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28 Apr 2026

A&O Shearman and Clifford Chance advise UniCredit on €1bn bond placement

"A&O Shearman and Clifford Chance advised on UniCredit’s €1 billion senior non-preferred fixed-to-floater bond placement for institutional investors. A&O Shearman represented UniCredit as issuer, while Clifford Chance supported the joint lead managers ABN Amro, BNP Paribas, J.P. Morgan, Mediobanca, RBC Capital Markets, Santander and UniCredit Bank GmbH."

A&O Shearman and Clifford Chance advised on the transaction: A&O Shearman assisted UniCredit as issuer, while Clifford Chance supported the joint lead managers ABN Amro, BNP Paribas, J.P. Morgan, Mediobanca, RBC Capital Markets, Santander and UniCredit Bank GmbH. UniCredit completed the placement of a dematerialised senior non-preferred fixed-to-floater bond with a nominal value of €1 billion, targeted at institutional investors. The transaction was announced on 28 April 2026 and was executed under UniCredit’s €60 billion Euro Medium Term Notes (EMTN) programme. The bond has been admitted to listing on the regulated market of the Luxembourg Stock Exchange and is centralised at Euronext Securities Milan (Monte Titoli). The bond matures in six years and pays a fixed annual coupon of 3.776% until the reset date of 16 April 2031. If the issuer does not exercise its option to redeem early on that date, the coupon will convert to a quarterly variable rate, calculated on the basis of the three‑month Euribor plus a margin of 95 basis points. A&O Shearman represented UniCredit with a team composed by: partner Cristiano Tommasi (team lead); senior associate Elisabetta Rapisarda; associate Paolo Martellone; and counsel Elia Ferdinando Clarizia, who handled the tax aspects of the transaction. Clifford Chance supported the joint lead managers ABN Amro, BNP Paribas, J.P. Morgan, Mediobanca, RBC Capital Markets, Santander and UniCredit Bank GmbH with a team composed by: partner Gioacchino Foti (team lead); counsel Jonathan Astbury; senior associate Francesco Napoli; and associate Benedetta Tola. UniCredit Business Legal Advice represented UniCredit on internal legal matters with a team composed by: Marco Daina and Roberta Grasselli.
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