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Banca Popolare di Sondrio T2 - IPT : 6.25% area
Issuer:....................Banca Popolare di Sondrio S.C.p.A. (Ticker: BPSOIM)
Issuer Rating:.............BB+ Stable by Fitch
Exp. Issue Rating:.........BB by Fitch
Format:....................Reg S, bearer form, TEFRA D Rules apply, no communication with or into the US, no sales to Canada
Status of the Notes:....... Unconditional, subordinated unsecured obligations of the Issuer, Tier 2
Size:......................[TBC]
Coupon:....................[●] Fixed, Annual, Act/Act (ICMA), one time reset after year 5 to prevailing 5yr MS + First Margin
IPTs:......................6.25% area
First Margin:..............[●]bps
Settlement:................[30] July 2019 (T+5)
Maturity:..................[30] July 2029
Issuer’s Call:.............As per Condition [5.4] of the Terms and Conditions on 30 July 2024 at par, subject to prior regulatory authorisation
Regulatory Call:...........As per Condition [5.3] of the Terms and Conditions, upon the notes being fully or partially excluded from the Tier 2 Capital of the Issuer and/or the Group due to a change in the regulatory classification of the notes, subject to prior regulatory authorisation and, in respect of any call proposed to be made prior to the fifth anniversary of the Issue Date, subject also to the specific conditions specified in the Documentation
Tax call:..................As per Condition [5.2] of the Terms and Conditions, as a result of additional amounts (withholding tax) to be paid by the Issuer, subject to prior regulatory authorisation
Non-Viability:.............Statutory (with contractual recognition of statutory loss absorption powers)
Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition [18] (Statutory Loss Absorption Powers)
Listing:...................Luxembourg Stock Exchange’s Regulated Market
Market Clearing:............Euroclear/Clearstream
Denoms:....................€100k + €1k
Docs:......................Issuer’s EUR 5bn EMTN Programme as of 6th March 2019 and duly supplemented. Advertisement - Base Prospectus dated 6 March 2019, as supplemented and as available on Programme-BcaPdiSondrio - EUR 5 000 000 000 Max. EUR 5.000.000.000.- Euro Medium Term Note Programme 2018 (New Programme) - Luxembourg Stock Exchange and Final Terms, when available on Home
Governing Law:.............English law except Condition 2.3 (Status of the Subordinated Notes) and Condition 18 (Statutory Loss Absorption Powers) which shall be governed by, and construed in accordance with, Italian law
Waiver of set-off:.........Each holder waives any right of set-off
MiFID II Target Market:.Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). NO PRIIPS, NO KID
Fees:...................... A fee will be paid to the Joint Bookrunners on this transaction
Bookrunners:...............Banca IMI, BNP Paribas, JP Morgan (B&D), Natixis, Societe Generale, UniCredit
ISIN:......................[XS]
Timing:....................Book Open, Todays Business
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