Obligation Abruzzo Italia 0% ( XS0132184630 ) en EUR

Abruzzo Italia

100 % ▼

Italie

XS0132184630 ( en EUR )

05/07/2016 - Obligation échue

Prospectus brochure de l'obligation Abruzzo XS0132184630 en EUR 0%, échue

3 343 EUR

93 300 000 EUR

L'Abruzzo est une région montagneuse d'Italie centrale, connue pour ses parcs nationaux, ses traditions pastorales, et sa gastronomie riche en produits locaux.

L'Obligation émise par Abruzzo Italia ( Italie ) , en EUR, avec le code ISIN XS0132184630, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 05/07/2016

SIMPLIFIED BASE PROSPECTUS

THE REGION OF ABRUZZO
1,250,000,000 Euro Medium Term Note Programme
On 11 April, 2000, the Region of Abruzzo entered into a 500,000,000 Euro Medium Term Note Programme as
subsequently amended. This Base Prospectus supersedes all previous offering circulars. Any Notes issued under the
Programme (as defined below) on or after the date of this Base Prospectus are issued subject to the provisions herein.
This does not affect any Notes already issued.
Under this 1,250,000,000 Euro Medium Term Note Programme (the "Programme"), the Region of Abruzzo (the
"Issuer") may from time to time issue notes (the "Notes") denominated in any currency agreed between the Issuer and
the relevant Dealer (as defined below).
The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will
not exceed 1,250,000,000 (or its equivalent in other currencies calculated as described herein), subject to increase as
described herein.
The Notes may be issued on a continuing basis by the Issuer to one or more of the Dealers specified under
"Summary of the Programme" and any additional Dealer appointed under the Programme from time to time (each a
"Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis.
References in this Base Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes being (or intended to
be) subscribed by more than one Dealer, be to all Dealers agreeing to purchase such Notes.
Application has been made to the Luxembourg Stock Exchange in its capacity as competent authority under
Chapter 2 of Part III of the Luxembourg Act dated 10 July, 2005 on prospectuses for securities to approve this
document as a simplified base prospectus. Application has also been made to the Luxembourg Stock Exchange for
Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted
to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List of the
Luxembourg Stock Exchange. Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of
Notes, the issue price of Notes, and any other terms and conditions not contained herein which are applicable to each
Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set out in the final terms (the "Final
Terms") which, with respect to Notes to be listed on the Official List of the Luxembourg Stock Exchange, will be filed
with the Luxembourg Stock Exchange on or before the date of issue of the Notes of such Tranche.
The Programme provides that Notes may be listed on such other or further stock exchange(s) as may be agreed
between the Issuer and the relevant Dealer. The Issuer may also issue unlisted Notes.
The Programme is rated by Moody's Investors Service Limited ("Moody's") and by Standard & Poor's Rating
Services, a division of The McGraw-Hill Companies Inc. ("Standard & Poor's"). Notes issued under the Programme
may be rated or unrated. Where an issue of Notes is rated, its rating will not necessarily be the same as the rating
applicable to the Programme. A rating is not a recommendation to buy, sell or hold securities and may be subject to
suspension, change or withdrawal at any time by the assigning rating agency.
The Issuer may agree with any Dealer that Notes may be issued in a form not contemplated by the Terms and
Conditions of the Notes herein, in which event (in the case of Notes intended to be listed on the Official List of the
Luxembourg Stock Exchange) a supplementary Base Prospectus, if appropriate, will be made available which will
describe the effect of the agreement reached in relation to such Notes.

CO-ARRANGERS

Banca Nazionale del Lavoro

Dexia Capital Markets

DEALERS

Banca Nazionale del Lavoro
Carispaq - Cassa di Risparmio della Provincia dell'Aquila S.p.A.
Deutsche Bank
Dexia Capital Markets
Merrill Lynch International

Morgan Stanley

Nomura International

The date of this Base Prospectus is 22 February, 2007.

