Obligation Volva 1.5% ( XS1921470693 ) en SEK

Volva

100 % ⇌

Suede

XS1921470693 ( en SEK )

1.5% par an ( paiement annuel )

13/12/2023 - Obligation échue

Prospectus brochure de l'obligation Volvo XS1921470693 en SEK 1.5%, échue

2 000 000 SEK

1 800 000 000 SEK

Volvo est un constructeur automobile suédois spécialisé dans la fabrication de véhicules réputés pour leur sécurité, leur design scandinave et leur technologie de pointe.

L'Obligation émise par Volva ( Suede ) , en SEK, avec le code ISIN XS1921470693, paye un coupon de 1.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 13/12/2023

FINAL TERMS
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS -The Notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom
("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client
as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II"); or (ii) a customer within
the meaning of Directive 2002/92/EC (as amended or superseded), where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in the Prospectus Directive (as defined below). Consequently no key information
document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling
the Notes or otherwise making them available to retail investors in the EEA or in the UK has been
prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
MiFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ELIGIBLE
COUNTERPARTIES ONLY TARGET MARKET Solely for the purposes of the manufacturer's
product approval process, the target market assessment in respect of the Notes has led to the conclusion
that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as
defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the manufacturer's target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer's target market
assessment) and determining appropriate distribution channels. For the avoidance of doubt, neither the
Issuer nor the Guarantor is a manufacturer for the purposes of the MiFID Product Governance Rules.

4 May 2020
VOLVO TREASURY AB (publ) (the "Issuer")
Legal Entity Identifier (LEI): 549300PD69T87IGZG395
Issue of SEK 250,000,000 1.500 per cent. Fixed Rate Notes due 13 December 2023 (the "Notes")
(to be consolidated and form a single Series with the existing SEK 1,550,000,000 1.500 per cent.
Fixed Rate Notes due 13 December 2023, issued on 13 December 2018) guaranteed by AB Volvo
(publ) (the "Guarantor") issued pursuant to the U.S.$15,000,000,000 Euro Medium Term Note
Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions
set forth in the prospectus dated 7 November 2018 (the "Conditions") which are incorporated by
reference in the prospectus dated 8 May 2019 (the "Prospectus"). This document constitutes the Final
Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and
must be read in conjunction with the Prospectus and the supplements to the Prospectus dated 30 July
2019, 3 September 2019, 24 October 2019, 31 January 2020, 27 February 2020, 19 March 2020, 27
March 2020 and 24 April 2020 (the "Supplements") which together constitute a base prospectus for
the purposes of the Prospectus Directive (Directive 2003/71/EC) as amended or superseded (the
"Prospectus Directive"), including the Conditions incorporated by reference in the Prospectus. Full
information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the
combination of these Final Terms and the Prospectus and the Supplements. The Prospectus and the
Supplements have been published on the website of the Luxembourg Stock Exchange (www.bourse.lu)
and the Volvo Group (www.volvogroup.com) and are available for viewing at, and copies may be
obtained from, the registered office of the Issuer and from the specified offices of the Paying Agents in
London and Luxembourg.

1.
(i)
Series Number:
384
(ii)
Tranche Number:
2
(iii)
Date on which the Notes will The Notes will be consolidated and form a single
be consolidated and form a Series with the existing SEK 1,550,000,000 1.500
single Series:
per cent. Fixed Rate Notes due 13 December 2023,
issued on 13 December 2018 (the "Existing Notes")
on the exchange of the Temporary Global Note for
interests in the Permanent Global Note, as referred
to in paragraph 22 below, which is expected to occur
on or about 15 June 2020 (the "Exchange Date").
2.
Specified Currency or Currencies:
Swedish Kronor ("SEK")
3.
Aggregate Nominal Amount:

(i)
Series:
SEK 1,800,000,000
(ii)
Tranche:
SEK 250,000,000
4.
Issue Price:
97.631 per cent. of the Aggregate Nominal Amount
plus accrued interest amounting to SEK 1,489,583
from and including 13 December 2019 to but
excluding the Issue Date
5.
(i)
Specified Denomination(s):
SEK 2,000,000 and integral multiples of SEK
1,000,000 in excess thereof up to and including SEK
3,000,000

(Note: no notes in definitive form to be issued with
a denomination above SEK 3,000,000)

(ii)
Calculation Amount:
SEK 1,000,000
6.
(i)
Issue Date:
6 May 2020
(ii)
Interest Commencement
13 December 2019
Date:
7.
Maturity Date:
13 December 2023
8.
Interest Basis:
1.500 per cent. Fixed Rate

9.
Redemption/Payment Basis:
Subject to any purchase and cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at 100 per cent. of their nominal
amount
10.
Change of Interest Basis:
Not Applicable
11.
Put/Call Options:
Not Applicable

Provisions Relating to Interest (if any) Payable
12.
Fixed Rate Note Provisions
Applicable

