RB-W 29:UniCredit successfully reopens market for Italian Covered Bonds by issuing dual tranche OBG for a combined size of EUR 3 billion
Firma: UniCredit S.p.A.Spis treści:
1. RAPORT BIEŻĄCY
2. MESSAGE (ENGLISH VERSION)
3. INFORMACJE O PODMIOCIE
4. PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
Spis załączników:
| KOMISJA NADZORU FINANSOWEGO | |||||||||||
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| Raport bieżący nr | 29 | / | 2023 | |||||||
| Data sporządzenia: | 2023-06-06 | ||||||||||
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| UniCredit | |||||||||||
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| UniCredit successfully reopens market for Italian Covered Bonds by issuing dual tranche OBG for a combined size of EUR 3 billion | |||||||||||
| Podstawa prawna | |||||||||||
| Inne uregulowania | |||||||||||
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| Today, UniCredit S.p.A. (issuer rating Baa1/BBB/BBB) has successfully issued a dual tranche Obbligazioni Bancarie Garantite (OBG, rated Aa3 by Moody’s) for a combined amount of EUR 3 billion with 3.5 and 7 years maturities, targeted at institutional investors. The bonds are the first European Covered Bond (Premium) issued out of Italy compliant with the new European directive which was implemented on the 30 March 2023, reopening the Italian covered bond market since then. The bonds are guaranteed by a mortgage portfolio of about EUR 28.8 billion of which 98.6% is residential and 1.4% commercial, with a current weighted average LTV of 47.5%. The issuance follows a book building process that attracted exceptionally strong demand for more than EUR 4.8 billion by circa 200 institutional investors globally. The initial price guidance of 35bps and 65bps over mid swap rates was tightened by 8 bps and set at 27bps and 57bps respectively, resulting in a fixed coupon of 3.375% paid annually, with an issue/re-offer price of 99.724% for the 3.5 years and 3.5% paid annually, with an issue/re-offer price of 99.706% for the 7 years. The final allocation of the 3.5 years tranche has been mainly in favor of banks & private banks (53%), funds (31%) and official institutions & central banks (14%), with the following geographical distribution: Germany/Austria (28%), Italy (25%), Iberia (15%), Nordics (11%), France (7%), UK (5%), Benelux (4%). The final allocation of the 7 years tranche has been mainly in favor of banks & private banks (62%), funds (28%), official institutions & central banks (7%), insurance (2%), with the following geographical distribution: Italy (30%), Germany/Austria (23%), Benelux (13%), Nordics (13%), France (8%), Iberia (8%), UK (4%). The amount issued is part of UniCredit’s 2023 funding plan and confirms the bank as a key mortgage provider and leading Covered Bond issuer, able to access the market in different formats and across different jurisdictions. UniCredit Bank AG acted as Sole Global Structurer & Coordinator and BBVA, Commerzbank, Crédit Agricole CIB, Erste Group, IMI-Intesa Sanpaolo, Natixis and Santander as Joint bookrunners. The bonds, documented under the issuer’s OBG European Covered Bond Program guaranteed by UniCredit OBG srl are ECB Eligible and LCR Level 1. They enjoy the beneficial treatment under CRR Art. 129 and Solvency II and are ECBC Covered Bond Label compliant. Listing will be on the Luxembourg Stock Exchange. Milan, 6 June 2023 Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu | |||||||||||
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| Plik | Opis | ||||||||||
| 20230606 OBG PR_eng_ita.pdf 20230606 OBG PR_eng_ita.pdf | Press Release | ||||||||||
| MESSAGE (ENGLISH VERSION) | |||
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| PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ | |||||
| Data | Imię i Nazwisko | Stanowisko/Funkcja | Podpis | ||
| 2023-06-06 | Lorenzo Berneri | UniCredit Media Relations | |||
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