By Andrea Heisinger
New York, April 25 - UniCredit SpA sold $750 million of 10-year tier 2 subordinated bonds (Baa3/BBB/BBB) at par to yield 6.375%, a market source said.
The sale was announced Tuesday with initial price guidance in the 6.625% area, which was later revised to the 6.5% area.
The bonds were priced Wednesday after the books stayed open overnight to take advantage of Asian and European investor interest, the market source said.
Pricing was done under Regulation S at a spread of mid-swaps plus 551 basis points. The bonds are non-callable for five years.
Bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc. and UniCredit.
The banking and financial services company is based in Rome and Milan, Italy.
| Issuer: | UniCredit SpA
|
| Issue: | Tier 2 subordinated bonds
|
| Amount: | $750 million
|
| Maturity: | May 2, 2023
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., UniCredit
|
| Coupon: | 6.375%
|
| Price: | Par
|
| Yield: | 6.375%
|
| Spread: | Mid-swaps plus 551 bps
|
| Call: | Non-callable for five years
|
| Trade date: | April 24
|
| Settlement date: | May 2
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 6.625% area (initial), 6.5% area (revised)
|
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