A&O Shearman advises in Unicredit’s new EUR2 billion dual tranche bond

The two series have the following characteristics:

• Fixed-to-floating bond for a nominal value of EUR1bn, maturing in six years (June 10, 2031) callable after five years. The bond pays a fixed annual coupon of 3.100% until the optional redemption date (June 10, 2030); from that date, if the bond is not called, the coupon will be paid quarterly and determined on the basis of the three-month Euribor with an increase in the initial spread of 95 basis points.
• Fixed-rate bonds for a nominal value of EUR1bn, maturing in ten years (June 10, 2035). The bond pays a fixed annual coupon of 3.725%.

The bonds are issued under UniCredit S.p.A.'s Euro medium-term notes program and have been listed on the regulated market of the Luxembourg Stock Exchange.

The A&O Shearman team in the transaction was led by partner Cristiano Tommasi, supported by counsel Sarah Capella, senior associate Elisabetta Rapisarda, and associate Paolo Martellone. Counsel Elia Ferdinando Clarizia assisted on tax-related aspects.