A&O Shearman advises UniCredit on new EUR1 billion bond

The bond has a 6-year maturity and pays a fixed annual coupon of 3.776% until the reset date, scheduled for April 16, 2031. From the reset date, should the issuer not exercise its early redemption option, the coupon will become floating and will be determined on a quarterly basis by reference to the 3-month Euribor rate, plus a spread of 95 basis points.

The bond is documented under UniCredit S.p.A.'s EUR60bn Euro Medium Term Notes program and has been admitted to listing on the regulated market of the Luxembourg Stock Exchange and centralized with Euronext Securities Milan (Monte Titoli).

The A&O Shearman team on the transaction was led by partner Cristiano Tommasi, assisted by senior associate Elisabetta Rapisarda and associate Paolo Martellone. Counsel Elia Ferdinando Clarizia provided assistance on tax matters.

Cristiano Tommasi, partner, commented: "The successful outcome of this bond issuance confirms the strength of the European debt capital markets and of Italian issuers such as UniCredit, even in the current challenging market environment, marked by complex dynamics and heightened volatility."