Obbligazione Euro Stability Fund 1.75% ( EU000A1G0D96 ) in EUR

Emittente Euro Stability Fund
Prezzo di mercato 100 EUR  ⇌ 
Paese  Lussemburgo
Codice isin  EU000A1G0D96 ( in EUR )
Tasso d'interesse 1.75% per anno ( pagato 1 volta l'anno)
Scadenza 17/07/2053 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione European Financial Stability Facility EU000A1G0D96 in EUR 1.75%, scaduta


Importo minimo 1 000 EUR
Importo totale 3 000 000 000 EUR
Descrizione dettagliata L'European Financial Stability Facility (EFSF) è stata un'istituzione speciale creata nel 2010 dagli Stati membri dell'Eurozona per fornire assistenza finanziaria ai paesi dell'Eurozona in difficoltà.

Il panorama del mercato obbligazionario è costellato di emissioni che, pur avendo concluso il loro ciclo di vita, meritano un'analisi per comprendere la dinamica dei mercati e il ruolo degli emittenti; tra queste, spicca un'obbligazione emessa dalla European Financial Stability Facility (EFSF), identificata dal codice ISIN EU000A1G0D96. L'emittente, la *European Financial Stability Facility (EFSF)*, è un veicolo di scopo (SPV) intergovernativo creato dai paesi membri dell'Eurozona nel 2010 per fornire assistenza finanziaria agli Stati membri in difficoltà economica durante la crisi del debito sovrano; la sua funzione principale è stata quella di raccogliere fondi sui mercati internazionali del debito attraverso l'emissione di obbligazioni, garantite dagli Stati membri dell'Eurozona, per poi prestare tali fondi ai paesi che necessitavano di sostegno finanziario, godendo, data la natura delle sue garanzie, di rating creditizi elevati che riflettevano la solidità economica complessiva dei suoi paesi garanti. L'obbligazione in questione, classificata come un titolo di debito a medio-lungo termine, era denominata in Euro (EUR) e presentava un tasso d'interesse nominale annuale dell'1.75%; emessa dal Lussemburgo, questa particolare tranche faceva parte di un'emissione complessiva di un importo considerevole, pari a 3 miliardi di Euro, con un taglio minimo per l'acquisto fissato a 1.000 Euro, rendendola accessibile a un'ampia gamma di investitori istituzionali e, potenzialmente, al dettaglio qualificato. La scadenza era fissata al 17 luglio 2053, indicando una durata estremamente lunga per un titolo di debito, e il pagamento della cedola avveniva con frequenza annuale. Un aspetto cruciale da sottolineare per questa obbligazione è che essa ha raggiunto la sua data di maturità il 17 luglio 2053 e, di conseguenza, è stata interamente rimborsata agli investitori; questo significa che il capitale nominale è stato restituito ai detentori del titolo, concludendo il ciclo di vita dell'investimento, con il prezzo di mercato al 100%, rilevato in un dato momento, che indicava che il titolo era scambiato alla pari, riflettendo la sua imminente o avvenuta scadenza e il rimborso al valore nominale. In sintesi, l'obbligazione EFSF con ISIN EU000A1G0D96 rappresenta un esempio di strumento finanziario volto alla stabilità sistemica dell'Eurozona, che ha svolto il suo ruolo e ha onorato i suoi impegni con il rimborso a scadenza.







EXECUTION VERSION
MIFID II 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 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 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.
The Issuer is exempt from Directive 2014/65/EU on markets in financial instruments (MiFID II) and does not
constitute a manufacturer or a distributor under the product governance rules set out in EU Delegated Directive
2017/593. The Issuer is therefore not subject to the responsibilities conferred on manufacturers or distributors
therein.
Final Terms dated 15 July 2019

EUROPEAN FINANCIAL STABILITY FACILITY ("EFSF")
(a Luxembourg public limited liability company (société anonyme) having its registered office at 6a, Circuit de
la Foire Internationale, L-1347 Luxembourg, Grand Duchy of Luxembourg, registered with the Register of
Commerce and Companies of Luxembourg under number B 153414)
Issue of EUR 1,000,000,000 1.750 per cent. Guaranteed Notes due 17 July 2053 (the "Notes") to be
consolidated and form a single series with the existing issue of EUR 2,000,000,000 1.750 per cent. Guaranteed
Notes due 17 July 2053 (the "Original Notes")
Guaranteed by the Guarantors
under the Guaranteed 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 (the "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 prospectus dated 28 June 2018. 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 prospectus
dated 27 June 2019 (the "Prospectus").
1.
(i)
Issuer:
European Financial Stability Facility

(ii)
Guarantors:
Kingdom of Belgium
Federal Republic of Germany
Republic of Estonia
Kingdom of Spain
French Republic
Italian Republic
Grand Duchy of Luxembourg


Republic of Malta
Kingdom of the Netherlands
Republic of Austria
Republic of Slovenia
Slovak Republic
Republic of Finland
(iii)
Guarantor Contribution
Guarantor
Guarantor
Applicable Over
Key % and Applicable
Contribution
­ Guarantee
Over ­ Guarantee
Key %
Percentage
Percentage:
Kingdom of Belgium
3.7313
160.4452452
Federal Republic of
29.1309
160.4452452
Germany
Republic of Estonia
0.2754
160.4452452
Kingdom of Spain
12.7739
160.4452452
French Republic
21.8762
160.4452452
Italian Republic
19.2233
160.4452452
Grand Duchy of
0.2687
160.4452452
Luxembourg
Republic of Malta
0.0972
160.4452452
Kingdom of the
6.1350
160.4452452
Netherlands
Republic of Austria
2.9869
160.4452452
Republic of Slovenia
0.5058
160.4452452
Slovak Republic
1.0666
160.4452452
Republic of Finland
1.9289
160.4452452
Total
100.00
160.4452452
2.
(i)
Series Number:
129
(ii)
Tranche Number:
2
The Notes will be consolidated and form a single series with the
Original Notes on the Issue Date.
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate Nominal Amount:
(i)
Series:
EUR 3,000,000,000
2



