Commentary & Deal Flow

Unipol Gruppo SpA (UNIIM) EUR750m Reg S sr notes Green Bond due Sept 23, 2030 (10y). NCL (3mo par call, clean-up call (80%)). Expect Ba2/NR/BB+. Via BNPP(B&D)/IMI/JPM/Mediobanca/UniCredit joint leads. Annual pay (act/act). List Lux. English law. Bearer notes. Off the EMTM programme. Settles 09/23 (T+5). IPT: ms+390bp area. Guidance: ms+360bp area. Final terms: EUR750m at ms+350bp.

Priced: 3.25% at 99.756, yield 3.279%. ms+350bp. +376.5bp vs DBR 0% 08/30.

Final books EUR2.9bn+ (Books at price talk over EUR3bn pre-rec; at IPT over EUR2.75bn). Books went subject at 1pm CET today. UOP: finance or refinance, in whole or in part, Green Eligible Projects according to the issuer’s Green Bond Framework. Unipol is also tendering for its EUR317.352n 4.375% notes due March 2021 at 101.93. Biz: one of the biggest insurance groups in Europe offering both life and non-life insurance products. HQ: Bologna, Italy.