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Issuer:............UniCredit S.p.A (UCGIM)
Notes:.............Non-Cumulative Temporary Write-Down
...................Deeply Subordinated Fixed Rate Resettable EUR Notes,
...................RegS Bearer
Maturity:..........Perpetual (maturity linked to corporate duration of
...................UniCredit S.p.A.)
Issuer Rating:.....Baa1 (Moody’s) Stable, BBB (S&P) Stable,
...................BBB (Fitch) Stable
Exp. Issue Rating:.[B+] by Fitch
Pricing Date:......[13 December 2017]
Settlement Date:...[20 December 2017, T+5]
Size:..............EUR Benchmark
IPTs:..............5.625% area
General Redemption Option: 3 June 2025 (the “First Call Date”)and
...................on any interest payment date thereafter; Redemption
...................price will be equal to the Prevailing Principal Amount,
...................plus any accrued interest and any additional amounts
...................due; Redemption subject to prior regulatory approval
Ranking:...........Subordinated, ranking junior to all indebtedness (other
...................than pari passu with the Notes), pari passu with other
...................Additional Tier 1 Capital instruments and senior to
...................share capital. Any right of set-off is waived.
Interest:..........Fixed rate of [●]% per annum until the First Call Date
...................and thereafter reset every 5 years to the aggregate of
...................the Margin plus the then 5-Year Mid-Swap Rate,
...................calculated on an annual basis and then converted
...................to a semi-annual rate in accordance with market
...................conventions; Non-cumulative and in each case payable
...................semi-annually. Act/Act ICMA following unadujsted
Margin:............[●]bps (no step up)
Coupon Payment Dates: 3 June and 3 December in each year,
...................from (and including) 3 June 2018, short first
Optional Cancellation of Interest: The Issuer may decide in its sole
...................discretion, to cancel any payment of interest on any
...................interest payment date on a non-cumulative basis No
...................dividend pusher / stopper
Mandatory Cancellation of Interest: Mandatory Cancellation upon
...................(i) insufficient Available Distributable Items;
...................(ii) distributions exceeding Maximum Distributable
...................Amount; (iii) the occurrence of a Contingency Event;
...................(iv) order of the Competent Authority
Redemption:........(i) On any Optional Redemption Date (Call) at the
...................Prevailing Principal Amount plus any accrued interest
...................and any additional amounts due;
...................(ii) Upon reduction of interest deductibility or
...................obligation to pay of additional amounts at any time at
...................the Prevailing Principal Amount plus any accrued
...................interest and any additional amounts due;
...................(iii) Upon loss of recognition as Additional Tier 1
...................Capital (Issuer or Group) in whole or in part at any
...................time at the Prevailing Principal Amount plus any accrued
...................interest and any additional amounts due, in each case,
...................subject to prior regulatory approval and in the case of
...................(ii) and (iii) in compliance with the relevant
...................provisions of the CRR
Loss Absorption Event: If, at any time, the CET1 Capital Ratio of the
...................Issuer or the UniCredit Group falls below 5.125 per cent
...................or the then minimum trigger specified in the relevant
...................regulation (“Contingency Event”)then the Issuer shall
...................cancel any interest accrued and reduce the then
...................Prevailing Principal Amount of the Notes by the amount
...................required to remedy the Contingency Event on a pro-rata
...................basis with any Equal Loss Absorbing Instruments and
...................taking into account any Prior Loss Absorbing Instruments
...................where possible
Discretionary reinstatement: If both a positive net income and a positive
...................consolidated net income are recorded, then the Issuer
...................may, in its full discretion and subject to the Maximum
...................Distributable Amount, increase the Prevailing Principal
...................Amount of the Notes on a pro-rata basis with all other
...................Written Down Additional Tier 1 instruments; the sum of
...................the aggregate write-up amount and interest payments
...................(since end of previous financial year) (in each case,
...................on the Notes and any other Written Down Additional Tier
...................1 instruments)not exceeding the Maximum Write-Up Amount
Substitution and variation: In case of Capital Event or Tax Event, or to
...................align to best practices published by the EBA (in both
...................cases, on terms not materially less favourable) or to
...................ensure the effectiveness and enforceability of the
...................contractual recognition of statutory bail-in power,
...................subject to prior regulatory approval as determined by
...................the Issuer
Listing:...........Luxembourg Stock Exchange’s Regulated Market
Governing Law:.....English Law; except for the Status of the Notes clause
...................and the contractual recognition of the statutory
...................bail-in power provisions governed by Italian Law.
Contractual recognition of statutory bail-in power: Each Noteholder
...................acknowledges and agrees to be bound by the exercise of
...................any Bail-in Power by the Competent Authority
Denomination:......EUR 200,000 + EUR 1,000 thereafter
Selling Restrictions/Applic. TEFRA: The Notes may be offered and sold
...................outside the United States to non U.S. persons in
...................reliance on Regulation S under the Securities Act
..................."Only for distribution in Canada to "accredited
...................investors" and "permitted clients" as defined in
...................Canadian securities legislation" / TEFRA D applies
Joint Bookrunners: Credit Agricole CIB, Deutsche Bank, HSBC, Morgan
...................Stanley, UniCredit Bank
ISIN:..............[TBA]
Common Code:.......[TBA]
Timing:............Books open, today’s business
Notes:.............Non-Cumulative Temporary Write-Down
...................Deeply Subordinated Fixed Rate Resettable EUR Notes,
...................RegS Bearer
Maturity:..........Perpetual (maturity linked to corporate duration of
...................UniCredit S.p.A.)
