Bond UniCred 0% ( IT0005435737 ) in EUR

UniCred

100 % ▼

Italy

IT0005435737 ( in EUR )

28/06/2028

Prospectus brochure of the bond UniCredit IT0005435737 en EUR 0%, maturity 28/06/2028

1 000 EUR

10 000 000 EUR

UniCredit is a major Italian banking group offering a wide range of financial services including commercial banking, investment banking, and wealth management across Europe, Central and Eastern Europe, and the Middle East.

The Bond issued by UniCred ( Italy ) , in EUR, with the ISIN code IT0005435737, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 28/06/2028

UniCredit S.p.A.
(incorporated with limited liability as a Società per Azioni in the Republic of Italy under registered
number 00348170101)
Base Prospectus
for the issuance of
Single Underlying and Multi Underlying Securities
(with partial capital protection)
under the
Euro 1,000,000,000 Issuance Programme of UniCredit S.p.A.
20 December 2021
Together with the registration document of UniCredit S.p.A. dated 20 December 2021, as
supplemented from time to time, (the "Registration Document") this document, as supplemented
from time to time, (the "Securities Note") constitutes a base prospectus (the "Base Prospectus")
consisting of separate documents within the meaning of Article 8(6) of Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published
when securities are offered to the public or admitted to trading on a regulated market, and repealing
Directive 2003/71/EC, as amended from time to time (the "Prospectus Regulation").
The validity of the Base Prospectus ends on 20 December 2022. For the avoidance of doubt, the
Issuer shall have no obligation to supplement this Base Prospectus in the event of significant new
factors, material mistakes or material inaccuracies when this Base Prospectus is no longer valid.

TABLE OF CONTENTS
General Description of the Programme ..................................................................................................12
Risk Factors ............................................................................................................................................15
1.
Risks related to the Nature of the Securities ......................................................................15
1.1.
Credit risk of the Issuer and risks in relation to resolution measures in relation to the Issuer
............................................................................................................................................15
1.2.
Regulatory restrictions with regard to certain types of Securities .....................................16
1.3.
Risks related to market value-influencing factors..............................................................17
1.4.
Risks related to the Redemption Amount ..........................................................................17
1.5.
Risks related to Barrier Event ............................................................................................18
1.6.
Risks arising from missing ongoing payments ..................................................................18
1.7.
Currency and Currency Exchange Rate risk with respect to the Securities .......................18
1.8.
Risks related to an Automatic Early Redemption ..............................................................19
1.9.
Risk of redemption of Eligible Securities due to regulatory event ....................................19
1.10.
Risks related to a target volatility strategy .........................................................................20
1.11.
Risks related to Adjustment Events ...................................................................................21
1.12.
Risks related to Conversion Events....................................................................................21
1.13.
Risks related to Market Disruption Events ........................................................................21
1.14.
Risks related to the Issuer's right of rescission ..................................................................21
1.15.
Specific risks related to securities with a Fixed Interest Rate............................................21
1.16.
Specific risks related to Securities with Floating Interest Rate..........................................22
1.17.
Specific risks related to Securities with Digital Interest Rate............................................22
1.18.
Specific risks in respect of Securities with Additional Conditional Amount (Range Coupon)
............................................................................................................................................22
1.19.
Specific risks in respect of Securities with Additional Conditional Amount (Digital
Coupon)..............................................................................................................................22
1.20.
Specific risks in respect of Securities with Additional Conditional Amount (Accrual) and
Additional Unconditional Amount (Accrual) ....................................................................22
1.21.
Specific risks in respect of Securities with Additional Conditional Amount (Range Accrual)
and Additional Unconditional Amount (Range Accrual) ..................................................23
1.22.
Specific risks in relation to Securities with Basket Performance Determination ..............23
1.23.
Specific Risks related to Securities with Worst-of Performance Determination ...............23
1.24.
Specific Risks related to Hybrid Securities........................................................................23
1.25.
Risks in relation to US withholding taxes..........................................................................23
1.26.
Risks related to the regulation of benchmarks ...................................................................24
1.27.
Risks related to the optional redemption right of the Issuer ..............................................25
1.28.
Risks related to Securities qualifying as eligible liabilities instruments according to the
MREL Requirements which may be subject to modification without the Security Holders'
consent................................................................................................................................25
1.29.
Risks related to Securities "Green Securities", "Social Securities" or "Sustainable
Securities" ..........................................................................................................................25
2

