(Alliance News) - Unipol Assicurazioni Spa announced on Wednesday that it has completed the placement of a subordinated Restricted Tier 1 bond issue for a total amount of EUR1 billion, targeted at institutional investors.
The transaction saw particularly strong demand, confirming the insurance group's solid positioning in the capital markets. During the bookbuilding phase, orders exceeded EUR4.2 billion and approximately 93% of the bonds were allocated to foreign investors.
The bonds will be listed on the Euro MTF market of the Luxembourg Stock Exchange. The security is perpetual and carries a fixed coupon of 6.00% per annum until January 21, 2036, the date of the first reset. Thereafter, the rate will be recalculated every five years based on the prevailing five-year mid swap plus a spread of 324.1 basis points, corresponding to the initial credit spread.
The loan has an expected rating of 'BBB-' from Fitch. Interest payments will be made on a deferred semi-annual basis, on January 21 and July 21 of each year, starting from July 21, 2026.
In line with Solvency II regulations, the payment of coupons is at the sole discretion of the company and interest may be cancelled on a non-cumulative basis. The bonds also provide for the possibility of a temporary capital reduction should specific conditions occur.
Unipol may exercise the early redemption option in the period between July 21, 2035 and January 21, 2036, in addition to cases of tax event, regulatory event, rating event, and clean-up call.
The transaction was coordinated by Mediobanca Spa and JPMorgan SE as global coordinators and joint lead managers, alongside BNP Paribas, Goldman Sachs International, and IMI Intesa Sanpaolo as joint lead managers.
Unipol shares closed Wednesday up 0.3% at EUR20.23 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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