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A&O Shearman advises UniCredit on callable Senior Non-Preferred bond in pounds sterling

A&O Shearman advises UniCredit on callable Senior Non-Preferred bond in pounds sterling
Published Date
Apr 30 2026
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Image of Cristiano Tommasi
Cristiano TommasiPartner, Rome
Image of Elisabetta Rapisarda
Elisabetta RapisardaSenior Associate, Rome
Image of Elia Ferdinando Clarizia
Elia Ferdinando ClariziaCounsel, Milan

The placement of a Senior Non-Preferred (SNP) bond issued in dematerialized form by UniCredit S.p.A. for a nominal value of GBP400 million, maturing on October 22, 2031, has been completed. The bond is addressed to institutional investors.

The bond pays a fixed annual coupon of 5.263% per annum, payable semi-annually until October 22, 2030. From that date, should the issuer not exercise its early redemption option, the coupon will be set on the basis of the prevailing 1-year UK Gilt reference rate, increased by 108 basis points.

The bond is documented under UniCredit S.p.A.'s Euro Medium Term Notes program. The notes have been admitted to listing on the regulated market of the Luxembourg Stock Exchange and are centralized with Euronext Securities Milan (Monte Titoli).

The A&O Shearman team that assisted UniCredit S.p.A. as issuer of the bond was led by partner Cristiano Tommasi, supported by senior associate Elisabetta Rapisarda, and trainee Antonio Iuliano. Counsel Elia Ferdinando Clarizia provided assistance on the tax aspects.

“Advising UniCredit on an issuance of this significance marks a further milestone in the long-standing and well-established relationship between our firm and the bank, built over the years through our support on numerous capital markets transactions. The deal called for an integrated approach that brought together the expertise of our various teams.”

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