2.
Risks related to the Underlying and the Reference Rate....................................................28
2.1.
Risks related to Shares .......................................................................................................28
2.1.1. Similar risks to a direct investment in shares.....................................................................28
2.1.2. Risks related to Depository Receipts .................................................................................28
2.1.3. Risks related to dividend payments....................................................................................29
2.1.4. Risks related to Group Shares ............................................................................................29
2.2.
Risks related to Financial Indices ......................................................................................29
2.2.1. Similar risks to a direct investment in index components..................................................29
2.2.2. Risks related to Strategy Indices ........................................................................................29
2.2.3. Risks related to dividend payments or other distributions .................................................30
2.2.4. Risks related to Excess Return Indices ..............................................................................30
2.2.5. Risks in relation to country or sector related indices .........................................................30
2.2.6. Risks related to the Index Concept.....................................................................................30
2.3.
Risks related to Inflation Indices........................................................................................30
2.3.1. Risks related to the basket of goods ...................................................................................30
2.3.2. Risks related to hedging strategies .....................................................................................30
2.3.3. Risks related to a revision of the Inflation Index ...............................................................30
2.3.4. Risks related to a delay in the publication of the index level.............................................31
2.4.
Risks related to Futures Contracts......................................................................................31
2.4.1. Similar risks to a direct investment in futures contracts ....................................................31
2.4.2. No parallel development of spot and futures prices...........................................................31
2.4.3. Risks related to futures contracts with different contract dates .........................................31
2.4.4. Risks with respect to a Roll-Over ......................................................................................32
2.5.
Risks related to Commodities ............................................................................................32
2.5.1. Similar risks as a direct investment in commodities ..........................................................32
2.5.2. Higher risks than other asset classes ..................................................................................32
2.5.3. Risks arising from the trading in various time zones and on different markets.................32
2.6.
Risks related to Fund Shares ..............................................................................................32
2.6.1. Similar risks to a direct investment in Fund Shares ...........................................................32
2.6.2. Legal and tax risk ...............................................................................................................33
2.6.3. Risks resulting from commissions and fees .......................................................................33
2.6.4. Risks relating to valuations of the net asset value and estimates .......................................34
2.6.5. Risks resulting from the possible effects of redemptions of Fund Shares .........................34
2.6.6. Risks due to possible changes of investment strategies .....................................................34
2.6.7. Risks arising from misconduct by the fund managers .......................................................34
2.6.8. Specific risks involved with investments in volatile and illiquid markets.........................34
2.6.9. Specific risks involved with investments in other investment funds (Fund of Funds) ......35
3