The Issuer, having made all reasonable enquiries, confirms that this Base Prospectus contains or
incorporates all information which is material in the context of the issuance and offering of Notes, that the
information contained or incorporated in this Base Prospectus is true and accurate in all material respects
and is not misleading, that the opinions and intentions expressed in this Base Prospectus are honestly held
and that there are no other facts the omission of which would make this Base Prospectus or any of such
information or the expression of any such opinions or intentions misleading. The Issuer accepts
responsibility accordingly.
Copies of the applicable Final Terms will be available free of charge from the registered office of the
Issuer and the specified office set out below of each of the Paying Agents (as defined below). The Final
Terms will also be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
This Base Prospectus is to be read in conjunction with all documents which are deemed to be
incorporated herein by reference (see "Documents Incorporated by Reference" below). This Base
Prospectus shall be read and construed on the basis that such documents are incorporated and form part of
this Base Prospectus.
This Base Prospectus fulfils the requirements for a simplified prospectus pursuant to Chapter 2 of Part
III of the Luxembourg Prospectus Act. It does not constitute a prospectus pursuant to Part III of the
Luxembourg Prospectus Act transforming Directive 2003/71/EC (the "Prospectus Directive") into law in
Luxembourg. Accordingly, this Base Prospectus does not purport to meet the format and the disclosure
requirements of the Prospectus Directive and Commission Regulation (EC) No. 809/2004 implementing the
Prospectus Directive, and it has not been, and will not be, submitted for approval to any competent authority
within the meaning of the Prospectus Directive. The Notes issued pursuant to this Base Prospectus will
therefore not qualify for the benefit of the single European passport pursuant to the Prospectus Directive.
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility or liability is
accepted by the Dealers as to the accuracy or completeness of the information contained or incorporated in
this Base Prospectus or any other information provided by the Issuer in connection with the Programme. No
Dealer accepts any liability in relation to the information contained or incorporated by reference in this
Base Prospectus or any other information provided by the Issuer in connection with the Programme.
No person is or has been authorised by the Issuer to give any information nor to make any
representation not contained in or not consistent with this Base Prospectus or any other information
supplied in connection with the Programme or the Notes and, if given or made, such information or
representation must not be relied upon as having been authorised by the Issuer or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Programme or
any Notes (i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as
a recommendation by the Issuer or any of the Dealers that any recipient of this Base Prospectus or any other
information supplied in connection with the Programme or any Notes should purchase any Notes. Each
investor contemplating purchasing any Notes should make its own independent investigation of the financial
condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Base
Prospectus nor any other information supplied in connection with the Programme or the issue of any Notes
constitutes an offer or invitation by or on behalf of the Issuer or any of the Dealers to any person to
subscribe for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstances imply that the information contained herein concerning the Issuer is correct at any time
subsequent to the date hereof or that any other information supplied in connection with the Programme is
correct as of any time subsequent to the date indicated in the document containing the same. The Dealers
expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the
Programme or to advise any investor in the Notes of any information coming to their attention. Investors
should review, inter alia, the most recently published documents incorporated by reference into this Base
Prospectus when deciding whether or not to purchase any Notes.

2

The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended, (the "Securities Act") and are subject to U.S. tax law requirements. Subject to certain exceptions,
Notes may not be offered, sold or delivered within the United States or to U.S. persons (see "Subscription
and Sale" below).
This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes
in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain
jurisdictions. The Issuer and the Dealers do not represent that this Base Prospectus may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume
any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by
the Issuer or the Dealers which is intended to permit a public offering of any Notes or distribution of this
document in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be
offered or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other
offering material may be distributed or published in any jurisdiction, except under circumstances that will
result in compliance with any applicable laws and regulations. Persons into whose possession this Base
Prospectus or any Notes may come must inform themselves about, and observe, any such restrictions on the
distribution of this Base Prospectus and the offering and sale of Notes. In particular, there are restrictions
on the distribution of this Base Prospectus and the offer or sale of Notes in the United States, the Republic of
Italy, the United Kingdom, Japan and Germany, see "Subscription and Sale".
All references in this document to "U.S. dollars", "U.S.$" and "$" refer to the currency of the United
States of America, and to "euro" and "" refer to the currency introduced at the start of the third stage of
European economic and monetary union pursuant to the Treaty establishing the European Community, as
amended.
Certain figures included in this Base Prospectus have been subject to rounding adjustments.
Accordingly, figures shown for the same category presented in different tables may vary slightly and figures
shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.
Some of the statements contained in this Base Prospectus constitute forward-looking statements.
Statements that are not historical facts, including statements about the Region's beliefs and expectations, are
forward-looking statements. These statements are based on current plans, objectives, assumptions, estimates
and projections. Therefore, undue reliance should not be placed on them. Forward-looking statements speak
only as of the date that they are made and the Region undertakes no obligation to update publicly any of
them in light of new information or future events. Forward-looking statements involve inherent risks and
uncertainties. The Region cautions that a number of important factors could cause actual results to differ
materially from those contained in any forward-looking statement.

