UnipolSai successfully completed the placement of its first Restricted Tier 1 instrument under Solvency II

Following what has been announced to the market on 19 October 2020, UnipolSai Assicurazioni S.p.A. (“UnipolSai”) announces that it has completed today the placement among domestic and international institutional investors of a Euro-denominated regulatory capital instrument “Restricted Tier 1”, non-convertible and governed by Italian law, for a nominal amount equal to Euro 500 million (the “RT1 Instrument”) with issue and settlement date on 27 October 2020.

The RT1 Instrument is perpetual and can be early redeemed, subject to applicable laws, starting from 27 October 2030. Should the RT1 Instrument not be redeemed on first call date, it will be redeemable on each interest payment date, on a semi-annual basis.

The RT1 Instrument will be issued at par and will pay an annual fixed rate coupon equal to 6.375%. The first reset date will fall after 10 years, on 27 October 2030. Afterwards, the coupon will be fixed every 5 years and will be equal to 5-year mid-swap rate, fixed on each reset date, plus a margin equal to 6.744%.

The issuance sparked a strong interest from investors, confirming the solid reputation of UnipolSai and of the Unipol Group on the international markets. In fact, in the course of the placement, orders for more than Euro 1.5 billion have been allocated, covering 3 times the book. More than 80% of the issuance of the RT1 Instrument have been placed among international institutional investors.

Notes’ expected ratings are B1 for Moody’s and B+ for Fitch.

The instruments will be listed on the regulated market of the Luxembourg Stock Exchange.

BNP Paribas, Intesa Sanpaolo, J.P. Morgan, Mediobanca e UniCredit Bank will act as Joint Lead Managers in connection with the transaction.

Read the Press Release.