Obligation Euro Investment Bank 0% ( XS1791421479 ) en PLN

Euro Investment Bank

100 % ⇌

Luxembourg

XS1791421479 ( en PLN )

25/02/2025 - Obligation échue

Prospectus brochure de l'obligation European Investment Bank (EIB) XS1791421479 en PLN 0%, échue

1 000 PLN

5 750 000 000 PLN

La Banque européenne d'investissement (BEI) est l'institution de financement à long terme de l'Union européenne, soutenant des projets d'investissement dans les États membres de l'UE et dans les pays hors UE.

L'Obligation émise par Euro Investment Bank ( Luxembourg ) , en PLN, avec le code ISIN XS1791421479, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 25/02/2025

CONFORMED COPY
Final Terms

EUROPEAN INVESTMENT BANK
Debt Issuance Programme

Issue Number: 2339/0500

PLN 1,000,000,000 Floating Rate Bonds due February 2025
(to be consolidated and form a single series with the existing PLN 4,250,000,000
Floating Rate Bonds due February 2025 issued in four tranches on 19th March, 2018,
12th June, 2018, 21st August, 2018 and 19th March, 2019)

Issue Price: 100.043 per cent.
(plus 133 days' accrued interest from, and including, 25th February, 2020 to, but excluding,
7th July, 2020)

HSBC

The date of these Final Terms is 3rd July, 2020.

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). The Bonds wil be issued on the terms of these Final Terms read together with the Offering
Circular. Terms defined in the Offering Circular have the same meaning in these Final Terms.
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.
Potential impact of benchmark discontinuation on the Bonds
Reference rates and indices, including interest rate benchmarks, such as the Warsaw Interbank Offered
Rate (WIBOR), which are used to determine the amounts payable under financial instruments or the
value of such financial instruments (Benchmarks), are, and are anticipated to be, the subject of
regulatory reform and changes which may cause a Benchmark to perform differently than it has done in
the past or to be discontinued. Any change in the performance of a Benchmark or its discontinuation,
could have a material adverse effect on the value of, and return on, any Bonds referencing or linked to
such Benchmark, including the Bonds.
Furthermore, even prior to the implementation of any changes, uncertainty as to the nature of alternative
reference rates and as to potential changes to such Benchmark may adversely affect such Benchmark
during the term of the Bonds, the return on the Bonds and the trading market for securities based on the
same Benchmark.
The "Terms and Conditions of the Bonds" provide for certain fal back arrangements in relation to
interest calculations for Floating Rate Bonds in the event that a published Benchmark, including an
inter-bank offered rate such as WIBOR, (including any page on which such Benchmark may be
published (or any successor service)) becomes unavailable. In relation to the Bonds, the ultimate
fal back for the purposes of calculation of interest for a particular Interest Period is based on a
determination of the interest rate to be made by the Calculation Agent in its absolute discretion. There
can be no assurance that the exercise of this discretion by the Calculation Agent as to the interest rate to
be used for any such Interest Period will not have an adverse effect on the value of, and return on, the
Bonds.
Investors should consider these matters when making their investment decision with respect to the
Bonds.
The shareholders of EIB are the current Member States of the European Union (EU). As of
1st February, 2020, the United Kingdom ceased to be an EU Member State. The withdrawal of the
United Kingdom from the EU automatically resulted in the termination of its membership of the EIB
and its share of the EIB's subscribed capital. Effective 1st February, 2020, the share of the United
Kingdom in respect of the EIB's subscribed capital was fully replaced by a pro rata capital increase of
the remaining EU Member States. In addition, effective 1st March, 2020, the capital subscribed by
Poland and Romania in the EIB was increased by EUR 5,386,000,000 and EUR 125,452,381,
respectively.
Issue Number: 2339/0500

2

Following these changes to the EIB's subscribed capital, the share of each EU Member State is as
follows:
Country
Subscribed Capital
Uncalled Capital
Called Capital
(in EUR)
(in EUR)
(in EUR)

