Obligation Repsol 0.25% ( XS2035620710 ) en EUR

Repsol

86.536 % ⇌

Espagne

XS2035620710 ( en EUR )

0.25% par an ( paiement annuel )

02/08/2027

Prospectus brochure de l'obligation Repsol XS2035620710 en EUR 0.25%, échéance 02/08/2027

100 000 EUR

750 000 000 EUR

02/08/2024 ( Dans 79 jours )

L'Obligation émise par Repsol ( Espagne ) , en EUR, avec le code ISIN XS2035620710, paye un coupon de 0.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 02/08/2027

EXECUTION VERSION
MiFID I product governance / Professional investors and ECPs only target market solely
for the purposes of each 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 Directive 2014/65/EU (as
amended, MiFID I ); and (i ) 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 manufacturers' 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 manufacturers' target
market assessment) and determining appropriate distribution channels.
PROHIBITION OF SALES TO EEA 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). 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 MiFID II; or (i ) a customer within the meaning of Directive 2002/92/EC (as amended or
superseded, the Insurance Mediation Directive), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key
information document required by Regulation (EU) No 1286/2014 (as amended, the PRI Ps
Regulation) for offering or selling the Notes or otherwise making them available to retail investors
in the EEA has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

Final Terms dated 31 July 2019
REPSOL INTERNATIONAL FINANCE B.V.

Legal Entity Identifier (LEI): 5493002YCY6HTK0OUR29
Issue of 750,000,000 0.250 per cent. Guaranteed Notes due 2 August 2027
Guaranteed by Repsol, S.A.
under the Euro 10,000,000,000 Euro Medium Term Note Programme

PART A CONTRACTUAL TERMS
Terms used herein shal be deemed to be defined as such for the purposes of the Conditions set
forth in the base prospectus dated 4 April 2019 and the Supplements dated 10 May 2019 and 24
July 2019 to the Base Prospectus dated 4 April 2019 which together constitute a base prospectus
(the Base Prospectus) for the purposes of Directive 2003/71/EC, as amended or superseded (the
Prospectus Directive). 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
such Base 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 Base Prospectus. The
Base Prospectus has been published on http://www.repsol.com/es_en/corporacion/accionistas-
inversores/informacion-financiera/financiacion/repsol-international-finance/programa-emision-
continua.aspx and is available for viewing on the website of the Luxembourg Stock Exchange at
www.bourse.lu.
1.
(a)
Series Number:
20
(b)
Tranche Number:
1

(c)
Date on which Notes Not Applicable
become fungible:
2.
Specified Currency or Currencies:
Euro ()
3.
Aggregate Nominal Amount:

(a)
Series:
750,000,000
(b)
Tranche:
750,000,000
4.
Issue Price:
99.684 per cent. of the Aggregate Nominal Amount
5.
(a) Specified Denomination:
100,000 and integral multiples of 100,000 in
excess thereof.
(b) Calculation Amount
100,000
6.
(a) Issue Date:
2 August 2019
(b) Interest Commencement Date Issue Date
7.
Maturity Date:
2 August 2027
8.
Interest Basis:
0.250 per cent. Fixed Rate
9.
Redemption/Payment Basis:
Subject to any purchase and cancellation or early
redemption, the Notes wil be redeemed on the
Maturity Date at 100 per cent. of their nominal
amount
10.
Change of Interest or
Not Applicable
Redemption/Payment Basis:
11.
Put/Cal Options:
Change of Control Put Option

Residual Maturity Call Option
Substantial Purchase Event
Make-Whole Redemption

(See paragraph 18/19/20/21 below)
12.
Date approval for issuance of Notes 26 July 2019 and 27 February 2019, respectively
obtained:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13.
Fixed Rate Note Provisions
Applicable
(a)
Rate of Interest:
0.250 per cent. per annum payable annually in
arrear on each Interest Payment Date
(b)
Interest Payment Date(s):
2 August in each year, commencing on 2 August

2

2020
(c)
Fixed Coupon Amount:
250 per Calculation Amount
(d)
Broken Amount(s):
Not Applicable
(e)
Day Count Fraction:
Actual/Actual (ICMA)
(f)
Determination Date:
2 August in each year
14.
Floating Rate Note Provisions
Not Applicable
15.
Zero Coupon Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
16.
Call Option
Not Applicable
17.
Put Option
Not Applicable
18.
Change of Control Put Option
Applicable
(a)
Optional
Redemption 5 business days after expiration of Put Period
Date(s):
19.
Residual Maturity Call Option
Applicable
20.
Substantial Purchase Event
Applicable
21.
Make-Whole Redemption
Applicable
(a)
Make-Whole Redemption The yield to maturity on the third Business Day
Rate:
preceding the Make-Whole Redemption Date of
The Federal Republic of Germany 0.50 per cent.
government bund due 15 August 2027 (ISIN:
DE0001102424)
(b)
Make-Whole Redemption 0.15 per cent.
Margin:
22.
Final Redemption Amount of
100,000 per Calculation Amount
each Note
23.
Early Redemption Amount

