Obbligazione FMS Vermögensverwaltung 2% ( US30254WAM10 ) in USD

FMS Vermögensverwaltung

100 USD ▼

Germania

US30254WAM10 ( in USD )

2% per anno ( pagato 2 volte l'anno)

01/08/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione FMS Wertmanagement US30254WAM10 in USD 2%, scaduta

200 000 USD

1 500 000 000 USD

30254WAM1

FMS Wertmanagement è una società di gestione patrimoniale che offre servizi di consulenza e gestione di investimenti a clienti privati e istituzionali.

The Obbligazione issued by FMS Vermögensverwaltung ( Germany ) , in USD, with the ISIN code US30254WAM10, pays a coupon of 2% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/08/2022

Filed Pursuant to Rule 424(b)(5)
Registration Statement No. 333-215186
PROSPECTUS SUPPLEMENT
(To prospectus dated January 13, 2017)
FMS WERTMANAGEMENT
$1,500,000,000
2.000% Notes due August 1, 2022
FMS Wertmanagement ("FMS-WM"), will pay interest on the 2.000% Notes due August 1, 2022 (the "Notes") in two semi-
annual installments on February 1 and August 1 of each year. Interest will accrue on the Notes from and including August 1, 2017, and
the first interest payment date will be February 1, 2018. The Notes will mature on August 1, 2022. The Notes will not be redeemable at
any time prior to maturity. There is no sinking fund for the Notes.
FMS-WM has applied for the Notes to be admitted for listing and trading on the Euro MTF Market of the Luxembourg Stock
Exchange.
Pursuant to the German Financial Market Stabilization Fund Act (Finanzmarktstabilisierungsfondsgesetz, "FMStFG"), the Notes
issued by FMS-WM will benefit from a statutory guarantee by the German Financial Market Stabilization Fund
(Finanzmarktstabilisierungsfonds, "SoFFin"). The Federal Republic of Germany (the "Federal Republic") is, in turn, directly liable for
all of SoFFin's obligations. See "Responsibility of the Federal Republic for FMS-WM" in the accompanying prospectus.
PRICE 99.712% AND ACCRUED INTEREST
Underwriting
Price to
Discounts
Proceeds to
Public(1)
And Commissions(2)
FMS-WM(1)(3)
Per Note
99.712% 0.125%
99.587%
Total
$1,495,680,000
$
1,875,000
$1,493,805,000
(1)
Plus accrued interest, if any, from August 1, 2017, if settlement occurs after that date.
(2)
FMS-WM has agreed to indemnify the Underwriters (as defined herein) against certain liabilities, including liabilities under the
Securities Act of 1933, as amended.
(3)
Before deducting expenses related to the offering.
Neither the Securities and Exchange Commission, any state securities commission, the Luxembourg Stock Exchange nor
any foreign governmental agency has approved or disapproved of these securities or determined whether this prospectus
supplement or the accompanying prospectus is accurate and complete. Any representation to the contrary is a criminal offense.
The Underwriters expect to deliver the Notes to purchasers in book-entry form only through The Depository Trust
Company ("DTC") and through the facilities of other clearing systems that participate in DTC, including Clearstream Banking,
société anonyme, Luxembourg and Euroclear Bank SA/NV on August 1, 2017.
This prospectus supplement may only be used for the purposes for which it has been published.
BNP PARIBAS
Citigroup
Goldman Sachs
RBC
International
Capital Markets
Prospectus Supplement dated July 25, 2017.