Germany
46,722,369,149
42,555,081,742
4,167,287,407
France
46,722,369,149
42,555,081,742
4,167,287,407
Italy
46,722,369,149
42,555,081,742
4,167,287,407
Spain
28,033,421,847
25,533,049,371
2,500,372,476
Belgium
12,951,115,777
11,795,972,691
1,155,143,086
Netherlands
12,951,115,777
11,795,972,691
1,155,143,086
Poland
11,366,679,827
10,352,856,629
1,013,823,198
Sweden
8,591,781,713
7,825,458,763
766,322,950
Denmark
6,557,521,657
5,972,639,556
584,882,101
Austria
6,428,994,386
5,855,575,961
573,418,425
Finland
3,693,702,498
3,364,251,741
329,450,757
Greece
3,512,961,713
3,199,631,688
313,330,025
Portugal
2,263,904,037
2,061,980,655
201,923,382
Czech Republic
2,206,922,328
2,010,081,290
196,841,038
Hungary
2,087,849,195
1,901,628,594
186,220,601
Ireland
1,639,379,073
1,493,158,667
146,220,406
Romania
1,639,379,073
1,493,158,667
146,220,406
Croatia
1,062,312,542
967,562,174
94,750,368
Slovakia
751,236,149
684,231,479
67,004,670
Slovenia
697,455,090
635,247,290
62,207,800
Bulgaria
510,041,217
464,549,338
45,491,879
Lithuania
437,633,208
398,599,585
39,033,623
Luxembourg
327,878,318
298,634,014
29,244,304
Cyprus
321,508,011
292,831,891
28,676,120
Latvia
267,076,094
243,254,895
23,821,199
Estonia
206,248,240
187,852,433
18,395,807
Issue Number: 2339/0500

3

Malta
122,381,664
111,466,131
10,915,533

Total
248,795,606,881
226,604,891,420
22,190,715,461

Furthermore, a number of amendments to the EIB Statute have become effective following the
withdrawal of the United Kingdom from the EU and the capital increase of Poland and Romania. For
instance, with respect to governance, the EIB's Board of Directors is now composed of 28 directors and
31 alternate directors.
Following the recent outbreak of the SARS-CoV-2 virus responsible for COVID-19, on
16th March, 2020, the EIB and the European Investment Fund (together, the EIB Group) proposed a
comprehensive emergency response package to support the SME and mid-cap sectors in the EU,
including (i) guarantee schemes for banks in favour of SMEs, (i ) liquidity lines to banks to ensure
additional working capital support for SMEs and mid-caps and (iii) asset-backed securities (ABS)
purchase programmes to al ow banks to transfer the risk on their SME loan portfolios. On
3rd April, 2020, the EIB's Board of Directors approved a multi-beneficiary programme loan of up to
EUR 5 billion covering all EU Member States, as part of the implementation of the proposed emergency
response package. Such programme loan may be implemented through multi-beneficiary intermediated
loans as well as certain loan substitutes, such as the purchase of asset-backed securities and covered
bonds.
Further, on 3rd April, 2020, the EIB's Board of Directors also considered the proposed creation of a pan-
European guarantee fund to enable the EIB Group to scale up its response to the economic effects of the
COVID-19 pandemic. The detailed terms of such fund, which is anticipated to focus on supporting
financing for SMEs, are currently being developed. The fund is expected to draw on contributions of
EUR 25 billion, mainly in the form of guarantees, from participating EU Member States and EU
institutions. In addition, it is expected that any losses and related costs incurred by the EIB Group in the
implementation of operations approved under this scheme would be covered by the fund. Such losses
are expected to be borne by all contributors to the fund with each contributor's share of the losses being
capped at the level of its participation in the fund.
On 8th April, 2020, the EIB Group also announced a targeted financing initiative in response to the
COVID-19 pandemic outside of the EU of up to EUR 5.2 bil ion supported by guarantees from the EU
budget with a focus on investments in the health and private sectors.
Moreover, the EIB Group will continue to support the health sector and innovation in the area of health,
building on a current pipeline of projects in this field of around EUR 5 billion. The EIB Group can
al ocate financing at short notice to the area of cure and vaccine development and production facilities
and support the adoption of emergency measures by EU Member States, in particular, with respect to
infrastructure and equipment needs in the health sector.
The EIB Group currently remains ful y operational and continues to conduct its activities in the normal
course of business. As a precautionary measure, the EIB Group has put in place procedures to prevent
any potential disruptions to its governance and operation approval schedule. In addition, the EIB Group
has adopted prudent measures to ensure the health and safety of its employees, including imposing
travel restrictions, rescheduling public events or holding them in virtual format and requiring its
Issue Number: 2339/0500

