Co-Lead Manager in UniCredit’s

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NIBC performed the role as Co-Lead Manager in Unicredit’s inaugural 10 year EUR 1 billion Conditional Pass-Through Covered Bond transaction. UniCredit is the first bank to publicly place a Covered Bond with the innovative Conditional Pass-Through structure, as successfully pioneered by NIBC in 2013 and 2014. This new structure reduces refinancing risk of the bond and consequently offers significant benefits both to issuers and investors.

The transaction was an outright success, as books were 2.3 times oversubscribed whilst UniCredit did not offer a pricing premium for the still relatively novel structure. As a result, this transaction forms further bedrock for a strong future for Conditional Pass-Through Covered Bonds as a funding tool and asset class.

Joint Lead Managers were Royal Bank of Scotland, Credit Suisse, Natixis, Sociéte Générale, Banca IMI and UniCredit. Co-Lead Managers in addition to NIBC were KBC and Nord LB.

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