Early
Redemption
Amount(s) 100,000 per Calculation Amount
payable on redemption for taxation
reasons or on event of default or
other early redemption:
GENERAL PROVISIONS APPLICABLE TO THE NOTES
24.
Form of Notes:
Bearer Notes
Temporary Global Note exchangeable for a

3

Permanent Global Note which is exchangeable for
Definitive Notes in the limited circumstances
specified in the Permanent Global Note
25.
New Global Note:
Yes
26.
Financial Centre(s):
TARGET2
27.
Talons for future Coupons or
No
Receipts to be attached to Definitive
Notes (and dates on which such
Talons mature):
28.
Details relating to Instalment Notes: Not Applicable

THIRD PARTY INFORMATION
Not Applicable.

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Signed on behalf of Repsol International Finance B.V.:
By:
......................................
Duly authorised

By:
......................................
Duly authorised

Signed on behalf of Repsol, S.A.:
By:
......................................
Duly authorised

Signature page to the Final Terms

PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO
TRADING
(a)
Admission to trading:
Application is expected to be 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 2 August 2019 or
as soon as possible thereafter
(b)
Estimate of total expenses 5,700
related to admission to
trading:
2.
RATINGS

Ratings:
The Notes to be issued are expected to be rated:
S&P Global Ratings Europe Limited (S&P): BBB
Moody's Investors Services Limited (Moody's):
Baa1
Fitch Ratings España, S.A.U. (Fitch): BBB
S&P, Moody's and Fitch are established in the EU
and registered under Regulation (EC) No
1060/2009 as amended by Regulation (EC) No.
513/2011 (the "CRA Regulation"). A list of
registered credit rating agencies is published at the
European Securities and Market Authority's
website: www.esma.europa.eu.
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
Save for any fees payable to the Managers, so far as the Issuer is aware, no person
involved in the issue/offer of the Notes has an interest material to the offer. The Managers
and their 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, the Guarantor and any of their affiliates in the ordinary course of business for
which they may receive fees.
4.
YIELD

Indication of yield:
0.290 per cent.
The yield is calculated at the Issue Date on the
basis of the Issue Price. It is not an indication of
future yield.

5.
OPERATIONAL INFORMATION

(a)
ISIN:
XS2035620710

6

(b)
Common Code:
203562071
(c)
FISN:
As set out on the website of the Association of
National Numbering Agencies ("ANNA") or
alternatively sourced from the responsible national
numbering agency that assigned the ISIN.
(d)
CFI Code:
As set out on the website of the Association of
National Numbering Agencies ("ANNA") or
alternatively sourced from the responsible national
numbering agency that assigned the ISIN.
(e)
Any clearing system(s) Not Applicable
other than Euroclear and
Clearstream, Luxembourg,
the relevant addresses and
the identification number(s):
(f)
Intended to be held in a Yes. Note that the designation "yes" simply means
manner which would al ow that the Notes are intended upon issue to be
Eurosystem eligibility:
deposited with one of the ICSDs as common
safekeeper and does not necessarily mean that the
Notes wil be recognised as eligible col ateral for
Eurosystem monetary policy and intra day credit
operations by the Eurosystem either upon issue or
at any or all times during their life. Such recognition
wil depend upon the ECB being satisfied that
Eurosystem eligibility criteria have been met.

(g)
Delivery:
Delivery against payment
(h)
Names and addresses of Not Applicable
additional Paying Agent(s)
(if any):
6.
DISTRIBUTION

(a)
Method of distribution:
Syndicated
(b)
If syndicated:

(A) Names of Managers: Banco Santander, S.A.

CaixaBank, S.A.
Citigroup Global Markets Limited
Goldman Sachs International
HSBC Bank plc
J.P. Morgan Securities plc
Morgan Stanley & Co. International plc

7

Natixis
UniCredit Bank AG
(B) Stabilising
Citigroup Global Markets Limited
Manager(s) (if any)
(c)
If non-syndicated, name Not Applicable

of Dealer:
(d)
U.S. Sel ing Restrictions:
Reg. S Compliance Category 2 / TEFRA D

8