A&O Shearman advises on EUR1 billion restricted tier 1 notes by Unipol Assicurazioni

The notes are perpetual, with maturity linked to the statutory duration of the issuer, which has the option to call them early, and bear a fixed annual coupon of 6.000% until the reset date (January 21, 2036). From that date, if the early redemption option is not exercised, the coupon will be reset at five-year intervals based on the applicable mid-swap rate at that time, plus 324.1 basis points.

The notes have been admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. The bond is issued on a standalone basis in dematerialized form and is held with Euronext Securities Milan (Monte Titoli).

The A&O Shearman team on the transaction was led by partners Cristiano Tommasi and Alessandra Pala, assisted by associate Paolo Martellone and trainee Antonio Iuliano. Counsel Sarah Capella and Elia Ferdinando Clarizia advised on English law aspects and tax matters respectively, while associate Giulia Ghiandai handled the regulatory aspects.

Cristiano Tommasi, partner, commented: “Transactions of this nature require a deep understanding of the applicable regulatory framework and the ability to coordinate multiple layers of complexity. At A&O Shearman, we have developed extensive experience in advising our clients on transactions that sit at the intersection of capital markets and sector-specific regulation, delivering effective solutions even in the most intricate contexts."