TABLE OF CONTENTS
Prospectus Supplement
WHERE YOU CAN FIND MORE INFORMATION
S-4
RECENT DEVELOPMENTS
S-5
SUMMARY OF THE OFFERING
S-9
USE OF PROCEEDS
S-11
DESCRIPTION OF THE NOTES
S-12
CAPITALIZATION AND INDEBTEDNESS
S-16
UNDERWRITING
S-17
VALIDITY OF THE NOTES
S-20
GENERAL INFORMATION
S-21
Prospectus
ABOUT THIS PROSPECTUS
1
FORWARD-LOOKING STATEMENTS
1
WHERE YOU CAN FIND MORE INFORMATION
1
PRESENTATION OF FINANCIAL INFORMATION
2
FMS-WM
3
Overview
3
Creation and Legal Status
3
Relationship with the Federal Republic of Germany
4
USE OF PROCEEDS
7
DESCRIPTION OF SECURITIES
8
General
8
Fiscal Agent
8
No Payment of Additional Amounts
9
Ranking
9
Negative Pledge
9
Termination for Default
9
Notices
9
Amendments (Collective Action Clause)
9
Jurisdiction
10
Governing Law
10
CLEARING AND SETTLEMENT
11
Certification and Custody
11
Payments
11
Transfers
12
The Clearing Systems
12
Global Clearing and Settlement Procedures
14
RESPONSIBILITY OF THE FEDERAL REPUBLIC FOR FMS-WM
16
Guarantee
16
Liquidity Support and Loss Compensation Obligations
16
DEBT RECORD
17
TAXATION
18
United States Taxation
18
German Taxation
29
PLAN OF DISTRIBUTION
33
VALIDITY OF THE SECURITIES
34
AUTHORIZED REPRESENTATIVE
35
OFFICIAL STATEMENTS AND DOCUMENTS
35
LIMITATIONS ON ACTIONS AGAINST THE FEDERAL REPUBLIC
35
ENFORCEMENT OF CIVIL LIABILITIES
35
S-2

This prospectus supplement should be read together with the accompanying prospectus dated January 13, 2017, and the documents
incorporated herein by reference (see "Where You Can Find More Information" in this prospectus supplement). These documents taken
together are herein referred to as the "disclosure document." The documents incorporated herein by reference contain information
regarding FMS-WM and other matters. Further information concerning FMS-WM and the Notes offered hereby may be found in the
registration statement (Registration No. 333-215186) filed with the U.S. Securities and Exchange Commission under the Securities Act
of 1933 relating to our debt securities described in the prospectus.
If the information in this prospectus supplement differs from the information contained in the accompanying prospectus, you
should rely on the information in this prospectus supplement. If a capitalized term is used in this prospectus supplement and not
defined, it is defined in the accompanying prospectus and has the same meaning herein.
You should rely only on the information provided in the disclosure document. We have not, and the Underwriters have not,
authorized anyone else to provide you with different information. We are not, and the Underwriters are not, making an offer of these
securities in any jurisdiction where the offer is not permitted.
The distribution of this disclosure document, and the offering of the Notes in certain jurisdictions may be restricted by law.
Persons into whose possession this disclosure document comes should inform themselves about and observe any such restrictions. This
disclosure document does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction
in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or
to any person to whom it is unlawful to make such offer or solicitation. See "Underwriting."
FMS-WM accepts full responsibility for the accuracy of the information contained in the disclosure document and confirms,
having made all reasonable inquiries, that to the best of its knowledge and belief there are no other facts the omission of which would
make any statement herein misleading in any material respect. FMS-WM has not, and the Underwriters have not, authorized anyone to
give you any other information, and FMS-WM takes, and the Underwriters take, no responsibility for any other information that others
may give you. You should not assume that the information contained in this disclosure document is accurate as of any date other than
the date on the front of each document forming part of the disclosure document, or, with respect to information incorporated by
reference, as of the date of such information.
This disclosure document constitutes a single prospectus for purposes of Luxembourg law on prospectus securities dated July 10,
2005, as amended. Inquiries regarding our listing status on the Luxembourg Stock Exchange should be directed to our Luxembourg
listing agent, The Bank of New York Mellon (Luxembourg) SA/NV, Luxembourg Branch, Vertigo Building Polaris, 2-4 rue Eugène
Ruppert, L-2453 Luxembourg, Luxembourg.
This prospectus supplement and the accompanying prospectus will be published on the website of the Luxembourg Stock
Exchange at http://www.bourse.lu.
References herein to "euro", "EUR" or "" are to the single European currency adopted by certain participating member countries
of the European Union, as of January 1, 1999. References to "U.S. dollars," "USD" or "$" are to United States dollars.
References herein to "we" or "us" or similar expressions are to FMS-WM.
S-3

WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by FMS-WM (Registration No. 333-215186), including the attached exhibits and
schedules, contains additional relevant information about the Notes. The rules and regulations of the Securities and Exchange
Commission (the "SEC") allow FMS-WM to omit certain information included in the registration statement from this prospectus
supplement and the accompanying prospectus. The registration statement, including its various exhibits, is available to the public over
the internet at the SEC's website: http://www.sec.gov. You may also read and copy these documents at the SEC's Conventional
Reading Room, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the Conventional Reading Room.
FMS-WM files annual reports and other information with the SEC, which are available to the public over the internet at
http://www.sec.gov or may be read and copied at the SEC's public reference room. The SEC allows FMS-WM to "incorporate by
reference" the documents that FMS-WM files with the SEC, which means that FMS-WM can disclose important information to you by
referring you to those documents. The information incorporated by reference is considered to be part of this prospectus supplement and
the accompanying prospectus, and later information that FMS-WM files with the SEC will automatically update and supersede this
information, as well as the information included in this prospectus supplement and the accompanying prospectus. We incorporate by
reference the annual report on Form 18-K for FMS-WM for the fiscal year ended December 31, 2016, as filed with the SEC on June 30,
2017 (File No. 333-184318) (the "Annual Report"), and any future filings made with the SEC to the extent such filings indicate that
they are intended to be incorporated by reference. FMS-WM's Form 18-K and amendments on Form 18-K/A, if any, contain or will
contain, among other information, its most recently published annual report and financial statements, from time to time.
You can obtain any of the documents incorporated by reference in this document through us, from the SEC as described above or,
with respect to the Annual Report and so long as any of the Notes are listed on the Luxembourg Stock Exchange, on the website of the
Luxembourg Stock Exchange at http://www.bourse.lu. Documents incorporated by reference are available from FMS-WM free of
charge by requesting them in writing or by telephone from FMS-WM at the following address and telephone number:
FMS Wertmanagement
Prinzregentenstrasse 56
80538 Munich, Federal Republic of Germany
+49 89 9547627-0
S-4

RECENT DEVELOPMENTS
Federal Republic Of Germany
Overview of Key Economic Figures
The following economic information regarding the Federal Republic is derived from the public official documents cited below.
Certain of the information is preliminary.
Gross Domestic Product (GDP)
GROSS DOMESTIC PRODUCT
(adjusted for price, seasonal and calendar effects)(1)
Percentage change on
Percentage change on the same
Reference period
previous quarter
quarter in previous year
1st quarter 2016
0.7
1.9
2nd quarter 2016
0.5
1.8
3rd quarter 2016
0.2
1.7
4th quarter 2016
0.4
1.8
1st quarter 2017
0.6
1.7
(1)
Adjustment for seasonal and calendar effects according to the Census X-12-ARIMA method.
Germany's gross domestic product ("GDP") continued to grow, increasing by 0.6% after price, seasonal and calendar adjustments
in the first quarter of 2017 compared to the fourth quarter of 2016. Compared to the previous quarter, positive contributions came both
from domestic and foreign demand. Gross fixed capital formation increased substantially. Due in part to the mild weather, gross fixed
capital formation in construction increased by 2.3% compared to the fourth quarter of 2016. Gross fixed capital formation in machinery
and equipment increased by 1.2% compared to the previous quarter. Households and the general government increased their final
consumption expenditure by 0.3% and 0.4%, respectively, at the beginning of the year. In addition, the balance of exports and imports
contributed to growth as exports increased more than imports.
In a year-on-year comparison, in price and calendar-adjusted terms, the German economy grew by 1.7% in the first quarter of
2017 compared to the corresponding period in 2016, largely in line with an increase of 1.8% in the fourth quarter of 2016 and of 1.7%
in the third quarter of 2016.
Source: Statistisches Bundesamt, Detailed gross domestic product results for the 1st quarter of 2017, press release of May 23, 2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/05/PE17_169_811.html).
S-5

