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UniCredit returns to US market with $3.5 bln senior non preferred multi-tranche bond

By Reuters News

MILAN, November 13 (Reuters) - UniCredit CRDI.MI said on Friday it had tapped the U.S. debt market for the first time since 2021 with senior non-preferred multi-tranche notes worth $3.5 billion overall.

The issues attracted demand worth more than $20 billion from over 200 investors globally, Italy's second-biggest lender said, adding the sale counted as pre-funding for 2027.

  • All tranches were priced at par

  • The issues have maturities of four, six and eleven years, respectively, and non callable for the first three, five and 10 years

  • Coupons reset if they are not called after that

  • The four-year bond is worth $1.5 billion and pays a 5.97% annual coupon for the first three years

  • The $1 billion, six-year bond pays a yearly coupon of 6.201% for the initial five years

  • The 11-year bond is worth $1 billion and pays a coupon of 6.585% annually for 10 years

  • UniCredit said 65% of the demand came from North America

  • The notes are expected to be rated Baa2 by Moody's, BBB by S&P and BBB+ by Fitch

  • Citigroup, JP Morgan and UniCredit acted as global coordinators

  • Barclays, BofA Securities, Goldman Sachs International, HSBC, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities acted as joint bookrunners

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