2.6.10. Specific risks involved with investing exclusively in another investment fund (Feeder
Fund) ..................................................................................................................................35
2.6.11. Specific risks associated with exchange traded funds........................................................36
2.7.
Risks related to Currency Exchange Rates ........................................................................36
2.7.1. Similar risks as a direct investment in currencies ..............................................................36
2.7.2. Risk arising from an indirect determination of the relevant Currency Exchange Rate......37
2.8.
Risks related to Reference Rates........................................................................................37
2.8.1. Price risk related to Reference Rates..................................................................................37
2.8.2. Risks related to the cessation of publication of the Reference Rate ..................................37
2.8.3. Risks related to the calculation of the Reference Rate.......................................................37
3.
Risks related to the Offer to the Public and/or Admission to Trading...............................38
3.1.
Risks related to potential conflicts of interests ..................................................................38
3.2.
Liquidity risk ......................................................................................................................38
3.3.
Risks related to a sale of the Securities ..............................................................................38
3.4.
Risks related to the spread between bid and offer prices ...................................................38
3.5.
Risks related to Incidental Costs ........................................................................................39
3.6.
Risks in connection with a later determination of features ................................................39
Responsibility Statement ........................................................................................................................40
Consent to the Use of the Base Prospectus.............................................................................................41
Information on the Base Prospectus .......................................................................................................42
Information on the approval and the notification of the Base Prospectus..........................................42
Public offer and admission to trading under the Base Prospectus......................................................42
Public offer and admission to trading of Securities issued under a Previous Base Prospectus..........42
Publications ........................................................................................................................................43
General Information on the Securities....................................................................................................44
Features of the Securities....................................................................................................................44
General
........................................................................................................................................44
Product types ..................................................................................................................................44
Form of the Securities.....................................................................................................................45
Currency ........................................................................................................................................45
ISIN
........................................................................................................................................46
Underlying ......................................................................................................................................46
Reference Rate................................................................................................................................47
Information in accordance with Article 29 of the Benchmark Regulation.....................................47
Term
........................................................................................................................................48
Description of the rights arising from the Securities (including their limitation) ..........................48
Governing law of the Securities .....................................................................................................57
Status of the Securities ...................................................................................................................57
Quanto and Compo elements..........................................................................................................57
4

Representative of Security Holders ................................................................................................57
Payments ........................................................................................................................................57
Information on the offer and the admission to trading ...........................................................................58
Method and time limits for paying up and for delivery of the Securities...........................................58
Issue Price...........................................................................................................................................58
Pricing
............................................................................................................................................58
Selling concession or other concessions.............................................................................................58
Placing and Distribution .....................................................................................................................58
Admission to trading and listing of the Securities..............................................................................59
Potential investors ..............................................................................................................................60
Terms and conditions of the offer ......................................................................................................60
Distributors .........................................................................................................................................60
Offer during a subscription period .....................................................................................................60
Method for calculating the yield.........................................................................................................61
MiFID II Product Governance............................................................................................................61
Prohibition of sales to EEA retail investors .......................................................................................61
Publications after completed issuance of the Securities.....................................................................61
Description of the Securities...................................................................................................................63
A.
Securities with Single-Underlying .....................................................................................63
1.
General Description of the Product Types with Single-Underlying ..................................63
1.1
Product Type 1: Garant Performance Securities ................................................................63
1.2
Product Type 2: Downside Garant Performance Securities...............................................66
1.3
Product Type 3: All Time High Garant Securities.............................................................68
1.4
Product Type 4: Garant Cash Collect Securities................................................................71
1.5
Product Type 5: Downside Garant Cash Collect Securities...............................................73
1.6
Product Type 6: Garant Barrier Securities .........................................................................75
1.7
Product Type 7: Downside Garant Barrier Securities........................................................79
1.8
Product Type 8: Garant Barrier Geoscope Securities ........................................................82
1.9
Product Type 9: Twin-Win Garant Securities....................................................................84
1.10
Product Type 10: Downside Twin-Win Garant Securities ................................................87
1.11
Product Type 11: Win-Win Garant Securities ...................................................................90
1.12
Product Type 12: Icarus Garant Securities.........................................................................92
1.13
Product Type 13: Downside Icarus Garant Securities .......................................................94
1.14
Product Type 14: Garant Express Securities......................................................................96
1.15
Product Type 15: Downside Garant Express Securities ....................................................99
1.16
Product Type 16: Garant Bonus Securities ......................................................................102
1.17
Product Type 17: Downside Garant Bonus Securities .....................................................105
1.18
Product Type 18: Protection Garant Securities ................................................................108
1.19
Product Type 19: Downside Protection Garant Securities...............................................111
5