4

personnel to telework until a normalised situation resumes, and it continues to monitor the situation
closely.
Despite the general context of uncertainty in the global financial markets due to the COVID-19
pandemic, the EIB currently continues to maintain a robust liquidity position and flexibility to access
the necessary liquidity resources mainly as a result of its prudent approach to liquidity management.
Moreover, the quality of the EIB's loan portfolio currently remains high as it relies on a risk
management strategy based on adequate levels of security and guarantees, as wel as standard protective
clauses included in its loan agreements. The ultimate impact on the EIB of the COVID-19 pandemic is
difficult to predict at this stage. The EIB continues to monitor the situation closely and to consider other
supportive measures and programmes in response to the pandemic.
The EIB does not fal 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.
Solely for the purposes of the 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 and professional clients only, each as defined in MiFID II; and (i ) al channels for
distribution of the Bonds to eligible counterparties and professional clients 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 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 Bonds (by either adopting
or refining the manufacturer's 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 the Relevant Dealer and the
expression MiFID II means Directive 2014/65/EU, as amended.

Issue Number: 2339/0500

5

The terms of the Bonds and additional provisions relating to their issue are as follows:
GENERAL PROVISIONS

1
Issue Number:
2339/0500 (to be consolidated and form a single
series with the existing PLN 4,250,000,000
Floating Rate Bonds due February 2025 issued in
four tranches on 19th March, 2018,
12th June, 2018,
21st August, 2018
and
19th March 2019 from and including the Issue
Date)
2
Security Codes:

(i) ISIN:
XS1791421479

(ii) Common Code:
179142147
3
Specified Currency or Currencies:
Polish Zloty (PLN)
4
Principal Amount of Issue:
PLN 1,000,000,000
5
Specified Denomination:
PLN 1,000
6
Issue Date:
7th July, 2020
INTEREST PROVISIONS

7
Interest Type:
Floating Rate

6 month WIBOR + 0.195 per cent. per annum

(Further particulars specified below)
8
Interest Commencement Date:
25th February, 2020
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):
25th February and 25th August in each year
commencing 25th August, 2020, up to, and
including, the Maturity Date subject in each case
to adjustment in accordance with the Business
Day Convention specified below

(ii ) Business Day Convention:
Modified Following

(iv) Business Day Centre(s):
London, TARGET and Warsaw

(v) Manner in which the Interest Rate(s)
Screen Page

is/are to be determined:

a) Screen Page:
Reuters Screen Page "WIPLN6MD="
Issue Number: 2339/0500

6

b) Reference Banks:
Four major banks selected by the EIB, which are
active in the Reference Market

Representative Amount:
Not Applicable

(vi) Reset Date(s):
First day of each Interest Period

(vii) Relevant Currency:
PLN

(vii ) Designated Maturity:
6 months

(ix) Interest Determination Time:
11:00 a.m., Warsaw time

(x) Interest Determination Date:
Third Warsaw Business Day prior to the start of
each Interest Period

(xi) Reference Market:
Warsaw interbank market

(xii) Margin(s):
+ 0.195 per cent. per annum

(xii ) Minimum Interest Rate:
0.000 per cent.

