The securities are perpetual, with maturity linked to corporate duration of the issuer, which has an early call option. The bond pays a fixed annual coupon of 6.5% until the first reset date set on June 3, 2032. Starting from that date, the coupon will be reset every five years based on the five-year Mid-Swap rate applicable at that time, increased by a margin of 4.212%.
The bond is documented under UniCredit S.p.A.’s EUR60 billion Euro Medium Term Notes (EMTN) Program and was admitted to trading on the regulated market of the Luxembourg Stock Exchange. It is issued in dematerialized form and centralized at Euronext Securities Milan (Monte Titoli).
The A&O Shearman team involved in the transaction was led by partners Cristiano Tommasi and Craig Byrne, supported by senior associate Elisabetta Rapisarda and associate Paolo Martellone, with counsel Elia Ferdinando Clarizia advising on tax-related aspects.