Inflation Rate
INFLATION RATE
(based on overall consumer price index)
Percentage change on
Percentage change on the same month
Reference period
previous month
in previous year
June 2016
0.1
0.3
July 2016
0.3
0.4
August 2016
0.0
0.4
September 2016
0.1
0.7
October 2016
0.2
0.8
November 2016
0.1
0.8
December 2016
0.7
1.7
January 2017
-0.6
1.9
February 2017
0.6
2.2
March 2017
0.2
1.6
April 2017
0.0
2.0
May 2017
-0.2
1.5
June 2017
0.2
1.6
In June 2017, consumer prices in Germany rose by 1.6% compared to June 2016. The inflation rate as measured by the consumer
price index thus increased slightly, following a decrease to 1.5% in the previous month (April 2017: +2.0%). Energy prices remained
unchanged in June 2017 compared with June 2016. In line with the development in recent months, the increase in energy prices thus
slowed down further (May 2017: +2.0%; April and March 2017: +5.1% each), with electricity, heating oil and motor fuels being
slightly more expensive than a year earlier (electricity: +1.5%; heating oil: +0.9%; motor fuels: +0.2%), while the price for gas and
costs for central and district heating decreased by 3.2% and 1.1%, respectively, compared to a year earlier. Excluding the prices of all
types of energy, the inflation rate in June 2017 would have been +1.8% compared to June 2016.
Food prices in June 2017 increased by 2.8% compared to June 2016. Overall, the prices of goods increased by 1.5% in June 2017
compared to June 2016. Prices of services increased by 1.7% in June 2017 compared to June 2016, mainly due to an increase in net
rents exclusive of heating expenses.
Compared to May 2017, the consumer price index increased by 0.2% in June 2017. In particular, the prices of package holidays
and air tickets increased by 13.0% and 4.8%, respectively, in June 2017 compared to May 2017. The prices for energy decreased by
0.8% in June 2017 compared to May 2017. Food prices in June 2017 remained almost unchanged (-0.1%) compared to the previous
month.
Source: Statistisches Bundesamt, Consumer prices in June 2017: +1.6% on June 2016, press release of July 13, 2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/07/PE17_241_611.html).
S-6

Unemployment Rate
UNEMPLOYMENT RATE
(percent of unemployed persons in the total labor force according to the
International Labour Organization (ILO) definition)(1)
Adjusted percentages
Reference period
Original percentages
(2)
May 2016
4.2
4.2
June 2016
4.2
4.2
July 2016
4.3
4.2
August 2016
4.1
4.1
September 2016
3.8
4.1
October 2016
3.9
4.0
November 2016
3.9
4.0
December 2016
3.5
3.9
January 2017
4.0
3.9
February 2017
4.3
3.9
March 2017
4.0
3.9
April 2017
4.2
3.9
May 2017
3.7
3.9
(1)
The time series on unemployment are based on the German Labour Force Survey.
(2)
Adjusted for seasonal and irregular effects (trend cycle component) using the X-12-ARIMA method.
The number of employed persons increased by approximately 651,000 persons, or 1.5%, from May 2016 to May 2017. Compared to April
2017, the number of employed persons in May 2017 increased by approximately 36,000, or 0.1%, after adjustment for seasonal fluctuations.
In May 2017, the number of unemployed persons decreased by approximately 198,000 compared to May 2016. Adjusted for seasonal and
irregular effects (trend cycle component), the number of unemployed persons in May 2017 remained almost unchanged at 1.66 million compared
to April 2017.
Sources: Statistisches Bundesamt, More than 44 million persons in employment in May 2017, press release of June 30, 2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/06/PE17_226_132.html); Statistisches Bundesamt, Genesis-Online Datenbank, Result
13231-0001, Unemployed persons, persons in employment, economically active population, unemployment rate: Germany, months, original and
adjusted data
(https://www-genesis.destatis.de/genesis/online/logon?sequenz=tabelleErgebnis&selectionname=13231-0001&zeitscheiben=2&leerzeilen=false).
S-7

