Obligation European Stability Mechanism (ESM) 1.625% ( EU000A1U9928 ) en EUR

European Stability Mechanism (ESM)

100 % ▲

Luxembourg

EU000A1U9928 ( en EUR )

1.625% par an ( paiement annuel )

17/11/2036

Prospectus brochure de l'obligation European Stability Mechanism (ESM) EU000A1U9928 en EUR 1.625%, échéance 17/11/2036

1 EUR

2 500 000 000 EUR

17/11/2024 ( Dans 183 jours )

L'Obligation émise par European Stability Mechanism (ESM) ( Luxembourg ) , en EUR, avec le code ISIN EU000A1U9928, paye un coupon de 1.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/11/2036

EXECUTION VERSION
Final Terms dated 29 March 2016

EUROPEAN STABILITY MECHANISM ("ESM")
Issue of EUR 1,000,000,000 1.625 per cent. Notes due 17 November 2036 (the "Notes")
to be consolidated and form a single series with the existing
Issue of EUR 1,500,000,000 1.625 per cent. Notes due 17 November 2036 (the "Original Notes")
under the Debt Issuance Programme

The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended
(the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United
States, and Notes in bearer form are subject to U.S. tax law requirements. The Notes may not be offered, sold or
delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation
S under the Securities Act ("Regulation S")) except in certain transactions exempt from the registration
requirements of the Securities Act.

PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions")
set forth in the Information Memorandum dated 9 March 2015. This document constitutes the Final Terms of
the Notes described herein. These Final Terms contain the final terms of the Notes and must be read in
conjunction with the Conditions and the Information Memorandum dated 4 March 2016.
1.
Issuer:
European Stability Mechanism
2.
Series Number:
88
3.
Tranche Number:
2
The Notes will be consolidated and form a single
series with the Original Notes on the Issue Date.
4.
Specified Currency or Currencies:
Euro ("EUR")
5.
Aggregate Nominal Amount:

(i)
Series:
EUR 2,500,000,000

(ii)
Tranche:
EUR 1,000,000,000
6.
Issue Price:
107.572 per cent. of the Aggregate Nominal Amount
of the Notes plus an amount corresponding to accrued
interest
from
and
including
the
Interest
Commencement Date up to but excluding the Issue
Date amounting to EUR 5,993,852.46.
7.
Specified Denominations:
EUR 0.01
8.
(i)
Issue Date:
31 March 2016

(ii)
Interest Commencement Date:
17 November 2015
9.
Maturity Date:
17 November 2036
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EXECUTION VERSION
10.
Interest Basis:
1.625 per cent. per annum Fixed Rate

(further particulars specified below)
11.
Redemption/Payment Basis:
Redemption at par
12.
Change of Interest or Redemption/Payment Not Applicable
Basis:
13.
Call Option
Not Applicable
14.
(i)
Status of the Notes:
Senior, Unsecured, Unsubordinated

(ii)
Dates of Board of Directors approvals 6 October 2015, 29 October 2015 and 22 December
for issuance of Notes obtained:
2015
15.
Method of distribution:
Syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions:
Applicable

(i)
Rate of Interest:
1.625 per cent. per annum payable annually in arrear

(ii)
Interest Payment Date(s):
17 November in each year commencing on and
including 17 November 2016 (the "First Interest
Payment Date"), (following unadjusted)

(iii)
Broken Amount(s):
Not Applicable

(iv)
Day Count Fraction:
Actual/Actual (ICMA)

(v)
Regular Dates:
17 November in each year

(vi)
Other terms relating to the method of Not Applicable
calculating interest for Fixed Rate
Notes:
17.
Floating Rate Note Provisions:
Not Applicable
18.
Zero Coupon Note Provisions:
Not Applicable
19.
Index-Linked Interest Note/other variable-
Not Applicable
linked interest Note Provisions:

PROVISIONS RELATING TO REDEMPTION
20.
Call Option:
Not Applicable
21.
Final Redemption Amount of each Note:
EUR 0.01 per Specified Denomination

