UniCredit S.p.A. has successfully issued a subordinated Tier 2 instrument for a total amount of US$1.5 billion as part of its US$30 billion US Global Medium Term Note Programme.
The Notes were not registered under the United States Securities Act, but were sold within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S. The settlement occurred on June 30, 2020. This transaction allows UniCredit to complete the execution of the subordinated component of its 2020 TLAC Funding Plan, further strengthening the bank’s Total Capital Ratio. Bank of America, Citigroup, JP Morgan, HSBC, Morgan Stanley, Toronto Dominion, and UniCredit Bank AG acted as Joint Bookrunners for the Notes.
Latham & Watkins advised UniCredit S.p.A. in the transaction with a team led by London and Milan partner Ryan Benedict, with Milan partner Antonio Coletti and associates Giorgio Thomson Ignazzi, Marco Bonasso, and Lorenzo Rovelli. Advice was also provided on US tax matters by New York partners Jocelyn Noll and Aaron Bernstein.