A&O Shearman advises UniCredit on EUR1 billion additional tier 1 bond

The notes are perpetual, with maturity linked to the statutory duration of the issuer, which has the right to call them back early, and pays a fixed annual coupon equal to 5.625% until the reset date set for June 3, 2033. From that date, the coupon will be redefined every 5-year basing on the 5-year Mid-Swap rate applicable at that time, increased by a margin of 3.299%.

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

The A&O Shearman team was led by partner Cristiano Tommasi, assisted by senior associate Elisabetta Rapisarda and associate Marco Mazzurco, with counsel Elia Ferdinando Clarizia for tax aspects.