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EXECUTION VERSION
GENERAL PROVISIONS APPLICABLE TO THE NOTES
22.
Form of Notes:
Bearer Note
Reg S
Global Note exchangeable for Definitive Notes:
Global Note deposited with the Clearing System and
exchangeable for Definitive Notes in the limited
circumstances described in the Global Note
23.
New Global Note form:
Not Applicable
24.
Talons for future coupons or Receipts to be No
attached to Definitive Notes (and dates on
which such talons mature):
25.
Details relating to Partly Paid Notes: amount of Not Applicable
each payment comprising the Issue Price and
date on which each payment is to be made and
consequences (if any) of failure to pay,
including any right of the Issuer to forfeit the
Notes and interest due on late payment:
26.
Details relating to Instalment Notes: amount of Not Applicable
each instalment, date on which each payment is
to be made:
27.
Redenomination, renominalisation and
Not Applicable
reconventioning provisions:
28.
Consolidation provisions:
Not Applicable
29.
Other final terms:
Not Applicable

DISTRIBUTION
30.
(i)
If syndicated, names of Managers:
Crédit Agricole Corporate and Investment Bank
HSBC France
Nomura International plc

(ii)
Date of Subscription Agreement:
29 March 2016

(iii)
Stabilising Manager(s) (if any):
Crédit Agricole Corporate and Investment Bank
31.
If non-syndicated, name and address of Dealer:
Not Applicable
32.
Total commission and concession:
As separately agreed between the Issuer and the
Managers
33.
Net proceeds:
EUR 1,079,463,852.46
34.
U.S. Selling Restrictions:
Reg. S, Category 2
TEFRA C
3

EXECUTION VERSION

PART B OTHER INFORMATION

1.
LISTING

(i)
Listing:
Luxembourg

(ii)
Admission to trading:
Application has been made by the Issuer (or
on its behalf) for the Notes to be admitted to
trading on the Regulated Market of the
Luxembourg Stock Exchange with effect from
31 March 2016.
The Original Notes are already admitted to
trading on the Luxembourg Stock Exchange.
2.
RATINGS

Ratings:
Moody's Investors Service Limited has
assigned ESM's Debt Issuance Programme a
long-term rating of (P)Aa1 (Stable Outlook).
Fitch Ratings Ltd has assigned ESM's Debt
Issuance Programme a long-term rating of
AAA(Stable).
Each of the above credit ratings will be treated
for the purposes of Regulation (EC) No
1060/2009 of the European Parliament and of
the Council of 16 September 2009 on credit
rating agencies as amended (the "CRA
Regulation") as having been issued by
Moody's Investors Service Limited and Fitch
Ratings Ltd. respectively. Each of Moody's
Investors Service Limited and Fitch Ratings
Ltd. is established in the European Union and
is registered under the CRA Regulation. As
such, each of Moody's Investors Service
Limited and Fitch Ratings Ltd. is included in
the list of credit rating agencies published by
the
European
Securities
and
Markets
Authority on its website in accordance with
the CRA Regulation.

3.
OPERATIONAL INFORMATION

ISIN Code:
EU000A1U9928

Common Code:
132155003

WKN Code:
A1U992

Clearing System, including the relevant Clearstream Banking AG Frankfurt

identification number(s):

Intended for New Global Note Form:
Not Applicable

Intended for New Safekeeping Structure Not Applicable

(NSS):

Delivery:
Delivery against payment

5

EXECUTION VERSION

Names and addresses of the Issuing and Deutsche Bundesbank

Paying Agent:
Wilhelm-Epstein-Strae 14
60431 Frankfurt am Main
Federal Republic of Germany

Names and addresses of additional paying Not Applicable

agent(s) (if any):

Names and addresses of the Luxembourg Deutsche Bank Luxembourg S.A.

Listing Agent:
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
Grand Duchy of Luxembourg

Names and addresses of the Calculation Not Applicable

Agent (if any):

Intended to be held in a manner which Yes

would allow Eurosystem eligibility:

Note that the designation "yes" simply means
that the Notes are intended upon issue to be
deposited with a Clearing System and does
not necessarily mean that the Notes will be
recognised
as
eligible
collateral
for
Eurosystem monetary policy and intraday
credit operations by the Eurosystem either
upon issue or at any or all times during their
life. Such recognition will depend upon the
ECB
being
satisfied
that
Eurosystem
eligibility criteria have been met.

6