Unicredit he placed on Tuesday two bonds senior preferred: the first from 1,25 billion with a six-year maturity (but callable after five); the second from 500 million with a ten-year maturity. The Bank communicates it in a note.
In detail, the first Unicredit bond will pay a fixed annual coupon of 0,925% on an issue price of 99,844%, for a spread of 85 basis points with respect to the five-year swap rate. If the issue is not called after five years, the coupons for the subsequent periods up to maturity will be fixed on the basis of the three-month Euribor plus the initial spread of 85 basis points.
The second obligation Unicredit will instead pay an annual coupon of 1,625% with an issue price of 99,808%, equal to a spread of 125 basis points with respect to the swap rate for the same duration.
Overall, according to the bank's note, demand exceeded 2,5 billion, with "nearly 200 orders from institutional investors".
The good reception by the market has made it possible lower prices compared to the initial indications at 105 basis points on the midswap for the 6-year bond and at 135 basis points for the 10-year bond.
I rating expected are Baa1 from Moody's, BBB from S&P and BBB from Fitch.
The bonds will be listed on the Luxembourg Stock Exchange.
The transaction was handled by UniCredit Bank Ag as sole bookrunner and lead manager, supported by Commerzbank, Credit Suisse, Mediobanca, Natixis, NatWest Markets and Santander as joint lead managers.
Wednesday, mid morning, the stock on the Unicredit Stock Exchange it dropped 1,4%, to 13,868 euros, placing itself at the bottom of the Ftse Mib.
