A&O Shearman and Clifford Chance advise on UniCredit's £400m senior non-preferred bond issuance

"A&O Shearman advised UniCredit and Clifford Chance advised the joint lead managers on UniCredit’s £400 million senior non‑preferred bond for institutional investors. The dematerialized EMTN issue matures on 22 October 2031, pays a fixed annual coupon of 5.263% (semi‑annual) until 22 October 2030 and, if not redeemed then, resets to 1‑year UK Gilt +108 bps. The bond was admitted to trading on the Luxembourg regulated market and centralized at Euronext Securities Milan (Monte Titoli). A&O Shearman’s team was led by Cristiano Tommasi (with Elisabetta Rapisarda and Antonio Iuliano) and tax counsel Elia Ferdinando Clarizia; Clifford Chance’s team was led by Gioacchino Foti (with Jonathan Astbury, Francesco Napoli and Benedetta Tola); UniCredit’s in‑house Business Legal Advice team included Marco Daina and Roberta Grasselli."

A&O Shearman and Clifford Chance took part in the transaction: A&O Shearman advised UniCredit as issuer, while Clifford Chance acted for the joint lead managers (UniCredit, Barclays (B&D), BMO Capital Markets, HSBC, Lloyds and UniCredit GmbH). The deal was the placement of a £400 million dematerialised senior non‑preferred bond issued by UniCredit and offered to institutional investors. The bond matures on 22 October 2031. It carries a fixed annual coupon of 5.263% paid semi‑annually until 22 October 2030; if UniCredit does not exercise an early redemption at that date the coupon will reset to the 1‑year UK Gilt rate plus 108 basis points. The issue is documented under UniCredit’s Euro Medium Term Notes (EMTN) programme, was admitted to listing on the Luxembourg regulated market and is centralised at Euronext Securities Milan (Monte Titoli). Lawyers who participated (seniority and practice area where stated) - A&O Shearman (for UniCredit) - Cristiano Tommasi — Partner - Elisabetta Rapisarda — Senior Associate - Antonio Iuliano — Trainee - Elia Ferdinando Clarizia — Counsel (handled tax aspects) - Clifford Chance (for the joint lead managers) - Gioacchino Foti — Partner (team coordinator) - Jonathan Astbury — Counsel - Francesco Napoli — Senior Associate - Benedetta Tola — Associate

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A&O Shearman and Clifford Chance advise on UniCredit's £400m senior non-preferred bond issuance

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A&O Shearman and Clifford Chance advise on UniCredit's £400m senior non-preferred bond issuance

Read the full story

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