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Allen & Overy advises UniCredit on EUR1 billion senior fix-to-floater bond

Allen & Overy has advised UniCredit on a EUR1bn senior fix-to-floater bond with six years’ maturity (17 January 2029), intended for institutional investors.

The fixed annual coupon is at 4.80% until 17 January 2028. After that date, if reimbursement has not occurred, the bond will pay a quarterly coupon determined at the three-month EURIBOR rate, increased at a margin of 1.90%.

The bond is documented under the issuer’s EUR60bn Euro Medium Term Notes programme (EMTN) and has been listed on the regulated market of the Luxembourg Stock Exchange.

The A&O team was led by International Capital Markets partners Cristiano Tommasi and Craig Byrne, supported by associate Elisabetta Rapisarda and trainee Marco Mazzurco. Counsel Elia Ferdinando Clarizia and associate Lino Ziliotti advised on tax aspects.