3

TABLE OF CONTENTS
Page
Documents Incorporated by Reference..........................................................................................................5
General Description of the Programme .........................................................................................................6
Summary of the Programme .........................................................................................................................7
Form of the Notes.......................................................................................................................................11
Applicable Final Terms ..............................................................................................................................13
Terms and Conditions of the Notes .............................................................................................................21
Use of Proceeds..........................................................................................................................................39
Description of the Region of Abruzzo.........................................................................................................40
Description of the Economy of the Region of Abruzzo ...............................................................................47
Financial Information of the Region of Abruzzo .........................................................................................53
Description of the Debt of the Region of Abruzzo.......................................................................................61
Taxation .....................................................................................................................................................64
Subscription and Sale .................................................................................................................................69
General Information ...................................................................................................................................72

In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in the applicable
Final Terms may over-allot Notes (provided that, in the case of any Tranche of Notes to be admitted to
trading on a regulated market in the European Economic Area, the aggregate principal amount of
Notes allotted does not exceed 105 per cent. of the aggregate principal amount of the relevant
Tranche) or effect transactions with a view to supporting the market price of the Notes at a level
higher than that which might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) (or persons acting on behalf of a Stabilising Manager) will undertake stabilisation action.
Any stabilisation action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the relevant Tranche of Notes is made and, if begun, may be ended at any time,
but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes
and 60 days after the date of the allotment of the relevant Tranche of Notes.

4

DOCUMENTS INCORPORATED BY REFERENCE
All supplements (including any Final Terms relating to Notes listed on a stock exchange) or
amendments to this Base Prospectus circulated by the Issuer, and published or issued from time to time after
the date hereof, shall be deemed to be incorporated in, and to form part of, this Base Prospectus, save that
any statement contained herein or in a document which is deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purpose of this Base Prospectus to the extent that a
statement contained in any such subsequent document which is deemed to be incorporated by reference
herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this Base Prospectus.
The Issuer will provide, without charge, to each person to whom a copy of this Base Prospectus has
been delivered, upon the request of such person, a copy of any or all of the documents deemed to be
incorporated herein by reference unless such documents have been modified or superseded as specified
above. Requests for such documents should be directed to the Issuer at its office set out at the end of this
Base Prospectus. In addition, such documents will be available free of charge from the principal office in
Luxembourg of Deutsche Bank Luxembourg S.A. (the "Luxembourg Listing Agent") for Notes listed on the
Luxembourg Stock Exchange.
The Issuer will, in connection with the listing of the Notes on the Luxembourg Stock Exchange, so long
as any Note remains outstanding and listed on such exchange and for the twelve months following the date
of approval of this Base Prospectus, in the event of any material change in the condition of the Issuer which
is not reflected in this Base Prospectus, prepare a supplement to this Base Prospectus or publish a new Base
Prospectus for use in connection with any subsequent issue of the Notes to be listed on the Luxembourg
Stock Exchange.
If the terms of the Programme are modified or amended in a manner which would make this Base
Prospectus, as so modified or amended, inaccurate or misleading, a new base prospectus will be prepared.

5

GENERAL DESCRIPTION OF THE PROGRAMME
Under the Programme, the Issuer may from time to time issue Notes denominated in any currency,
subject as set out herein. A summary of the terms and conditions of the Programme and the Notes appears
below. The applicable terms of any Notes will be agreed between the Issuer and the relevant Dealer prior to
the issue of the Notes and will be set out in the Terms and Conditions of the Notes endorsed on, attached to,
or incorporated by reference into, the Notes, as modified and supplemented by the applicable Final Terms
attached to, or endorsed on, such Notes, as more fully described under "Form of the Notes" below.
This Base Prospectus and any supplement will only be valid for listing Notes on the Luxembourg Stock
Exchange during the period of 12 months from the date of this Base Prospectus in an aggregate nominal
amount which, when added to the aggregate nominal amount then outstanding of all Notes previously or
simultaneously issued under the Programme, does not exceed 1,250,000,000 or its equivalent in other
currencies. For the purpose of calculating the euro equivalent of the aggregate nominal amount of Notes
issued under the Programme from time to time:
(a) the euro equivalent of Notes denominated in another Specified Currency (as specified in the
applicable Final Terms in relation to the relevant Notes, described under "Form of the Notes") shall
be determined, at the discretion of the Issuer, either as of the date on which agreement is reached
for the issue of Notes or on the preceding day on which commercial banks and foreign exchange
markets are open for business in London, in each case on the basis of the spot rate for the sale of
the euro against the purchase of such Specified Currency in the London foreign exchange market
quoted by any leading international bank selected by the Issuer on the relevant day of calculation;
(b) the euro equivalent of Dual Currency Notes, Index Linked Notes and Partly Paid Notes (each as
specified in the applicable Final Terms in relation to the relevant Notes, described under "Form of
the Notes") shall be calculated in the manner specified above by reference to the original nominal
amount on issue of such Notes (in the case of Partly Paid Notes, regardless of the subscription
price paid); and
(c) the euro equivalent of Zero Coupon Notes (as specified in the applicable Final Terms in relation to
the relevant Notes, described under "Form of the Notes") and other Notes issued at a discount or a
premium shall be calculated in the manner specified above by reference to the net proceeds
received by the Issuer for the relevant issue.