2.
Additional Conditional Amounts .....................................................................................114
2.1
Additional Conditional Amount (m) (Upside Coupon) ...................................................114
2.2
Additional Conditional Amount (m) (Downside Coupon) ..............................................114
2.3
Additional Conditional Amount (m) (Range Coupon) ....................................................114
2.4
Additional Conditional Amount (m) (Digital Coupon) ...................................................115
2.5
Additional Conditional Amount (m) (Upside Memory) ..................................................115
2.6
Additional Conditional Amount (m) (Downside Memory) .............................................116
2.7
Additional Conditional Amount (m) (Upside Performance) ...........................................116
2.8
Additional Conditional Amount (m) (Downside Performance).......................................117
2.9
Additional Conditional Amount (m) (Cliquet) ................................................................118
2.10
Additional Conditional Amount (m) (Cliquet Performance) ...........................................118
2.11
Additional Conditional Amount (m) (Telescope) ............................................................119
2.12
Additional Conditional Amount (m) (Geoscope Barrier) ................................................119
2.13
Additional Conditional Amount (m) (Geoscope) ............................................................120
2.14
Additional Conditional Amount (m) (Upside Accrual) ...................................................121
2.15
Additional Conditional Amount (m) (Downside Accrual) ..............................................122
2.16
Additional Conditional Amount (m) (Range Accrual) ....................................................123
3.
Additional Unconditional Amounts .................................................................................126
3.1
Additional Unconditional Amount (m) (Upside Performance) .......................................126
3.2
Additional Unconditional Amount (m) (Upside Accrual) ...............................................126
3.3
Additional Unconditional Amount (m) (Downside Accrual) ..........................................127
3.4
Additional Unconditional Amount (m) (Range Accrual) ................................................127
3.5
Additional Unconditional Amount (l) ..............................................................................127
4.
Additional Features ..........................................................................................................128
4.1
Cap Feature ......................................................................................................................128
4.2
Compo Feature .................................................................................................................128
4.3
Consolidation Feature ......................................................................................................128
4.4
Instalment Payment ..........................................................................................................128
4.5
Lock-in Feature ................................................................................................................128
4.6
Protection Lock-in Feature...............................................................................................128
5.
Automatic Early Redemption Feature..............................................................................130
5.1
Date-related Early Redemption Observation (Upside) ....................................................130
5.2
Date-related Early Redemption Observation (Downside) ...............................................130
5.3
Average Early Redemption Observation (Upside)...........................................................130
5.4
Average Early Redemption Observation (Downside)......................................................130
5.5
Daily Early Redemption Observation (Upside) ...............................................................130
5.6
Daily Early Redemption Observation (Downside) ..........................................................130
6.
Barrier Observation ..........................................................................................................132
6

6.1
Final Barrier Observation (Upside)..................................................................................132
6.2
Final Barrier Observation (Downside).............................................................................132
6.3
Date-related Barrier Observation (Upside) ......................................................................132
6.4
Date-related Barrier Observation (Downside) .................................................................132
6.5
Daily Barrier Observation (Upside) .................................................................................132
6.6
Daily Barrier Observation (Downside) ............................................................................132
6.7
Continuous Barrier Observation (Upside) .......................................................................132
6.8
Continuous Barrier Observation (Downside)...................................................................132
6.9
Final Barrier Observation (Upside Reference Rate) ........................................................133
6.10
Final Barrier Observation (Downside Reference Rate) ...................................................133
7.
Interest..............................................................................................................................134
7.1
Fixed Interest Rate ...........................................................................................................134
7.2
Floating Interest Rate .......................................................................................................134
7.3
Digital Interest Rate .........................................................................................................134
7.4
Interest Amount................................................................................................................134
8.
Performance Determination .............................................................................................135
8.1
Performance of the Underlying ........................................................................................135
8.2
Downside Performance of the Underlying.......................................................................135
9.
Reference Price Determination ........................................................................................136
9.1
Determination of the Initial Reference Price....................................................................136
9.2
Determination of the Final Reference Price.....................................................................137
9.3
Determination of R (j) ......................................................................................................138
9.4
Determination of R (m) ....................................................................................................138
9.5
Determination of R (n) .....................................................................................................139
9.6
Reference Price Adjustment Factor .................................................................................139
B.
Basket-linked Securities...................................................................................................140
1.
General Description of the Product Types of Basket-linked Securities...........................140
1.1
Product Type 20: Garant Cash Collect Securities with Multi-Underlying ......................140
1.2
Product Type 21: Garant Performance Securities with Multi-Underling ........................142
1.3
Product Type 22: Protection Garant Securities with Multi-Underling ............................145
1.4
Product Type 23: Downside Protection Garant Securities with Multi-Underling ...........148
1.5
Product Type 24: Garant Barrier Securities with Multi-Underlying................................150
1.6
Product Type 25: Garant Rainbow Securities with Multi-Underling ..............................153
1.7
Product Type 26: Garant Dispersion Securities with Multi-Underling ...........................155
1.8
Product Type 27: Garant Barrier Reverse Convertible Securities with Multi-Underlying
157
1.9
Product Type 28: Downside Garant Barrier Reverse Convertible Securities with Multi-
Underlying........................................................................................................................160
1.10
Product Type 29: Garant Securities linked to Target Vol Basket Strategies ...................163
7

