 1 bond, targeted at institutional investors.

The notes are perpetual, with maturity linked to the issuer’s statutory duration and subject to the issuer’s option to redeem them early, and pay a fixed annual coupon of 6.000% until the reset date (21 January 2036). From that date onwards, if the early redemption option is not exercised, the coupon will be reset at five-year intervals based on the applicable Mid-Swap rate at that time, increased by 324.1 basis points.

The bond was admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. The notes were issued on a standalone basis in dematerialised form and are centralised with Euronext Securities Milan (Monte Titoli).

In the transaction, Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD) assisted the issuer, Unipol Assicurazioni S.p.A., while A&O Shearman advised the financial institutions acting as Global Coordinators J.P. Morgan and Mediobanca, as well as the Joint Lead Managers together with BNP Paribas, Goldman Sachs International and IMI–Intesa Sanpaolo.

CRCCD acted with a team led by partner Michele Crisostomo, supported by counsel and solicitor Fiona Chung, together with senior associate Alessandra Davoli and associate and solicitor Bianca Casini. Tax aspects of the transaction were handled by partner Paolo Serva, with managing associate Edoardo Diotallevi.

The A&O Shearman team on the transaction was led by partners Cristiano Tommasi and Alessandra Pala, supported by associate Paolo Martellone and trainee Antonio Iuliano. Counsel Sarah Capella and Elia Ferdinando Clarizia advised on English law and tax matters, respectively, while associate Giulia Ghiandai handled regulatory aspects.