Allen & Overy advises UniCredit on new Tier 2 callable dematerialised bond

Published Date
Jan 16, 2024
Allen & Overy has advised UniCredit S.p.A. on a EUR1 billion Tier 2 subordinated bond intended for institutional investors (maturity 16th April 2034).

The bond pays a fixed annual coupon of 5.375% until 16th April 2029. From that date, if an early call (exercisable from 16th January 2029 to 16th April 2029) has not occurred, the bond will pay quarterly interest equal to the 5-year swap rate, increased by the initial spread.

The bond, documented under UniCredit’s EUR60 billion Euro Medium Term programme, is dematerialised and has been centralised with Euronext Securities Milan (Monte Titoli) and listed on the Luxembourg Stock Exchange,

The Allen & Overy’s team advising UniCredit was led by partners Cristiano Tommasi and Craig Byrne, supported by associates Elisabetta Rapisarda and Marco Mazzurco. Counsel Elia Ferdinando Clarizia advised on tax aspects

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