1.11
Product Type 30: Garant Securities linked to Basket Target Vol Strategies with Locally
Floored/Capped Asian Out...............................................................................................166
1.12
Product Type 31: Garant Securities linked to Target Vol Strategies with Locally
Floored/Capped Asian Out...............................................................................................169
1.13
Product Type 32: Garant Securities linked to Target Vol Strategies ...............................172
1.14
Product Type 33: Garant Telescope Securities linked to Target Vol Strategies..............175
2.
Additional Conditional Amounts .....................................................................................178
2.1
Additional Conditional Amount (m) (Upside Coupon) ...................................................178
2.2
Additional Conditional Amount (m) (Downside Coupon) ..............................................178
2.3
Additional Conditional Amount (m) (Range Coupon) ....................................................179
2.4
Additional Conditional Amount (m) (Digital Coupon) ...................................................179
2.5
Additional Conditional Amount (m) (Upside Memory) ..................................................180
2.6
Additional Conditional Amount (m) (Downside Memory) .............................................180
2.7
Additional Conditional Amount (m) (Step-up Memory) .................................................181
2.8
Additional Conditional Amount (m) (Telescope) ............................................................181
3.
Additional Unconditional Amounts .................................................................................183
3.1
Additional Unconditional Amount (m) (Upside Performance) .......................................183
3.2
Additional Unconditional Amount (l) ..............................................................................183
4.
Additional Features ..........................................................................................................184
4.1
Cap Feature ......................................................................................................................184
4.2
Consolidation Feature ......................................................................................................184
4.3
Instalment Payment ..........................................................................................................184
4.4
Protection Lock-in Feature...............................................................................................184
5.
Automatic Early Redemption Feature..............................................................................185
5.1
Date-related Early Redemption Observation (Upside) ....................................................185
5.2
Date-related Early Redemption Observation (Downside) ...............................................185
6.
Performance Determination .............................................................................................186
6.1
Determination of the Performance of the Basket Componenti (m) .................................186
6.2
Determination of the Relevant Performance (b) ..............................................................186
6.3
Determination of the Relevant Performance (final).........................................................187
6.4
Determination of the Relevant Performance (k) ..............................................................188
6.5
Determination of the Relevant Performance (m) .............................................................189
6.6
Determination of the Relevant Performance (n) ..............................................................190
7.
Reference Price Determination ........................................................................................192
7.1
Determination of the Initial Reference Price....................................................................192
7.2
Determination of the Final Reference Price.....................................................................192
C.
Hybrid Securities..............................................................................................................194
1.
General Description of the Product Types of Hybrid Securities......................................194
1.1
Product Type 34: Hybrid Garant Cash Collect Securities ...............................................194
8

