Bond Euro Investment Bank 4.06% ( XS1848770407 ) in GBP

Issuer Euro Investment Bank
Market price 100 %  ⇌ 
Country  Luxembourg
ISIN code  XS1848770407 ( in GBP )
Interest rate 4.06% per year ( payment 1 time a year)
Maturity 29/06/2023 - Bond has expired



Prospectus brochure of the bond European Investment Bank XS1848770407 in GBP 4.06%, expired


Minimal amount /
Total amount /
Detailed description The European Investment Bank (EIB) is the European Union's long-term lending institution, financing projects that contribute to EU policy goals.

The Bond issued by Euro Investment Bank ( Luxembourg ) , in GBP, with the ISIN code XS1848770407, pays a coupon of 4.06% per year.
The coupons are paid 1 time per year and the Bond maturity is 29/06/2023







CONFORMED COPY
Final Terms
EUROPEAN INVESTMENT BANK
Debt Issuance Programme
Issue Number: 2353/0200
GBP 500,000,000 Floating Rate Bonds due June 2023
(to be consolidated and form a single series with the existing GBP 1,000,000,000 Floating
Rate Bonds due June 2023 issued on 29th June, 2018)
Issue Price: 100.297 per cent.
(plus 81 days' accrued interest from, and including, 28th June, 2019 to, but excluding,
17th September, 2019)
BofA Merrill Lynch
Deutsche Bank
Standard Chartered Bank
TD Securities
The date of these Final Terms is 13th September, 2019.


These Final Terms, under which the bonds described herein (the Bonds) are issued, are supplemental to,
and should be read in conjunction with, the offering circular (the Offering Circular) dated
8th December, 2014 issued in relation to the debt issuance programme of European Investment Bank
(EIB). Terms defined in the Offering Circular have the same meaning in these Final Terms. The Bonds
will be issued on the terms of these Final Terms read together with the Offering Circular.
EIB accepts responsibility for the information contained in these Final Terms which, when read together
with the Offering Circular, contain all information that is material in the context of the issue of the
Bonds.
These Final Terms do not constitute an offer of, or an invitation by or on behalf of anyone to subscribe
or purchase any of, the Bonds.
The market continues to develop in relation to SONIA as a reference rate
The Interest Rate in respect of the Bonds will be determined on the basis of Compounded Daily SONIA
(as defined in the Annex). Compounded Daily SONIA differs from LIBOR in a number of material
respects, including (without limitation) that Compounded Daily SONIA is a backwards-looking,
compounded, risk-free overnight rate, whereas LIBOR is expressed on the basis of a forward-looking
term and includes a risk-element based on inter-bank lending. As such, investors should be aware that
LIBOR and SONIA may behave materially differently as interest reference rates. The use of
Compounded Daily SONIA as a reference rate for Eurobonds is nascent, and is subject to change and
development, both in terms of the substance of the calculation and in the development and adoption of
market infrastructure for the issuance and trading of bonds referencing Compounded Daily SONIA.
Accordingly, prospective investors in the Bonds should be aware that the market continues to develop in
relation to SONIA as a reference rate in the capital markets and its adoption as an alternative to Sterling
LIBOR. For example, in the context of backwards-looking SONIA rates, market participants and
relevant working groups are currently assessing the differences between compounded rates and
weighted average rates, and such groups are also exploring forward-looking 'term' SONIA reference
rates (which seek to measure the market's forward expectation of an average SONIA rate over a
designated term). The adoption of SONIA may also see component inputs into swap rates or other
composite rates transferring from LIBOR or another reference rate to SONIA.
The market or a significant part thereof may adopt an application of SONIA that differs significantly
from that set out in these Final Terms. Furthermore, EIB may in future issue bonds referencing SONIA
that differ materially in terms of interest determination when compared with these Bonds. The nascent
development of Compounded Daily SONIA as an interest reference rate for the Eurobond markets, as
well as continued development of SONIA-based rates for such markets and the market infrastructure for
adopting such rates, could result in reduced liquidity or increased volatility or could otherwise affect the
market price of the Bonds.
Furthermore, the Interest Rate in respect of the Bonds is only capable of being determined at the end of
the relevant Observation Period (as defined in the Annex) and immediately prior to the relevant Interest
Payment Date. It may be difficult for investors in the Bonds to estimate reliably the amount of interest
which will be payable on the Bonds, and some investors may be unable or unwilling to trade the Bonds
without changes to their IT systems, both of which factors could adversely impact the liquidity of the
Bonds. Further, in contrast to LIBOR-based securities, if the Bonds become due and payable in
accordance with paragraph 21 of these Final Terms, the final Interest Rate payable in respect of the
Issue Number: 2353/0200
2


