UniCredit: E1bn bond issue
(CercleFinance.com) - Yesterday UniCredit issued non-cumulative fixed-rate and non-cumulative subordinated step-down Tier 1 bonds to institutional investors, for a total of E1bn.
This Additional Tier 1, which is part of UniCredit's MREL institutional financing plan for 2025, contributes to the improvement of the Tier 1 ratio by around 35bp.
The issue follows an order book construction process that attracted demand of over E6.2bn from more than 340 investors worldwide, enabling the forecast, initially set at 6.25%, to be revised downwards and the coupon to be set at 5.625%, with a resettable margin of 329.9bp, UniCredit's lowest ever.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
This Additional Tier 1, which is part of UniCredit's MREL institutional financing plan for 2025, contributes to the improvement of the Tier 1 ratio by around 35bp.
The issue follows an order book construction process that attracted demand of over E6.2bn from more than 340 investors worldwide, enabling the forecast, initially set at 6.25%, to be revised downwards and the coupon to be set at 5.625%, with a resettable margin of 329.9bp, UniCredit's lowest ever.
Copyright (c) 2025 CercleFinance.com. All rights reserved.