(xiv) Maximum Interest Rate:
Not Applicable

(xv) Linear Interpolation:
Applicable

(xvi) Day Count Fraction:
Actual/Actual-ICMA (as defined below)

(xvii) Rate Multiplier:
Not Applicable
Issue Number: 2339/0500

7

(xvii ) Other
terms
(including
fal back Notwithstanding the Conditions, for the purpose

provisions if not already provided for) of these Final Terms:

relating to the method of calculating Actual/Actual-ICMA means the number of days

interest on Floating Rate Bonds:
in the relevant period from (and including) the
most recent Interest Payment Date (or, if none,
the Interest Commencement Date) to (but
excluding) the relevant payment date (the
Accrual Period) divided by the product of (1) the
number of days in the Determination Period
during which the Accrual Period ends and (2)
two;
Determination Date means 25th February and
25th August in each year; and
Determination Period means each period from
(and including) a Determination Date to (but
excluding) the next Determination Date
(including,
where
either
the
Interest
Commencement Date or the final Interest
Payment Date is not a Determination Date, the
period commencing on the first Determination
Date prior to, and ending on the first
Determination Date fal ing after, such date).
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 February 2025
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:
Issue Number: 2339/0500

8

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:
No
24
Intended to be held in a manner which would
No. Whilst the designation is specified as "no" at
al ow Eurosystem eligibility:
the date of these Final Terms, should the
Eurosystem eligibility criteria be amended in the
future such that the Bonds are capable of meeting
them the Bonds may then be deposited with one
of the ICSDs as common safekeeper. Note that
this does not necessarily mean that the Bonds 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 wil depend upon the
ECB being satisfied that 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, TARGET and Warsaw
30
Other terms or special conditions:
Not Applicable
DISTRIBUTION PROVISIONS

31
Method of distribution:
Non-Syndicated

(i) If syndicated, names of Managers:
Not Applicable

(ii) If non-syndicated, name of Relevant Dealer: HSBC Bank plc

(ii ) Stabilising manager(s) (if any):
Not Applicable

(iv) Commission(s):
Combined management and underwriting
commission of 0.046 per cent. of the Principal
Amount of the Bonds being issued
Issue Number: 2339/0500

9

OPERATIONAL INFORMATION AND LISTING
32
Any clearing system(s) other than Euroclear The Bonds wil initially settle through Euroclear
Bank SA/NV (Euroclear) or Clearstream and Clearstream, Luxembourg
Banking S.A. (Clearstream, Luxembourg) and The Issuer will make an application for the Bonds
the relevant identification number(s):
to be registered and accepted for settlement with
the Central Securities Depository of Poland,
Krajowy Depozyt Papierów Wartociowych S.A.
(KDPW) as soon as reasonably practicable after
the Issue Date
33
Agents appointed in respect of the Bonds:
Fiscal Agent and principal Paying Agent

Citibank, N.A., London Branch
13th Floor, Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB

Paying Agent and Luxembourg Listing Agent

Banque Internationale à Luxembourg S.A.
69, route dEsch
L-2953 Luxembourg

Calculation Agent

Bank Handlowy w Warszawie S.A.
Departament Finansowania
Strukturyzowanego/Structured Finance
ul. Senatorska 16
00-923 Warszawa
Polska
34
Listing:
Luxembourg Stock Exchange's regulated market
The Issuer will also make an application for the
Bonds to be admitted and introduced to trading on
the Catalyst regulated market of the Warsaw
Stock Exchange (rynek regulowany Gieldy
Papierów Wartociowych w Warszawie S.A.) as
soon as reasonably practicable after the Issue
Date
35
Governing law:
English

EUROPEAN INVESTMENT BANK:

By: RICHARD TEICHMEISTER
By: JANETTE BRANDON
Issue Number: 2339/0500

10