Unicredit launched on Tuesday 9 June a benchmark issue of euro-denominated senior preferred bonds. This was reported by Ifr, the Refinitiv service, specifying that the obligations expire in 2026 and are non-refundable before 2025. Regards the yield, the initial indication is around 185 points above the midswap rate.
It is also expected a fixed annual coupon until 2025, when investors will be able to choose whether to sell the security or keep it for another year, until maturity. In the second case, the coupons will be paid quarterly at the 3-month Euribor rate.
The operation will be managed by UniCredit Bank AG as sole bookrunner, while City, Commerzbank, Ing, Natixis, NatWest Markets, Ubs Investment Bank and UniCredit Bank itself act as joint lead managers.
In the evening, Unicrdit announced that the operation was concluded with full success: the bond was subscribed by 150 institutional investors for 1,25 billion euro with orders exceeding 2,5 billion.
Meanwhile, the stock on the Unicredit Stock Exchange it is at the bottom of the main list of Piazza Affari, targeted by profit taking together with the rest of the banking sector. By mid-morning, the bank's shares dropped 4,84%, in line with Banca Mediolanum, Intesa Sanpaolo and Mediobanca.
In the same minutes, the Ftse Mib dropped 2,36%, to 19.753,52 points.
On average over the last month, the Unicredit stock recovered over 30% on the Stock Exchange (+33,8%), but the performance still remains largely negative over the 6 and 12-month horizon (respectively, -30,95 and -12,14%).