6

SUMMARY OF THE PROGRAMME
The following summary does not purport to be complete and is taken from, and is qualified in its
entirety by, the remainder of this Base Prospectus and, in relation to the terms and conditions of any
particular Tranche of Notes, the applicable Final Terms. Words and expressions defined in "Form of the
Notes" and "Terms and Conditions of the Notes" below shall have the same meanings in this summary.
Issuer:
The Region of Abruzzo
Description:
Euro Medium Term Note Programme
Co-Arrangers:
Banca Nazionale del Lavoro S.p.A.

Dexia Banque Internationale à Luxembourg, société anonyme acting
under the name Dexia Capital Markets
Dealers:
Banca Nazionale del Lavoro S.p.A.

Carispaq - Cassa di Risparmio della Provincia dell'Aquila S.p.A.

Deutsche Bank AG, London Branch

Dexia Banque Internationale à Luxembourg, société anonyme acting
under the name of Dexia Capital Markets

Merrill Lynch International

Morgan Stanley & Co. International Limited

Nomura International plc

and any other Dealers appointed in accordance with the Programme
Agreement.
Certain Restrictions:
Each issue of Notes under the Programme shall be made and shall be
separately approved in accordance with Italian and Regional laws and
regulations then prevailing.

Each issue of Notes denominated in a currency in respect of which
particular laws, guidelines, regulations, restrictions or reporting
requirements apply will only be issued in circumstances which comply
with such laws, guidelines, regulations, restrictions or reporting
requirements from time to time (see "Subscription and Sale")
including the following restrictions applicable at the date of this Base
Prospectus:

Notes having a maturity of less than one year:

Notes having a maturity of less than one year will, if the proceeds of
the issue are accepted in the United Kingdom, constitute deposits for
the purposes of the prohibition on accepting deposits contained in
section 19 of the Financial Services and Markets Act 2000 unless they
are issued to a limited class of professional investors and have a
denomination of at least £100,000 or its equivalent (see "Subscription
and Sale").
Issuing and Principal Paying
Agent:
Deutsche Bank AG, London Branch
Luxembourg Paying Agent:
Deutsche Bank Luxembourg S.A.

7

Programme Size:
Up to 1,250,000,000 (or its equivalent in other currencies calculated
as described under "General Description of the Programme")
outstanding at any time. The Issuer may increase the amount of the
Programme in accordance with the terms of the Programme
Agreement.
Distribution:
Notes may be distributed by way of private or public placement and in
each case on a syndicated or non-syndicated basis.
Currencies:
Subject to any applicable legal or regulatory restrictions, any currency
agreed between the Issuer and the relevant Dealer.
Redenomination:
The applicable Final Terms may provide that certain Notes may be
redenominated in euro.
Maturities:
Such maturities as may be agreed between the Issuer and the relevant
Dealer, subject to such minimum or maximum maturities as may be
allowed or required from time to time by the relevant central bank (or
equivalent body) or any laws or regulations applicable to the Issuer or
the relevant Specified Currency.
Issue Price:
Notes may be issued on a fully-paid or partly-paid basis and at an issue
price which is at par or at a discount to, or premium over, par.
Form of Notes:
The Notes will be issued in bearer form.
Fixed Rate Notes:
Fixed interest will be payable on such date or dates as may be agreed
between the Issuer and the relevant Dealer and on redemption, and will
be calculated on the basis of such Day Count Fraction as may be
agreed between the Issuer and the relevant Dealer.
Floating Rate Notes:
Floating Rate Notes will bear interest at a rate determined:

(i) on the same basis as the floating rate under a notional interest rate
swap transaction in the relevant Specified Currency governed by
an agreement incorporating the 2000 ISDA Definitions (as
published by the International Swaps and Derivatives
Association, Inc., and as amended and updated as at the Issue
Date of the first Tranche of the Notes of the relevant Series); or

(ii) on the basis of a reference rate appearing on the agreed screen
page of a commercial quotation service; or

(iii) on such other basis as may be agreed between the Issuer and the
relevant Dealer.