Bonds shall only be determined immediately prior to the date on which the Bonds become due and
payable.
In addition, the manner of adoption or application of SONIA reference rates in the Eurobond markets
may differ materially compared with the application and adoption of SONIA in other markets, such as
the derivatives and loan markets. Investors should carefully consider how any mismatch between the
adoption of SONIA reference rates across these markets may impact any hedging or other financial
arrangements which they may put in place in connection with any acquisition, holding or disposal of the
Bonds.
To the extent the SONIA reference rate is discontinued or is no longer published by authorised
distributors, the applicable rate to be used to calculate the Interest Rate on the Bonds will be determined
using the alternative methods described in the Annex (Fallbacks). Any of these Fallbacks may result in
interest payments that are lower than, or do not otherwise correlate over time with, the payments that
would have been made on the Bonds if the SONIA reference rate had been so published in its current
form. In addition, use of the Fallbacks in circumstances where the SONIA reference rate has been
discontinued or is no longer published by authorised distributors will effectively mean that a fixed rate
of interest is applied to the Bonds.
Accordingly, an investment in the Bonds may entail significant risks not associated with similar
investments in conventional debt securities. Any investor should ensure that it understands the nature of
the terms of the Bonds and the extent of its exposure to risk, and that it considers the suitability of the
Bonds as an investment in the light of its own circumstances and financial condition. An investor should
consult its own professional advisers about the risks associated with investment in the Bonds and the
suitability of investing in the Bonds in light of its particular circumstances.
In preparation for a withdrawal of the United Kingdom from the EU, which will result in the
termination of its membership of the EIB, the EIB's Board of Governors has approved a number of
measures relating to the EIB's capital and governance. Some of these measures required an amendment
to the EIB Statute and approval by the Council of the European Union.
With respect to the EIB's subscribed capital, the Board of Governors has approved the replacement of
the UK capital share by a pro-rata capital increase of the remaining EU Member States. The paid-in
part of that capital increase will be financed out of the EIB's reserves. Related amendments to the EIB
Statute have also been approved by the Council of the European Union, after consultation with the
European Commission and the European Parliament. This capital increase and the related amendments
to the EIB Statute will be effective as of the withdrawal of the United Kingdom from the EU, which is
currently expected to take place no later than 31st October, 2019.
In addition, the Board of Governors has approved a further increase of the capital subscribed by Poland
and Romania by EUR 5,386,000,000 and EUR 125,452,381, respectively, including related changes to
the EIB Statute. This capital increase as well as the related amendments to the EIB Statute have also
been approved by the Council of the European Union, after consultation with the European Commission
and the European Parliament, and will become effective one month after the withdrawal of the United
Kingdom from the EU.
The EIB does not fall under the scope of application of the MiFID II package. Consequently, the EIB
does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of MiFID II.
Issue Number: 2353/0200
3


Solely for the purposes of each manufacturer's product approval process, the target market assessment in
respect of the Bonds has led to the conclusion that: (i) the target market for the Bonds is eligible
counterparties, professional clients and retail clients, each as defined in MiFID II; and (ii) all channels
for distribution of the Bonds are appropriate, subject to the distributor's suitability and appropriateness
obligations under MiFID II, as applicable. Any person subsequently offering, selling or recommending
the Bonds (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 Bonds (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels, subject to the distributor's suitability and
appropriateness obligations under MiFID II, as applicable.
For the purposes of this provision, the expression manufacturer means any Manager that is a
manufacturer under MiFID II and the expression MiFID II means Directive 2014/65/EU, as amended.
Issue Number: 2353/0200
4


