A&O Shearman advises UniCredit on new EUR1 billion Tier 2 bond

The bond pays a fixed annual coupon of 4.175% until its reset date (June 24, 2032). If the issuer does not call the bonds after 7 years, the coupon for the subsequent period until maturity will be reset based to the then applicable 5—year swap rate, plus the initial spread.

The bond, documented under UniCredit S.p.A’s Euro Medium Term Notes Program was issued in a dematerialized form and admitted to listing on the Luxembourg Stock Exchange.

The A&O Shearman team was led by partner Cristiano Tommasi, supported by counsel Sarah Capella, senior associate Elisabetta Rapisarda and trainee Antonio Iuliano, with counsel Elia Ferdinando Clarizia advising on tax.