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UniCredit issues €1B in AT1 bonds

UniCredit SpA issued €1 billion in noncumulative, temporary write-down, deeply subordinated and resettable Additional Tier 1 bonds.

UniCredit priced the issuance with a fixed-rate 7.50% coupon until the first call date in June 2026, having launched the transaction with a guidance price in the 8% area. If not redeemed, the coupon resets every five years to the aggregate of the five-year mid-swap rate plus 733.4 basis points.

The Italian banking group said the bonds attracted orders of about €5 billion from over 300 investors, mainly from the U.K. and Italy.

The deal will boost the group's Tier 1 ratio by approximately 27 basis points. The notes also have a common equity Tier 1 trigger of 5.125%, meaning that they would be temporarily written down if the group's CET1 ratio falls below that level.

Crédit Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs International, ING and UniCredit Bank AG served as joint book runners on the deal.