The terms of the Bonds and additional provisions relating to their issue are as follows:
GENERAL PROVISIONS
1
Issue Number:
2353/0200 (to be consolidated and form a single
series with the existing GBP 1,000,000,000
Floating Rate Bonds due June 2023 issued on
29th June, 2018 from and including the Issue
Date)
2
Security Codes:
(i)
ISIN:
XS1848770407
(ii) Common Code:
184877040
3
Specified Currency or Currencies:
UK Sterling (GBP)
4
Principal Amount of Issue:
GBP 500,000,000
5
Specified Denomination:
GBP 1,000
6
Issue Date:
17th September, 2019
INTEREST PROVISIONS
7
Interest Type:
Floating Rate
(Further particulars specified below)
8
Interest Commencement Date:
28th June, 2019
9
Fixed Rate Provisions:
Not Applicable
10
Floating Rate Provisions:
Applicable
(i)
Interest Period End Date(s):
Interest Payment Dates
(ii)
Interest Payment Date(s):
29th March, 29th June, 29th September and
29th December in each year commencing
29th September, 2019, up to, and including, the
Maturity Date subject in each case to adjustment
in accordance with the Business Day Convention
specified below
(iii)
Business Day Convention:
Modified Following
(iv)
Business Day Centre(s):
London and TARGET
(v)
Manner in which the Interest Rate is to be
As set out in the Annex
determined:
(vi)
Reset Date(s):
First day of each Interest Period
(vii) Relevant Currency:
Not Applicable
(viii) Designated Maturity:
Not Applicable
(ix)
Interest Determination Time:
Not Applicable
Issue Number: 2353/0200
5


(x)
Interest Determination Date:
Fifth London Banking Day (as defined in the
Annex) prior to the end of each Interest Period
(xi)
Reference Market:
Not Applicable
(xii) Margin(s):
+ 0.350 per cent. per annum
(xiii) Minimum Interest Rate:
Not Applicable
(xiv) Maximum Interest Rate:
Not Applicable
(xv)
Linear Interpolation:
Not Applicable
(xvi) Day Count Fraction:
Actual/365 (Fixed)
(xvii) Rate Multiplier:
Not Applicable
(xviii) Other terms (including fallback
As set out in the Annex
provisions if not already provided for)
relating to the method of calculating
interest on Floating Rate Bonds:
11
Zero Coupon Provisions:
Not Applicable
12
Index-Linked Provisions:
Not Applicable
13
Foreign Exchange Rate Provisions:
Not Applicable
NORMAL REDEMPTION PROVISIONS
14
Redemption Basis:
Redemption at par
15
Redemption Amount:
Principal Amount
16
Maturity Date:
Interest Payment Date falling in June 2023
17
Business Day Convention:
Modified Following
OPTIONS AND EARLY REDEMPTION PROVISIONS
18
Unmatured Coupons to become void upon early
Yes
redemption (Bearer Bonds only):
19
Issuer's Optional Redemption:
Not Applicable
20
Bondholders' Optional Redemption:
Not Applicable
21
Redemption Amount payable on redemption for
Redemption at par
an Event of Default:
GENERAL PROVISIONS APPLICABLE TO THE BONDS
22
Form of Bonds:
Bearer Bonds
Permanent Global Bond which is exchangeable
for Definitive Bonds in the limited circumstances
specified therein
23
New Global Note:
Yes
Issue Number: 2353/0200
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24
Intended to be held in a manner which would
Yes. Note that the designation "yes" simply
allow Eurosystem eligibility:
means that the Bonds are intended upon issue to
be deposited with one of the ICSDs as common
safekeeper and does not necessarily mean that the
Bonds will be recognised as eligible collateral 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 will depend upon the ECB being
satisfied that all Eurosystem eligibility criteria
have been met.
25
Details relating to Partly Paid Bonds:
Not Applicable
26
Details relating to Instalment Bonds:
Not Applicable
27
Redenomination, renominalisation and
Not Applicable
reconventioning provisions:
28
Consolidation provisions:
Not Applicable
29
Business Day Centre(s):
London and TARGET
30
Other terms or special conditions:
Not Applicable
DISTRIBUTION PROVISIONS
31
Method of distribution:
Syndicated
(i)
If syndicated, names of Managers:
Deutsche Bank AG, London Branch
Merrill Lynch International
Standard Chartered Bank
The Toronto-Dominion Bank
(ii) If non-syndicated, name of Relevant Dealer:
Not Applicable
(iii) Stabilising manager(s) (if any):
Not Applicable
(iv) Commission(s):
Combined
management
and
underwriting
commission of 0.037 per cent. of the Principal
Amount of the Bonds being issued
OPERATIONAL INFORMATION AND LISTING
32
Any clearing system(s) other than Euroclear
Not Applicable
Bank SA/NV (Euroclear) or Clearstream
Banking S.A. (Clearstream, Luxembourg) and
the relevant identification number(s):
Issue Number: 2353/0200
7


