UNICREDIT: strona spółki
12.01.2026, 19:37
UCG UniCredit issues EUR 1 billion Additional Tier 1 PerpNC 6/2036 Notes at a new record low reset margin, the lowest in current AT1 market
Today UniCredit S.p.A. has issued Additional Tier 1 Non-Cumulative Temporary Write-Down Deeply Subordinated Fixed Rate Resettable Notes targeted to institutional investors for a total amount of EUR 1 billion.
This Additional Tier 1, part of UniCredit’s institutional MREL funding plan for 2026, improves the Tier 1 ratio by about 35 basis points. The book building process gathered demand above EUR 4 billion from more than 220 investors globally, enabling to review downwards the guidance, initially set at 6.25% area, and to fix the coupon at 5.80%, with a reset margin of 301.3 bps, the lowest ever set by UniCredit and the lowest in the current AT1 Euro-market. The final allocation has been mainly in favour of funds (49%), hedge funds (28%), and banks (14%), with the following geographical distribution: UK (37%), Asia (14%) Italy (10%) and France (10%). The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or the Issuer CET1 ratio at any time falls below the trigger level, the instrument will be temporarily written down to cure the breach, taking also into consideration other instruments with similar write down triggers, ranking pari-passu among themselves. The securities are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and may be called by the Issuer on any calendar day during the six-month period commencing on 3 December 2035 and ending on 3 June 2036 and thereafter on any interest payment date, subject to regulatory approval. The Notes pay fixed rate coupons of 5.80% per annum up to June 2036 on a semi-annual basis; if not called, coupon will be reset every 5 years to the aggregate of the then 5-Years Mid-Swap rate plus 301.3 bps, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. In line with the regulatory requirements, the coupon payments are fully discretionary. UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with Barclays, BNP PARIBAS, BofA Securities, Deutsche Bank, Morgan Stanley and Santander. The notes are expected to be rated “Ba2” by Moody’s. Milan, 12 January 2026 Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu
This Additional Tier 1, part of UniCredit’s institutional MREL funding plan for 2026, improves the Tier 1 ratio by about 35 basis points. The book building process gathered demand above EUR 4 billion from more than 220 investors globally, enabling to review downwards the guidance, initially set at 6.25% area, and to fix the coupon at 5.80%, with a reset margin of 301.3 bps, the lowest ever set by UniCredit and the lowest in the current AT1 Euro-market. The final allocation has been mainly in favour of funds (49%), hedge funds (28%), and banks (14%), with the following geographical distribution: UK (37%), Asia (14%) Italy (10%) and France (10%). The Notes have a 5.125% Common Equity Tier 1 (CET1) trigger - if the Group or the Issuer CET1 ratio at any time falls below the trigger level, the instrument will be temporarily written down to cure the breach, taking also into consideration other instruments with similar write down triggers, ranking pari-passu among themselves. The securities are perpetual (with maturity linked to corporate duration of UniCredit S.p.A.) and may be called by the Issuer on any calendar day during the six-month period commencing on 3 December 2035 and ending on 3 June 2036 and thereafter on any interest payment date, subject to regulatory approval. The Notes pay fixed rate coupons of 5.80% per annum up to June 2036 on a semi-annual basis; if not called, coupon will be reset every 5 years to the aggregate of the then 5-Years Mid-Swap rate plus 301.3 bps, calculated on an annual basis and then converted to a semi-annual rate in accordance with market conventions. In line with the regulatory requirements, the coupon payments are fully discretionary. UniCredit Bank GmbH acted as Global Coordinator and as Joint Bookrunner together with Barclays, BNP PARIBAS, BofA Securities, Deutsche Bank, Morgan Stanley and Santander. The notes are expected to be rated “Ba2” by Moody’s. Milan, 12 January 2026 Contacts: Media Relations e-mail: MediaRelations@unicredit.eu Investor Relations e-mail: InvestorRelations@unicredit.eu