Current Account and Foreign Trade
CURRENT ACCOUNT AND FOREIGN TRADE
(balance in EUR billion)(1)
Item
January to May 2017
January to May 2016
Trade in goods, including supplementary trade items
111.3
115.4
Services
-6.0
-5.1
Primary income
16.5
15.7
Secondary income
-23.8
-15.7
Current account
98.0
110.3
(1)
Figures may not add up due to rounding.
Source: Statistisches Bundesamt, German exports in May 2017: +14.1% on May 2016, press release of July 10, 2017
(https://www.destatis.de/EN/PressServices/Press/pr/2017/07/PE17_234_51.html).
S-8

SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information
appearing elsewhere in this prospectus supplement and the accompanying prospectus.
Issuer FMS
Wertmanagement
Securities Offered
$1,500,000,000 principal amount of 2.000% Notes due August 1, 2022.
Issue Date
August 1, 2017.
Maturity Date
August 1, 2022.
Interest Payment Dates
February 1 and August 1 of each year, commencing February 1, 2018.
Interest Rate
2.000% per annum, from August 1, 2017. Interest will be calculated on the basis
of a 360-day year consisting of twelve 30-day months unadjusted.
Redemption
The Notes are not subject to redemption prior to maturity.
The Federal Republic of Germany
The Notes will benefit from a statutory guarantee by the German Financial
Market Stabilization Fund (Finanzmarktstabilisierungsfonds, "SoFFin"). The
Federal Republic is, in turn, directly liable for all of SoFFin's obligations. See
"Responsibility of the Federal Republic for FMS-WM" in the accompanying
prospectus.
Settlement Cycle
T+5
Listing and Admission to Trading
FMS-WM has applied for the Notes to be admitted for listing and trading on the
Euro MTF Market of the Luxembourg Stock Exchange.
Form, Registration and Settlement
The Notes will be represented by one or more Global Notes registered in the
name of Cede & Co. as nominee for DTC. The Global Notes will be deposited
with a custodian for DTC. Except as described in the accompanying prospectus,
beneficial interests in the Global Notes will be represented through accounts of
financial institutions acting on behalf of the beneficial owners as direct and
indirect participants in DTC. Investors may elect to hold interests in the Global
Notes through DTC, if they are participants in DTC, or indirectly through
organizations that are participants in DTC. Owners of beneficial interests in the
Global Notes will not be entitled to have Notes registered in their names and will
not receive or be entitled to receive physical delivery of definitive Notes. Initial
settlement for the Notes will be made in immediately available funds in dollars.
See "Clearing and Settlement" in the accompanying prospectus.
No Additional Amounts
FMS-WM will have no obligation to pay holders any additional amounts in
respect of the Notes as a result of possible withholding or deduction for taxes
pursuant to any fiscal or other laws and regulations applicable to the Notes.
S-9

Collective Action Clause
The Notes will contain a collective action clause. The holders of the Notes may
agree with FMS-WM to amend the terms or conditions contained in the Notes or
the Fiscal Agency Agreement with the affirmative vote by holders of Notes
representing not less than 50% of the principal amount of the Notes then
outstanding. Certain material amendments of the terms and conditions of the
Notes or the Fiscal Agency Agreement, including changes in the due date for the
payment of interest or principal or the reduction or elimination of the interest rate
on the Notes, reduction of the principal amount on the Notes and changes in the
currency of the Notes will require the affirmative vote by holders of not less than
75% of the principal amount of the Notes then outstanding.
Fiscal Agent
The Bank of New York Mellon will be acting in its capacity as Fiscal Agent
through its corporate trust office located at 101 Barclay Street, New York,
NY 10286.
Securities Codes
CUSIP: 30254WAM1
ISIN: US30254WAM10
Common Code: 165513819
S-10