we receive e we publish the following Press release spread by Unicredit.
UniCredit SpA. (issuer rating Baa1/BBB/BBB+) issued today with a Senior Non Preferred bond success with a 4,5 year maturity callable after 3,5 years for an amount of 1 billion Euro and a Senior Non-Preferred title with an 8-year maturity callable after 7 years for 1 billion Euro, aimed at institutional investors.
The issuance followed a book building process that raised total demand for approximately €5,6 billion, with over 290 orders from investors globally.
Following the strong feedback received, the following conditions have been set for the two tranches:
- for the 4,5-year bond callable after 3,5 years, the level initially communicated to the market of approximately 130bps above the 3,5-year mid-swap rate has been revised and set at 98bps. Consequently, the annual coupon has been set at 3,30%, with an issue/re-offer price of 99,877%. The bond provides for the possibility of a single call by the issuer in July 2028. If the bond is not called, the coupons for the subsequent periods until maturity will be set on the basis of the 3-month Euribor plus the initial spread of 98bps;
- for the 8-year callable 7-year bond, the level initially communicated to the market of approximately 170bps above the 7-year mid-swap rate has been revised and set at 140bps. Consequently, the annual coupon has been set at 3,80%, with an issue price/re offer of 99,710%. The bond provides for the possibility of a single call by the issuer in January 2032. If the bond is not called, the coupons for the subsequent periods until maturity will be set on the basis of the 3-month Euribor plus the initial spread of 140bps.
THEfinal bond allocation with a maturity of 4,5 years, callable after 3,5 years, saw the prevalence of funds (67%) and central banks (18%), with the following geographical distribution: France (27%), UK (21%), Iberia and BeNeLux (11% each).
In relation to the 8-year bond, callable after 7 years, the final allocation saw the prevalence of funds (70%) and banks (10%), with the following geographical distribution: France (39%), UK (22%), Germany/Austria (14%) and Iberia (6%).
UniCredit Bank GmbH acted as Global Coordinator and Joint Bookrunner together with Barclays, Erste Group, HSBC, IMI – Intesa Sanpaolo, ING, Mediobanca, Natixis and Santander.
The notes, which are documented under the issuer's Euro Medium Term Notes programme, will rank pari passu with the issuer's outstanding Senior Non-Preferred debt. The expected ratings are as follows: Baa3 (Moody's) / BBB- (S&P) / BBB (Fitch).
The listing will take place on the Luxembourg Stock Exchange.