Issuer Rating:.....Baa1 (Moody’s) Stable, BBB (S&P) Stable,
...................BBB (Fitch) Stable
Exp. Issue Rating:.[B+] by Fitch
Pricing Date:......[13 December 2017]
Settlement Date:...[20 December 2017, T+5]
Size:..............EUR Benchmark
IPTs:..............5.625% area
General Redemption Option: 3 June 2025 (the “First Call Date”)and
...................on any interest payment date thereafter; Redemption
...................price will be equal to the Prevailing Principal Amount,
...................plus any accrued interest and any additional amounts
...................due; Redemption subject to prior regulatory approval
Ranking:...........Subordinated, ranking junior to all indebtedness (other
...................than pari passu with the Notes), pari passu with other
...................Additional Tier 1 Capital instruments and senior to
...................share capital. Any right of set-off is waived.
Interest:..........Fixed rate of [●]% per annum until the First Call Date
...................and thereafter reset every 5 years to the aggregate of
...................the Margin plus the then 5-Year Mid-Swap Rate,
...................calculated on an annual basis and then converted
...................to a semi-annual rate in accordance with market
...................conventions; Non-cumulative and in each case payable
...................semi-annually. Act/Act ICMA following unadujsted
Margin:............[●]bps (no step up)
Coupon Payment Dates: 3 June and 3 December in each year,
...................from (and including) 3 June 2018, short first
Optional Cancellation of Interest: The Issuer may decide in its sole
...................discretion, to cancel any payment of interest on any
...................interest payment date on a non-cumulative basis No
...................dividend pusher / stopper
Mandatory Cancellation of Interest: Mandatory Cancellation upon
...................(i) insufficient Available Distributable Items;
...................(ii) distributions exceeding Maximum Distributable
...................Amount; (iii) the occurrence of a Contingency Event;
...................(iv) order of the Competent Authority
Redemption:........(i) On any Optional Redemption Date (Call) at the
...................Prevailing Principal Amount plus any accrued interest
...................and any additional amounts due;
...................(ii) Upon reduction of interest deductibility or
...................obligation to pay of additional amounts at any time at
...................the Prevailing Principal Amount plus any accrued
...................interest and any additional amounts due;
...................(iii) Upon loss of recognition as Additional Tier 1
...................Capital (Issuer or Group) in whole or in part at any
...................time at the Prevailing Principal Amount plus any accrued
...................interest and any additional amounts due, in each case,
...................subject to prior regulatory approval and in the case of
...................(ii) and (iii) in compliance with the relevant
...................provisions of the CRR
Loss Absorption Event: If, at any time, the CET1 Capital Ratio of the
...................Issuer or the UniCredit Group falls below 5.125 per cent
...................or the then minimum trigger specified in the relevant
...................regulation (“Contingency Event”)then the Issuer shall
...................cancel any interest accrued and reduce the then
...................Prevailing Principal Amount of the Notes by the amount
...................required to remedy the Contingency Event on a pro-rata
...................basis with any Equal Loss Absorbing Instruments and
...................taking into account any Prior Loss Absorbing Instruments
...................where possible
Discretionary reinstatement: If both a positive net income and a positive
...................consolidated net income are recorded, then the Issuer
...................may, in its full discretion and subject to the Maximum
...................Distributable Amount, increase the Prevailing Principal
...................Amount of the Notes on a pro-rata basis with all other
...................Written Down Additional Tier 1 instruments; the sum of
...................the aggregate write-up amount and interest payments
...................(since end of previous financial year) (in each case,
...................on the Notes and any other Written Down Additional Tier
...................1 instruments)not exceeding the Maximum Write-Up Amount
Substitution and variation: In case of Capital Event or Tax Event, or to
...................align to best practices published by the EBA (in both
...................cases, on terms not materially less favourable) or to
...................ensure the effectiveness and enforceability of the
...................contractual recognition of statutory bail-in power,
...................subject to prior regulatory approval as determined by
...................the Issuer
Listing:...........Luxembourg Stock Exchange’s Regulated Market
Governing Law:.....English Law; except for the Status of the Notes clause
...................and the contractual recognition of the statutory
...................bail-in power provisions governed by Italian Law.
Contractual recognition of statutory bail-in power: Each Noteholder
...................acknowledges and agrees to be bound by the exercise of
...................any Bail-in Power by the Competent Authority
Denomination:......EUR 200,000 + EUR 1,000 thereafter
Selling Restrictions/Applic. TEFRA: The Notes may be offered and sold
...................outside the United States to non U.S. persons in
...................reliance on Regulation S under the Securities Act
..................."Only for distribution in Canada to "accredited
...................investors" and "permitted clients" as defined in
...................Canadian securities legislation" / TEFRA D applies
Joint Bookrunners: Credit Agricole CIB, Deutsche Bank, HSBC, Morgan
...................Stanley, UniCredit Bank
ISIN:..............[TBA]
Common Code:.......[TBA]
Timing:............Books open, today’s business
