Obligation Sachsen-Anhalt 0% ( XS1968719853 ) en NOK

Sachsen-Anhalt

100 % ▼

Allemagne

XS1968719853 ( en NOK )

01/04/2022 - Obligation échue

Prospectus brochure de l'obligation Saxony-Anhalt XS1968719853 en NOK 0%, échue

1 000 000 NOK

1 000 000 000 NOK

La Saxe-Anhalt est un Land d'Allemagne situé dans l'est du pays, bordé par la Saxe, la Thuringe, la Basse-Saxe, le Brandebourg et la Saxe-Anhalt possède une riche histoire marquée par le Saint Empire romain germanique et le commerce du sel.

L'Obligation émise par Sachsen-Anhalt ( Allemagne ) , en NOK, avec le code ISIN XS1968719853, paye un coupon de 0% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le 01/04/2022

Simplified Prospectus
5 March 2019

Federal State of Saxony-Anhalt
EUR 8,000,000,000 Debt Issuance Programme
This simplified prospectus (the "Simplified Prospectus") has been approved by the Luxembourg Stock Exchange in its
capacity as relevant market operator under the Loi relative aux prospectus pour valeurs mobilières, as amended (the
"Prospectus Law").
Bearer notes (the "Bearer Notes") and collective debt register claims (the "Collective Debt Register Claims") to be issued
under the EUR 8,000,000,000 Debt Issuance Programme (the "Programme") may be admitted to trading on the regulated
market and listed on the official list of the Luxembourg Stock Exchange or be listed on the regulated market (regulierter
Markt) of any stock exchange within the Federal Republic of Germany ("Germany") or be admitted to trading and listed, as
the case may be, on other or further stock exchanges or may not be listed at all.
Pursuant to Article 1(2)(b) of the Directive 2003/71/EC, as amended or superseded (the "Prospectus Directive"), it does not
apply to the Federal State of Saxony-Anhalt (the "State" or, in the context of an issue of state treasury notes ("State
Treasury Notes" or "Notes" (which terms shall include registered notes (the "Registered Notes") to be issued by the State)
by the State, the "Issuer" or, in the context of assignable loans ("Assignable Loans" and, together with the State Teasury
Notes, the "Instruments" or the "Borrowings") entered into by the State, the "Borrower"). This Simplified Prospectus
fulfils the requirements of Part III, Chapter 2 of the Prospectus Law and Part 2, Chapter 1, Subchapter 1 of the rules and
regulations of the Luxembourg Stock Exchange.

Arranger

Deutsche Bank

Dealers

Barclays
BNP PARIBAS
BofA Merrill Lynch
Citigroup Commerzbank
DekaBank
Deutsche Bank
DZ BANK AG
Goldman Sachs International
HSBC
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
NORD/LB
UniCredit Bank
This Simplified Prospectus is valid for the period of 12 months from its date of publication and will be published in electronic
form on the website of the Luxembourg Stock Exchange (www.bourse.lu).

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2

Vereinfachter Prospekt
5. März 2019

Land Sachsen-Anhalt
EUR 8.000.000.000 Programm zur Begebung von Kapitalmarktinstrumenten
Dieser vereinfachte Prospekt (der "Vereinfachte Prospekt") wurde von der Luxemburger Wertpapierbörse als Betreiberin
des geregelten Marktes gemäß Loi relative aux prospectus pour valeurs mobilières, in seiner jeweils gültigen Fassung (das
"Prospektgesetz") gebilligt.
Inhaberschuldverschreibungen (die "Inhaberschuldverschreibungen") und Sammelschuldbuchforderungen (die
"Sammelschuldbuchforderungen"), die unter dem EUR
8.000.000.000 Programm zur Begebung von
Kapitalmarktinstrumenten (das "Programm") begeben werden, können zum Handel im geregelten Markt an der
Luxemburger Wertpapierbörse zugelassen und notiert oder im regulierten Markt jeder Wertpapierbörse in der
Bundesrepublik Deutschland ("Deutschland") notiert werden, bzw. an einer anderen oder weiteren Wertpapierbörse(n) zum
Handel zugelassen und notiert oder nicht zum Handel oder zur Notierung zugelassen werden.
Gemäß Artikel 1(2)(b) der Richtlinie 2003/71/EG, in der jeweils gültigen oder ersetzten Fassung, (die "Prospektrichtlinie")
findet die Prospektrichtlinie keine Anwendung auf das Land Sachsen-Anhalt (das "Land" bzw. im Zusammenhang mit der
Begebung von Landesschatzanweisungen (die "Landesschatzanweisungen" oder die "Schuldverschreibungen" (wobei
diese Begriffe Namensschuldverschreibungen (die "Namensschuldverschreibungen"), die durch das Land begeben werden,
umfassen)) durch das Land, die "Emittentin" bzw. im Zusammenhang mit der Aufnahme von abtretbaren Darlehen
("Schuldscheindarlehen" und (zusammen mit den Landesschatzanweisungen) die "Schuldtitel" oder die
"Kreditaufnahmen") durch das Land, die "Darlehensnehmerin"). Dieser Vereinfachte Prospekt erfüllt die Anforderungen
von Teil III, Abschnitt 2 Prospektgesetz und Teil 2, Abschnitt 1, Unterabschnitt 1 der Regeln und Vorschriften der
Luxemburger Wertpapierbörse.

