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UniCredit S.p.A
Issuer Ratings BBB neg (S&P), Baa2 neg (Moody’s), BBB+ neg (Fitch)
Prelim Issue Ratings BBB- (S&P) / Ba1 (Moody’s) / BBB (Fitch)
Country Italia
Sector: Banking
Status Eur Lower Tier II Subordinated Notes. The loss absorption provisions set out in Condition 5.5 shall not apply to these Subordinated Notes . Statutory point of non-viability (PONV) risks discussed in risk factors only.
Issue Size Eur benchmark
Offering Format Reg S Bearer
Maturity Date 12 years non-call 7 years
Issuer Call Date One time call in year [7] at the Issuer’s discretion, subject to regulatory approval. In whole but not in part
IPTs MS (1.66) + 425bp area
Interest Basis Fixed rate, single reset after 7 years if not called by Issuer on Issuer Call Date.
Coupon []% for the period from and including the Issue Date to but excluding the Issuer Call Date. If the Notes are not redeemed or purchased and cancelled on the Issuer Call Date the interest payable on the Notes from and including the Issuer Call Date to and including the Maturity Date shall be reset to a fixed rate equal to the 5-year mid-swap rate prevailing at the Issuer Call Date plus the Initial Spread.
Re-Offer spread (vs MS) []% for the period from and including the Issuer Call Date if the Issuer does not exercise its call option on the Issuer Call Date
/ Initial Spread
Step-Up None
Interest on Notes []% annual, Act/act, until year7. Reset after year7
Regulatory Call Applicable. In whole but not in part. At par together with accrued interest. For the purpose of Condition 8.3 and these Subordinated Notes “Minimum Disqualification Amount” means 100% of the aggregate outstanding nominal amount (to be disclosed in the Final Terms)
Tax Call Applicable as set out in Condition 8.2 Selling Restrictions: Reg S Compliance Category 2; TEFRA D - see “Subscription and Sale and Transfer and Selling Restrictions” section of the EMTN Prospectus
Docs/Denoms/Listing EMTN Programme as supplemented / Eur 100k + 1k /Luxembourg
Clearing Euroclear / Clearstream
Governing law English Law other than the subordination provisions which shall be governed and construed under Italian Law
Bookrunners Commerzbank,GS,MS,RBS, UniCredit Bank
Timing Taking IOIs, Expected today’business
5Y CDS SUB 350.275 b.p.
Emissioni presenti sul mercato:
UCGIM 6.95 10/31/22 LT2 YTM: 5.90%
UCGIM 5 ¾ 09/26/17 LT2 YTM: 3.70%
UCGIM 6 ⅛ 04/19/21 LT2 YTM: 5.25%
Issuer Ratings BBB neg (S&P), Baa2 neg (Moody’s), BBB+ neg (Fitch)
Prelim Issue Ratings BBB- (S&P) / Ba1 (Moody’s) / BBB (Fitch)
Country Italia
Sector: Banking
Status Eur Lower Tier II Subordinated Notes. The loss absorption provisions set out in Condition 5.5 shall not apply to these Subordinated Notes . Statutory point of non-viability (PONV) risks discussed in risk factors only.
Issue Size Eur benchmark
Offering Format Reg S Bearer
Maturity Date 12 years non-call 7 years
Issuer Call Date One time call in year [7] at the Issuer’s discretion, subject to regulatory approval. In whole but not in part
IPTs MS (1.66) + 425bp area
Interest Basis Fixed rate, single reset after 7 years if not called by Issuer on Issuer Call Date.
Coupon []% for the period from and including the Issue Date to but excluding the Issuer Call Date. If the Notes are not redeemed or purchased and cancelled on the Issuer Call Date the interest payable on the Notes from and including the Issuer Call Date to and including the Maturity Date shall be reset to a fixed rate equal to the 5-year mid-swap rate prevailing at the Issuer Call Date plus the Initial Spread.
Re-Offer spread (vs MS) []% for the period from and including the Issuer Call Date if the Issuer does not exercise its call option on the Issuer Call Date
/ Initial Spread
Step-Up None
Interest on Notes []% annual, Act/act, until year7. Reset after year7
Regulatory Call Applicable. In whole but not in part. At par together with accrued interest. For the purpose of Condition 8.3 and these Subordinated Notes “Minimum Disqualification Amount” means 100% of the aggregate outstanding nominal amount (to be disclosed in the Final Terms)
Tax Call Applicable as set out in Condition 8.2 Selling Restrictions: Reg S Compliance Category 2; TEFRA D - see “Subscription and Sale and Transfer and Selling Restrictions” section of the EMTN Prospectus
Docs/Denoms/Listing EMTN Programme as supplemented / Eur 100k + 1k /Luxembourg
Clearing Euroclear / Clearstream
Governing law English Law other than the subordination provisions which shall be governed and construed under Italian Law
Bookrunners Commerzbank,GS,MS,RBS, UniCredit Bank
Timing Taking IOIs, Expected today’business
5Y CDS SUB 350.275 b.p.
Emissioni presenti sul mercato:
UCGIM 6.95 10/31/22 LT2 YTM: 5.90%
UCGIM 5 ¾ 09/26/17 LT2 YTM: 3.70%
UCGIM 6 ⅛ 04/19/21 LT2 YTM: 5.25%