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Banca Monte dei Paschi di Siena S.p.A. 10y bullet Euro Subordinated Tier 2 – IPTs 11.00-11.50% area
Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
Issuer Rating: Caa1 by Moody’s / B by Fitch / B (High) by DBRS
Exp. Issue Rating: Caa2 by Moody’s / CCC+ by Fitch
Notes: Fixed Rate Subordinated Bullet (Tier 2 capital for regulatory capital purposes)
Format: Reg S, bearer form, no communications with or into the US, no sales to Canada
Status of the Notes: Subordinated Notes (notes intended to qualify as Tier 2 capital, as further defined in the Documentation)
Size: TBC
Coupon: From the Settlement Date the Coupon shall be [●●]% fixed rate p.a. payable annually in arrears on the Interest Payment Dates
IPTs: 11.00 – 11.50% area
Settlement: 23 July 2019 (T+5)
Maturity: 23 July 2029
Redemption for Regulatory Reasons: At par at Issuer’s option, upon occurrence of a Capital Event (Notes are or would be excluded in whole or in part from Tier 2 Capital of the Issuer and/or the Group), subject to regulatory approval 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
Redemption for Tax Reasons: At par, in case of additional amounts to be paid by the Issuer upon imposition of withholding tax, subject to regulatory approval
Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition 17
Non-Viability: Contractual recognition of statutory loss absorption powers
Listing: Luxembourg Stock Exchange Regulated Market
Denoms: EUR100k and integral multiples of EUR 1k in excess thereof up to, and including, EUR 199k
Docs: EUR 50bn Debt Issuance Programme with Base Prospectus dated 8 March 2019 and duly supplemented on 15 April 2019, 31 May 2019 and 2 July 2019
Governing Law: English law except for subordination conditions which shall be governed by Italian law
Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA
Global Coordinators: JP Morgan / Mediobanca
Joint Bookrunners: Barclays / JP Morgan (B&D) / Mediobanca / MPSCS / UBS
ISIN: TBC
Timing: Books open. Today’s business.
Fees: A fee will be paid to the Bookrunners on this transaction
Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
Issuer Rating: Caa1 by Moody’s / B by Fitch / B (High) by DBRS
Exp. Issue Rating: Caa2 by Moody’s / CCC+ by Fitch
Notes: Fixed Rate Subordinated Bullet (Tier 2 capital for regulatory capital purposes)
Format: Reg S, bearer form, no communications with or into the US, no sales to Canada
Status of the Notes: Subordinated Notes (notes intended to qualify as Tier 2 capital, as further defined in the Documentation)
Size: TBC
Coupon: From the Settlement Date the Coupon shall be [●●]% fixed rate p.a. payable annually in arrears on the Interest Payment Dates
IPTs: 11.00 – 11.50% area
Settlement: 23 July 2019 (T+5)
Maturity: 23 July 2029
Redemption for Regulatory Reasons: At par at Issuer’s option, upon occurrence of a Capital Event (Notes are or would be excluded in whole or in part from Tier 2 Capital of the Issuer and/or the Group), subject to regulatory approval 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
Redemption for Tax Reasons: At par, in case of additional amounts to be paid by the Issuer upon imposition of withholding tax, subject to regulatory approval
Substitution or Variation: Applicable in order to ensure the effectiveness and enforceability of Condition 17
Non-Viability: Contractual recognition of statutory loss absorption powers
Listing: Luxembourg Stock Exchange Regulated Market
Denoms: EUR100k and integral multiples of EUR 1k in excess thereof up to, and including, EUR 199k
Docs: EUR 50bn Debt Issuance Programme with Base Prospectus dated 8 March 2019 and duly supplemented on 15 April 2019, 31 May 2019 and 2 July 2019
Governing Law: English law except for subordination conditions which shall be governed by Italian law
Target Market/PRIIPs: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA
Global Coordinators: JP Morgan / Mediobanca
Joint Bookrunners: Barclays / JP Morgan (B&D) / Mediobanca / MPSCS / UBS
ISIN: TBC
Timing: Books open. Today’s business.
Fees: A fee will be paid to the Bookrunners on this transaction