Arrangeur

Deutsche Bank

Platzeure

Barclays
BNP PARIBAS
BofA Merrill Lynch
Citigroup Commerzbank
DekaBank
Deutsche Bank
DZ BANK AG
Goldman Sachs International
HSBC
Landesbank Baden-Württemberg
Morgan Stanley
NatWest Markets
NORD/LB
UniCredit Bank
Dieser Vereinfachte Prospekt ist für einen Zeitraum von zwölf Monaten ab seinem Veröffentlichungsdatum gültig und wird in
elektronischer Form auf der Website der Luxemburger Börse (www.bourse.lu) veröffentlicht werden.

3

Table of Contents

Responsibility Statement .................................................................................................................................................. 6
Notice ............................................................................................................................................................................... 6
Summary of the Programme ............................................................................................................................................. 9
Information relating to the Programme ...................................................................................................................... 9
Information relating to the Instruments ................................................................................................................... 10
Information relating to the Risk Factors .................................................................................................................. 14
Risk Factors .................................................................................................................................................................... 15
Suitability of an Investment in the Instruments ....................................................................................................... 15
Risks Related to the Structure of Particular Instruments ......................................................................................... 15
Risks Related to Instruments Generally ................................................................................................................... 21
Risks Related to the Market Generally .................................................................................................................... 21
Risk of Potential Conflicts of Interest ...................................................................................................................... 22
Additional Risks Factors .......................................................................................................................................... 22
Legal Forms of Instruments ............................................................................................................................................ 23
General .................................................................................................................................................................... 23
Registration in the State Debt Register .................................................................................................................... 23
Reference to the Final Terms ................................................................................................................................... 24
Borrowing Procedures .................................................................................................................................................... 25
General .................................................................................................................................................................... 25
Long-Form Conditions ............................................................................................................................................ 25
Integrated Conditions .............................................................................................................................................. 25
Attachment of Conditions ........................................................................................................................................ 25
Risikofaktoren ................................................................................................................................................................. 26
Eignung einer Anlage in die Schuldtitel .................................................................................................................. 26
Risiken, die mit der Struktur der Schuldtitel verbunden sind ................................................................................... 26
Allgemeine Risiken im Zusammenhang mit den Schuldtiteln ................................................................................... 33
Allgemeine marktbezogene Risiken ......................................................................................................................... 33
Zusätzliche Risikofaktoren ....................................................................................................................................... 34
Rechtsformen der Schuldtitel .......................................................................................................................................... 35
Allgemeines .............................................................................................................................................................. 35
Eintragung in das Landesschuldbuch ...................................................................................................................... 35
Bezugnahme auf die Endgültigen Bedingungen ....................................................................................................... 36
Vorgehensweise bei einer Kreditaufnahme ..................................................................................................................... 37
Allgemeines .............................................................................................................................................................. 37
Nicht-konsolidierte Bedingungen ............................................................................................................................ 37
Konsolidierte Bedingungen ..................................................................................................................................... 37
Beifügung der Bedingungen .................................................................................................................................... 37
Conditions of Borrowing ................................................................................................................................................ 39
Part I - Basic Terms ........................................................................................................................................................ 39
4

