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Hogan Lovells Cadwalader advises UniCredit on the authorisations for the landmark €5bn USD-denominated AT1 issuance

6 October 2026 – Global law firm Hogan Lovells Cadwalader has advised UniCredit S.p.A. in connection with the approval by its Extraordinary Shareholders’ Meeting, held on 21 September 2026, of a delegation of authority to the Board of Directors to issue USD-denominated Additional Tier 1 (AT1) Notes in perpetual contingent convertible format, for an aggregate maximum equivalent amount of €5 billion over a five-year period. The resolution was approved by approximately 97.39% of the share capital represented and entitled to vote at the meeting.

The AT1 Notes are intended for institutional investors and represent a first-of-its-kind transaction in the Italian banking market.

The Hogan Lovells Cadwalader team that advised on the transaction was led by partners Piero de Mattia and Alessandro Accrocca with support from senior associate Lorenza Fici, associate Edoardo Minetti and trainee solicitor Riccardo del Torto.

 

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Cynthia Lydia Marbaniang
Associate & Staff Writer