UniCredit today launches the next tranche of "UniCredit for Italy" – the bank’s plan to support the country via initiatives with a total potential value of 10 billion Euro.Īfter the decisive actions put in place last summer to enable households and businesses to cope with rising energy and commodity prices, the bank is now launching a series of initiatives aimed at giving concrete support to individuals and families grappling with inflation, as well as at providing new resources for the development of specific sectors and territories. €6 billion in new financing for tourism, Made in Italy and Special Economic Zones (“SEZs”) €4 billion to support the spending of individuals and households Media Relations e-mail: Relations e-mail: moreĬoncrete measures aimed at cost containment for customers, including flexible financing and new resources for spending and investments Listing will be on the Luxembourg Stock Exchange. 129 and Solvency II and are ECBC Covered Bond Label compliant. They enjoy the beneficial treatment under CRR Art. The bonds, documented under the issuer’s OBG European Covered Bond Program guaranteed by UniCredit OBG srl are ECB Eligible and LCR Level 1. 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 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. 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 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 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 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 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 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. (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.
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