The margin (if any) relating to such floating rate will be agreed
between the Issuer and the relevant Dealer for each Series of Floating
Rate Notes.
Index Linked Notes:
Payments of principal in respect of Index Linked Redemption Notes or
of interest in respect of Index Linked Interest Notes will be calculated
by reference to such index and/or formula or to changes in the price of
securities or commodities or to such other factors as the Issuer and the
relevant Dealer may agree.

8

Other provisions in relation to Floating Rate Notes and Index Linked Interest Notes may also have a
Floating Rate Notes and Index maximum interest rate, a minimum interest rate or both.
Linked Interest Notes:
Interest on Floating Rate Notes and Index Linked Interest Notes in
respect of each Interest Period, as agreed prior to issue by the Issuer
and the relevant Dealer, will be payable on such Interest Payment
Dates, and will be calculated on the basis of such Day Count Fraction,
as may be agreed between the Issuer and the relevant Dealer.
Dual Currency Notes:
Payments (whether in respect of principal or interest and whether at
maturity or otherwise) in respect of Dual Currency Notes will be made
in such currencies, and based on such rates of exchange, as the Issuer
and the relevant Dealer may agree.
Zero Coupon Notes:
Zero Coupon Notes will be offered and sold at a discount to their
nominal amount and will not bear interest.
Redemption:
The applicable Final Terms will indicate either that the relevant Notes
cannot be redeemed prior to their stated maturity (other than in
specified instalments, if applicable, or for taxation reasons or
following an Event of Default) or that such Notes will be redeemable
at the option of the Issuer and/or the Noteholders upon giving notice to
the Noteholders or the Issuer, as the case may be, on a date or dates
specified prior to such stated maturity and at a price or prices and on
such other terms as may be agreed between the Issuer and the relevant
Dealer.

The applicable Final Terms may provide that Notes may be
redeemable in two or more instalments of such amounts and on such
dates as are indicated in the applicable Final Terms.
Denomination of Notes:
Notes will be issued in such denominations as may be agreed between
the Issuer and the relevant Dealer save that the minimum
denomination of each Note will be such as may be allowed or required
from time to time by the relevant central bank (or equivalent body) or
any laws or regulations applicable to the relevant Specified Currency.

Notes having a maturity of less than one year may be subject to
restrictions on their denomination and distribution (see "Certain
Restrictions - Notes having a maturity of less than one year" above).
Taxation:
All payments in respect of the Notes will be made without deduction
for or on account of withholding taxes imposed by the Republic of
Italy, subject as provided in Condition 7. In the event that any such
deduction is made, the Issuer will, save in certain circumstances
provided in Condition 7, be required to pay additional amounts to
cover the amounts so deducted.
Negative Pledge:
The terms of the Notes will contain a negative pledge provision as
further described in Condition 3.
Cross Default:
The terms of the Notes will contain a cross default provision as further
described in Condition 9.

9

Status of the Notes:
The Notes will constitute direct, unconditional, unsubordinated and,
subject to the provisions of Condition 3, unsecured obligations of the
Issuer and will rank pari passu among themselves and (save for certain
obligations required to be preferred by law) equally with all other
unsecured obligations (other than subordinated obligations, if any) of
the Issuer, from time to time outstanding.
Rating:
The Programme is rated by Moody's and by Standard & Poor's. Notes
issued under the Programme may be rated or unrated. Where an issue
of Notes is rated, its rating will not necessarily be the same as the
rating applicable to the Programme. A rating is not a recommendation
to buy, sell or hold securities and may be subject to suspension, change
or withdrawal at any time by the assigning rating agency.
Listing:
Application has been made to the Luxembourg Stock Exchange to
approve this document as a base prospectus. Application has been
made to the Luxembourg Stock Exchange for Notes issued under the
Programme to be admitted to trading on the Luxembourg Stock
Exchange's regulated market and to be listed on the Official List of the
Luxembourg Stock Exchange. The Notes may also be listed, or
admitted to trading, as the case may be, on such other or further stock
exchange(s) as may be agreed between the Issuer and the relevant
Dealer in relation to each Series.

Unlisted Notes may also be issued.

The applicable Final Terms will state whether or not the relevant Notes
are to be listed and, if so, on which stock exchange(s).
Governing Law:
The Notes will be governed by, and construed in accordance with,
English law.
Selling Restrictions:
There are restrictions on the offer, sale and transfer of the Notes in the
United States, the Republic of Italy, the United Kingdom, Japan and
Germany and such other restrictions as may be required in connection
with the offering and sale of a particular Tranche of Notes (see
"Subscription and Sale").
U.S. Selling Restrictions:
Regulation S, Category 1 and TEFRA C or TEFRA D depending on
TEFRA designation, as specified in the applicable Final Terms.

10