Allen & Overy advises UniCredit on a EUR1 billion green bond
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Allen & Overy advises UniCredit on new retail one coupon bond in direct listing
Allen & Overy has advised UniCredit S.p.A. on a fixed-to-floating rate Senior Non-Preferred green bond for EUR1 billion with a five-year maturity and call option in the fourth year.
The annual coupon is fixed at 5.85% until 15 November 2026. After that date, if reimbursement has not occurred, the bond will pay a quarterly coupon determined at the three-month EURIBOR rate plus 2.85%.
The issuance took place under UniCredit's Sustainability Bond Framework aligned with the Green and Social Bond Principles and the Sustainability Bond Guidelines of the International Capital Market Association. The proceeds of the bond are earmarked to fund eligible projects in renewable energy, clean transportation, and green buildings as outlined in the Framework. The green bond aims to support the United Nations Sustainable Development Goals (UN SDGs) number 7 (Affordable & Clean Energy), number 9 (Industry, Innovation & Infrastructure) and number 11 (Sustainable Cities & Communities).
The bonds are documented under the issuer's Euro Medium Term Notes programme and have been listed on the Luxembourg Stock Exchange.
International Capital Markets partners Cristiano Tommasi and Craig Byrne led the A&O team on the transaction, supported by associate Elisabetta Rapisarda and trainee Marco Mazzurco. Counsel Elia Ferdinando Clarizia and associate Lino Ziliotti advised on the tax aspects.