(ii)
Tranche:
EUR 1,000,000,000
5.
Issue Price:
125.570 per cent. of the Aggregate Nominal Amount of the Notes
6.
(i)
Specified Denomination:
EUR 1,000

(ii)
Calculation Amount:
EUR 1,000
7.
(i)
Issue Date:
17 July 2019

(ii)
Interest Commencement
17 July 2019

Date:
8.
Maturity Date:
17 July 2053
9.
Interest Basis:
1.750 per cent. per annum Fixed Rate
(further particulars specified below)

10.
Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or
Not Applicable
Redemption/Payment Basis:
12.
Call Option:
Not Applicable
13.
(i)
Status of the Notes:
Senior

(ii)
Status of the Guarantee:
Senior

(iii)
Date Board approval for 23 January 2017 and 22 November 2018
issuance of Notes obtained:
14.
Method of distribution:
Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Note Provisions:

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

(ii)
Interest Payment Date:
17 July in each year commencing on and including 17 July 2020 (the
"First Interest Payment Date") up to and including the Maturity Date
(following unadjusted)

(iii)
Fixed Coupon Amount:
EUR 17.50 per Calculation Amount

(iv)
Broken Amount:
Not Applicable

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

(vi)
Regular Date:
17 July in each year

(vii)
Other terms relating to the Not Applicable
method of calculating
interest for Fixed Rate
Notes:
16.
Floating Rate Note Provisions:
Not Applicable
17.
Zero Coupon Note Provisions:
Not Applicable
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18.
Index-Linked Interest Note/other
variable-linked interest Note
Provisions:
Not Applicable
PROVISIONS RELATING TO REDEMPTION
19.
Call Option:
Not Applicable
20.
Final Redemption Amount of each
Note:
EUR 1,000 per Calculation Amount
GENERAL PROVISIONS APPLICABLE TO THE NOTES
21.
Form of Notes:
Reg. S:


Global Bearer Note exchangeable for Definitive Notes
Global Bearer Note deposited with Clearstream, Frankfurt and
exchangeable for Definitive Notes in the limited circumstances
described in the Global Bearer Note
22.
Additional Financial Centre(s) or Not Applicable
other special provisions relating to
payment dates:
23.
Talons for future Coupons or Not Applicable
Receipts to be attached to Definitive
Notes (and dates on which such
Talons mature):
24.
Details relating to Partly Paid Notes: Not Applicable
amount of each payment comprising
the Issue Price and date on which
each payment is to be made:
25.
Details relating to Instalment Notes: Not Applicable
amount of each instalment, date on
which each payment is to be made:
26.
Redenomination, renominalisation Not Applicable
and reconventioning provisions:
27.
Other final terms:
Not Applicable
DISTRIBUTION
28.
(i)
If syndicated, names of Joint Citigroup Global Markets Limited
Lead Managers:
Morgan Stanley & Co. International plc
Société Générale

(ii)
Date of Subscription
15 July 2019
Agreement:

(iii)
Stabilising Manager(s) (if Société Générale
any):
29.
If non-syndicated, name and address Not Applicable
of Dealer:
30.
Total commission and concession:
As separately agreed between the Issuer and the Joint Lead Managers
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PART B ­ OTHER INFORMATION

1.
LISTING



(i)
Listing:
Official List of the Luxembourg Stock
Exchange

(ii)
Admission to trading:
Application will 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
17 July 2019.
The Original Notes are already admitted to
trading on the Luxembourg Stock Exchange.
2.
RATINGS



Ratings:
S&P Global Ratings Europe Limited has
assigned to EFSF a long-term credit rating of
AA (Stable Outlook).


Moody's Deutschland GmbH has assigned the
Guaranteed Debt Issuance Programme a rating
of (P)Aa1.


Fitch France S.A.S. has assigned to EFSF a
rating of AA.


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 S&P
Global Ratings Europe Limited, Moody's
Deutschland GmbH and Fitch France S.A.S
respectively. Each of S&P Global Ratings
Europe Limited Moody's Deutschland GmbH
and Fitch France S.A.S. is established in the
European Union and is registered under the
CRA Regulation. As such, each of S&P Global
Ratings Europe Limited, Moody's Deutschland
GmbH and Fitch France S.A.S 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:
EU000A1G0D96


Common Code:
185709582


WKN Code:
A1G0D9

6




Any clearing system(s) other than Not Applicable

Clearstream Banking AG, Frankfurt and the
relevant identification number(s):

Delivery:
Delivery against payment


Names and addresses of the Issuing and Deutsche Bundesbank

Paying Agent:
Wilhelm-Epstein-Strae 14
60431 Frankfurt am Main


Names and addresses of additional paying Not Applicable

agent(s) (if any):

Intended to be held in a manner which would Yes

allow Eurosystem eligibility:
Note that the designation "yes" simply means
that the Notes are intended upon issue to be
deposited with Clearstream Banking AG,
Frankfurt 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.

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Document Outline