33
Agents appointed in respect of the Bonds:
Fiscal Agent, principal Paying Agent and
Calculation Agent
Citibank, N.A., London Branch
13th Floor, Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
Paying Agent and Listing Agent
Banque Internationale à Luxembourg S.A.
69, route d'Esch
L-2953 Luxembourg
34
Listing:
Luxembourg
35
Governing law:
English
EUROPEAN INVESTMENT BANK:
By: RICHARD TEICHMEISTER
By: JENNIFER WENNER
Issue Number: 2353/0200
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ANNEX
The Interest Rate for each relevant Interest Period shall be determined by the Calculation Agent on each
Interest Determination Date in accordance with the following provisions. The Interest Rate for each
Interest Period shall apply with effect from the Reset Date for that Interest Period.
The Interest Rate for each Interest Period will, subject as provided below, be Compounded Daily
SONIA plus the Margin.
Compounded Daily SONIA will be the rate of return of a daily compound interest investment (with the
daily Sterling overnight reference rate as reference rate for the calculation of interest) and will be
calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting
percentage will be rounded, if necessary, to the nearest one ten-thousandth of a percentage point, with
0.00005 being rounded upwards:
[ SONIA
(
i - 5LBD ×
) 365
1] ×
365

1 +

= 1
where:
do, for any Interest Period, is the number of London Banking Days in the relevant Interest Period;
i is a series of whole numbers from one to do, each representing the relevant London Banking Days in
chronological order from, and including, the first London Banking Day in the relevant Interest Period;
London Banking Day or LBD means any day on which commercial banks are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London;
Observation Period means, in respect of an Interest Period, the period from, and including, the date
falling five London Banking Days prior to the first day of such Interest Period (and the first Interest
Period shall begin on and include the Interest Commencement Date) and ending on, but excluding, the
date falling five London Banking Days prior to the Interest Payment Date for such Interest Period (and
the last Interest Period shall end on but exclude the Maturity Date);
SONIAi, in respect of any London Banking Day, "i", in the relevant Observation Period, is a reference
rate equal to the daily Sterling Overnight Index Average (SONIA) rate for such London Banking Day as
provided by the administrator of SONIA to authorised distributors and as then published by such
authorised distributors (on the London Banking Day immediately following such London Banking
Day). Therefore SONIAi-5LBD is the relevant SONIA fixing in the Observation Period as per the above
definition;
ni for any day "i" means the number of calendar days from, and including, such day "i" up to, but
excluding, the following London Banking Day; and
d is the number of calendar days in the relevant Interest Period.
If, in respect of any London Banking Day in the relevant Observation Period, the Calculation Agent
determines that the SONIA rate is not available or has not been published by the relevant authorised
distributors, the Calculation Agent will determine such SONIA rate as being: (i) the Bank of England's
Bank Rate (the Bank Rate) prevailing at close of business on such day in the relevant Observation
Period; plus (ii) the mean of the spread of the SONIA rate to the Bank Rate over the previous five days
on which a SONIA rate has been published, excluding the highest spread (or, if there is more than one
Issue Number: 2353/0200
9


highest spread, one only of those spreads) and lowest spread (or, if there is more than one lowest spread,
one only of those spreads) to the Bank Rate.
Notwithstanding the paragraph above, in the event the Bank of England publishes guidance as to (i) how
the SONIA rate is to be determined or (ii) any rate that is to replace the SONIA rate, the Calculation
Agent shall follow such guidance in order to determine SONIAi for the purpose of these Bonds for so
long as the SONIA rate is not available or has not been published by the authorised distributors.
ICM:33615202.3
Issue Number: 2353/0200
10