Commentary & Deal Flow

Launched: 5.5NC4.5: £400m @ UKT+108bp - Books above £700m (incl. £35m JLM) pre-rec
IPTs: 5.5NC4.5: UKT+120bp area

• Issuer: UniCredit S.p.A.
• Status of the Notes: Senior Non-Preferred Notes
• Issuer Ratings: A3/A-/A- (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB/BBB+ (Moody's/S&P/Fitch)
• Form: Reg S, Dematerialised Notes in bearer form
• Size: £400m
• Settlement: 24-Apr-26 (T+5)
• Maturity: 22-Oct-31
• Issuer Call Option: The Notes may be redeemed, in whole or in part, at the option of the Issuer at the Optional Redemption Date
• Optional Redemption Date: 22-Oct-30
• Benchmark: UKT 0.375% 22-Oct-30 (ISIN: GB00BL68HH02)
• Coupon: []% to but excluding the Optional Redemption Date, from and including the Optional Redemption Date reset at the prevailing 1-year Benchmark UK Gilt Rate plus Re-offer Spread, Fixed rate, Semi-Annual, Actual/Actual (ICMA), Following, Unadjusted
• Conditions to Redemption and Purchase: As per Condition 10.17 of the Terms & Conditions of the EMTN Programme
• Clean-up Redemption Option: Applicable as per Condition 10.7 of the Terms & Conditions of the EMTN Programme, at a Clean-up Call Percentage of 75%
• Waiver of set-off: As per Condition 3 of the Terms & Conditions of the EMTN Programme
• Contractual recognition of statutory bail-in power: Each Noteholder acknowledges and agrees to be bound by the exercise of any Bail-in Power by the Relevant Resolution Authority
• Events of Default: The Notes have limited events of default and remedies
• Denominations: £200,000 + £200,000
• Listing and Governing Law: Luxembourg Stock Exchange’s Regulated Market. Italian Law
• Joint Lead Manager: Barclays (B&D), BMO Capital Markets, HSBC, Lloyds, UniCredit
• Documentation: Under the Issuer’s €60bn EMTN Programme dated 08-May-25 and duly supplemented
• Target Market: EU MiFID II or UK MiFIR Eligible counterparties and professional clients only / No EU PRIIPs or UK PRIIPs KID or CCI product summary has been prepared as not available to retail in the EEA or UK
• Books Close: 12h35 UKT / 13h35 CET
• Timing: Today’s business
• ISIN: IT0005706822