(i)
Rate(s) of Interest:
1.500 per cent. per annum payable in arrear on each
Interest Payment Date
(ii)
Interest Payment Date(s):
13 December in each year, from and including 13
December 2020, up to and including the Maturity
Date
(iii)
Fixed Coupon Amount(s):
SEK 15,000 per Calculation Amount
(iv)
Broken Amount(s):
Not Applicable
(v)
Additional Business
Not Applicable
Centre(s):
(vi)
Day Count Fraction:
30/360
(vii)
Determination Date(s):
Not Applicable
13.
Floating Rate Note Provisions
Not Applicable

14.
Zero Coupon Note Provisions
Not Applicable

Provisions Relating to Redemption
15.
Issuer Call:
Not Applicable

16.
Make-whole Redemption by the Not Applicable
Issuer

17.
Clean-up Call:
Not Applicable
18.
Residual Maturity Call:
Not Applicable

19.
Investor Put:
Not Applicable

20.
Final Redemption Amount:
Subject to any purchase or cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at SEK 1,000,000 per Calculation
Amount
21.
Early Redemption Amount payable SEK 1,000,000 per Calculation Amount
on redemption for taxation reasons or
on event of default:
General Provisions Applicable to the Notes
22.
Form of Notes:

(a)
Form of Notes:
Temporary Global Note exchangeable for a
Permanent Global Note which is exchangeable for
Definitive Notes only upon an Exchange Event
(b)
New Global Note:
No
23.
Additional Financial Centre(s):
Not Applicable
24.
Talons for future Coupons to be No
attached to Definitive Notes:

Signed on behalf of the Issuer:
By:
_________________________________
Duly authorised

PART B OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
(i)
Listing and admission to Application has been made by the Issuer (or on its
trading:
behalf) for the Notes to be listed on the Official List
of the Luxembourg Stock Exchange and admitted to
trading on the Luxembourg Stock Exchange's
regulated market, Bourse de Luxembourg, with effect
from the Issue Date.
The Existing Notes were listed and admitted to
trading on 13 December 2018.
(ii)
Estimate of total expenses EUR 600
related to admission to
trading:
2.
RATINGS

Ratings:
The Notes to be issued have been rated A3 by
Moody's Investors Service (Nordics) AB
("Moody's") and A- by S&P Global Ratings Europe
Limited ("S&P")
Each of Moody's and S&P is established in the
European Union and is registered under Regulation
(EC) No. 1060/2009 (as amended). As such each of
Moody's and S&P is included in the list of credit
rating agencies published by the European Securities
and Markets Authority on its website in accordance
with such Regulation.

3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save for any fees payable to the Dealer, so far as the Issuer is aware, no person involved in the
issue of the Notes has an interest material to the offer. The Dealer and its affiliates have engaged,
and may in the future engage, in investment banking and/or commercial banking transactions
with, and may perform other services for, the Issuer and the Guarantor and their affiliates in the
ordinary course of business.
4.
BENCHMARKS REGULATION - FLOATING RATE NOTES CALCULATED BY
REFERENCE TO A BENCHMARK ONLY
Not Applicable

5.
YIELD
2.19 per cent. per annum.
6.
DISTRIBUTION
(i)
If syndicated, names of Not Applicable
Managers:
(ii)
Date
of
Subscription Not Applicable
Agreement:

(iii)
Stabilisation Manager(s) (if Not Applicable
any):
(iv)
If non-syndicated, name and Nordea Bank Abp, Satamaradankatu 5, 00020
address of relevant Dealer:
Nordea, Helsinki, Finland
(v)
TEFRA:
TEFRA D
7.
OPERATIONAL INFORMATION
(i)
ISIN Code:
Temporary ISIN Code: XS2168489347
Permanent ISIN Code applicable on the Exchange
Date: XS1921470693
(ii)
Common Code:
Temporary Common Code: 216848934
Permanent Common Code applicable on the
Exchange Date: 192147069
(iii)
CFI:
DTFNFB
(iv)
FISN:
VOLVO TREASURY/1.5EMTN 20231213
(v)
Any clearing system(s) other Not Applicable
than Euroclear Bank SA/NV
and Clearstream Banking
S.A.
and
the
relevant
identification number(s):
(vi)
Delivery:
Delivery against payment
(vii)
Names and addresses of Not Applicable
additional Paying Agent(s)
(if any):
(viii) Intended to be held in a No. Whilst the designation is specified as "no" at the
manner which would allow date of these Final Terms, should the Eurosystem
Eurosystem eligibility:
eligibility criteria be amended in the future such that
the Notes are capable of meeting them the Notes may
then be deposited with one of the ICSDs as common
safekeeper. Note that this does not necessarily mean
that the Notes will then be recognised as eligible
collateral for Eurosystem monetary policy and intra-
day credit operations by the Eurosystem at any time
during their life. Such recognition will depend upon
the ECB being satisfied that Eurosystem eligibility
criteria have been met
8.
THIRD PARTY INFORMATION
Not Applicable