Commentary & Deal Flow

UniCredit SpA, expected to be rated Aa2 by Moody's, has mandated UniCredit as Sole Global Coordinator and BBVA, BMO Capital Markets, Erste Group, ING, IMI-Intesa Sanpaolo, LBBW, Natixis, Raiffeisen Bank International, Santander, and UniCredit as Bookrunners to lead manage its forthcoming EUR Dual-Tranche July 2029 and July 2033 Benchmarks RegS Bearer, soft-bullet Obbligazioni Bancarie Garantite - European Covered Bond (Premium).

The deal is expected to be ECB Eligible, LCR Level 1, beneficial treatment under CRR Art.129 and Solvency II and is ECBC Covered Bond Label Compliant. The transactions will be launched and priced in the near future subject to market conditions. FCA/ICMA stabilisation.

• Covered Bond Presentation: https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/funding-and-ratings/funding-programs/covered-bond/obg2/programme-presentation/UniCredit-SpA---Investor-Presentation---OBG-June-2026.pdf
• Section of the website: https://www.unicreditgroup.eu/en/investors/debt-investors/funding-programmes-and-prospectuses/covered-bonds.html
• Documentation: https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/funding-and-ratings/funding-programs/covered-bond/obg2/issuance-prospectus-and-supplements/2026/Prospectus-OBG-2_Rinnovo-2026_final.pdf
• Fixed-Income Presentation: https://www.unicreditgroup.eu/en/investors/debt-investors/fixed-income-presentation.html