1.2
Product Type 35: Hybrid Garant Performance Securities................................................196
1.3
Product Type 36: Hybrid Garant Barrier Securities.........................................................198
2.
Additional Conditional Amounts .....................................................................................200
2.1
Additional Conditional Amount (m) (Cliquet Performance) ...........................................200
2.2
Additional Conditional Amount (m) (Coupon)................................................................200
3.
Additional Features ..........................................................................................................202
3.1
Cap Feature ......................................................................................................................202
3.2
Additional Unconditional Amount (l) ..............................................................................202
4.
Performance Determination .............................................................................................203
4.1
Performance of the Inflation Index (m)............................................................................203
4.2
Performance of the Financial Index (final) ......................................................................203
5.
Reference Price Determination ........................................................................................204
5.1
Determination of the Initial Reference Price....................................................................204
5.2
Determination of the Reference Price (m) .......................................................................204
5.3
Determination of the Final Reference Price.....................................................................205
D.
Description of the Securities incorporated by Reference in the Base Prospectus ...........206
Conditions of the Securities..................................................................................................................207
General Information .........................................................................................................................207
Structure of the Conditions...............................................................................................................208
Part A General Conditions of the Securities......................................................................................212
[Option 1: In the case of Securities governed by German law, the following applies: ....................212
[Option 2: In the case of Securities governed by Italian law, the following applies:.......................220
Part B Product and Underlying Data .................................................................................................226
Part C Special Conditions of the Securities.......................................................................................239
[Special Conditions that apply to particular product types:] ............................................................239
Securities with Single-Underlying ...................................................................................................239
Garant Performance Securities .....................................................................................................239
Downside Garant Performance Securities ....................................................................................239
All Time High Garant Securities ..................................................................................................239
Garant Cash Collect Securities .....................................................................................................239
Downside Garant Cash Collect Securities....................................................................................239
Garant Barrier Securities ..............................................................................................................239
Downside Garant Barrier Securities .............................................................................................239
Garant Barrier Geoscope Securities .............................................................................................239
Twin-Win Garant Securities.........................................................................................................239
Downside Twin-Win Garant Securities........................................................................................239
Win-Win Garant Securities ..........................................................................................................239
Icarus Garant Securities................................................................................................................239
Downside Icarus Garant Securities...............................................................................................239
9

Garant Express Securities.............................................................................................................239
Downside Garant Express Securities............................................................................................239
Garant Bonus Securities ...............................................................................................................239
Downside Garant Bonus Securities ..............................................................................................239
Protection Garant Securities .........................................................................................................239
Downside Protection Garant Securities........................................................................................239
Basket-linked Securities ...................................................................................................................301
Garant Cash Collect Securities with Multi-Underling .................................................................301
Garant Performance Securities with Multi-Underling..................................................................301
Protection Garant Securities with Multi-Underling......................................................................301
Downside Protection Garant Securities with Multi-Underling ....................................................301
Garant Barrier Securities with Multi-Underling...........................................................................301
Garant Rainbow Securities with Multi-Underling........................................................................301
Garant Dispersion Securities with Multi-Underling.....................................................................301
Garant Barrier Reverse Convertible Securities with Multi-Underling .........................................301
Downside Garant Barrier Reverse Convertible Securities with Multi-Underling........................301
Garant Securities linked to Target Vol Basket Strategies ............................................................341
Garant Securities linked to Basket Target Vol Strategies with Locally Floored/Capped Asian Out
367
Garant Securities linked to Target Vol Strategies with Locally Floored/Capped Asian Out.......385
Garant Securities linked to Target Vol Strategies ........................................................................404
Garant Telescope Securities linked to Target Vol Strategies .......................................................430
Hybrid Securities ..............................................................................................................................457
Hybrid Garant Cash Collect Securities.........................................................................................457
Hybrid Garant Performance Securities.........................................................................................457
Hybrid Garant Barrier Securities..................................................................................................457
[Special Conditions that apply to all product types:.........................................................................472
Conditions of the Securities incorporated by Reference in the Base Prospectus .............................489
Form of Final Terms.............................................................................................................................490
Tax Warning .........................................................................................................................................503
U.S. Withholding Tax.......................................................................................................................503
General Information .............................................................................................................................504
Selling Restrictions...........................................................................................................................504
United States of America..............................................................................................................504
Prohibition of sales to EEA retail investors..................................................................................504
Authorisation ....................................................................................................................................505
Clearing System................................................................................................................................505
Agents
..........................................................................................................................................505
Interest of Natural and Legal Persons involved in the Issue/Offer ..................................................505
10