A. Conditions of Borrowing applicable to State Treasury Notes in the Form of Bearer Notes or Collective Debt
Register Claims ............................................................................................................................................................... 39
Part I - Supplement to the Basic Terms .......................................................................................................................... 55
B. Conditions of Borrowing applicable to State Treasury Notes in the Form of Registered Notes ................................ 55
Part II - Conditions of Borrowing applicable to Assignable Loans ................................................................................ 60
Bedingungen der Kreditaufnahme .................................................................................................................................. 72
Teil I - Grundbedingungen ............................................................................................................................................. 72
A. Bedingungen der Kreditaufnahme für Landesschatzanweisungen in der Form von
Inhaberschuldverschreibungen oder Sammelschuldbuchforderungen ........................................................................... 72
Teil I - Zusatz zu den Grundbedingungen ....................................................................................................................... 89
B. Bedingungen der Kreditaufnahme für Landesschatzanweisungen in der Form von
Namensschuldverschreibungen ...................................................................................................................................... 89
Teil II - Bedingungen der Kreditaufnahme für Schuldscheindarlehen ........................................................................... 94
Form of Final Terms / Muster der Endgültigen Bedingungen ...................................................................................... 107
Part 1 - Form of Final Terms for State Treasury Notes / Teil 1 - Muster der Endgültigen Bedingungen für
Landesschatzanweisungen ............................................................................................................................................ 108
Part 2 - Form of Final Terms for Assignable Loans / Teil 2 - Muster der Endgültigen Bedingungen für
Schuldscheindarlehen ................................................................................................................................................... 126
Federal State of Saxony-Anhalt .................................................................................................................................... 135
History and Politics ............................................................................................................................................... 135
Territory and Population ........................................................................................................................................ 135
Infrastructure ......................................................................................................................................................... 135
The Economy ......................................................................................................................................................... 135
Public Finance .............................................................................................................................................................. 140
Public Debt ............................................................................................................................................................ 147
Debt Record ........................................................................................................................................................... 149
Taxation in the Federal Republic of Germany .............................................................................................................. 150
Selling Restrictions ....................................................................................................................................................... 154
General Information ...................................................................................................................................................... 158
Authorisation ......................................................................................................................................................... 158
Use of Proceeds ..................................................................................................................................................... 158
Documents Available ............................................................................................................................................ 158
Clearing System ..................................................................................................................................................... 159
Listing Information ................................................................................................................................................ 159
Litigation ............................................................................................................................................................... 159
Dealers transacting with the Issuer ........................................................................................................................ 159
Names and Addresses ................................................................................................................................................... 160

5

Responsibility Statement
The State accepts sole responsibility for the information contained in this Simplified Prospectus and confirms that to
the best of its knowledge the information contained herein is in accordance with the facts and that the Simplified
Prospectus makes no omission likely to affect its import.
The State has confirmed to the dealers set forth in the section "Summary of the Programme Dealers" (each a "Dealer"
and together the "Dealers" which term shall include any further dealer appointed under the dealer agreement relating
to the Programme) that this Simplified Prospectus contains all information which is necessary to enable investors to
make an informed assessment of the rights attaching to the Instruments.
Notice
No person is or has been authorised by the State or any of the Dealers to give any information or to make any
representation which is not contained in or not consistent with this Simplified Prospectus or any other information
supplied in connection with the Programme and, if given or made, such information or representation must not be
relied upon as having been authorised by or on behalf of the State or any of the Dealers.
The State has confirmed that this Simplified Prospectus is true and accurate in all material respects and is not
misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions;
that there are no other facts with respect to the State, the omission of which would make any statement, whether of fact
or opinion, in this Simplified Prospectus misleading in any material respect; and that all reasonable enquiries have
been made to ascertain all facts and to verify the accuracy of all statements contained herein.
Neither the delivery of this Simplified Prospectus nor any supplement or any Final Terms nor the issue, offer, sale or
delivery of any State Treasury Notes shall, in any circumstances, imply that the information contained in such
documents is accurate and complete at any time subsequent to the date hereof or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if different,
the date indicated in the document containing the same. The Dealers expressly do not undertake to review the financial
condition or affairs of the State during the life of the Programme or to advise any investor in the State Treasury Notes
of any information coming to their attention. Investors should review, inter alia, the most recently published
supplements to this Simplified Prospectus when deciding whether or not to purchase any State Treasury Notes.
The State has undertaken with the Dealers that it will, (i) on or before the anniversary of the date of this Simplified
Prospectus, (ii) in the event of any significant new factor, material mistake or inaccuracy relating to the information
included in this Simplified Prospectus which is capable of affecting the assessment of any Bearer Notes or Collective
Debt Registered Claims (including, but not limited to, any amendment or modification of the Conditions of Borrowing
which would make the Simplified Prospectus inaccurate or misleading) and which arises between the time when the
Simplified Prospectus is approved and the time when trading of a relevant Tranche of Bearer Notes or Collective Debt
Registered Claims shall begin or (iii) in the event of any adverse change in the condition of the State which is material
in the context of any Borrowing under the Programme and which is not already reflected in this Simplified Prospectus,
prepare a supplement to this Simplified Prospectus or, as the case may be, publish a new simplified prospectus for use
in connection with any subsequent issue of any Borrowing under the Programme. Any such supplement shall be
approved by the Luxembourg Stock Exchange, in case such approval by the Luxembourg Stock Exchange is required.
This Simplified Prospectus, any supplement or new simplified prospectus will be obtainable, free of charge, from (i)
the State (Federal State of Saxony-Anhalt, Ministry of Finance, Editharing 40, 39108 Magdeburg, Germany), (ii) the
specified offices of the Fiscal Agent (Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main,
Germany) and the Paying Agents for the time being in Germany (Federal State of Saxony-Anhalt, Ministry of Finance,
Referat 33 Geld- und Kapitalmarktgeschäfte, Editharing 40, 39108 Magdeburg, Germany) and Deutsche Bank
Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt, Germany, and (iii) the website of the Luxembourg Stock
Exchange, being www.bourse.lu, where this Simplified Prospectus, any such supplement or new simplified prospectus
will also be viewable.
To the extent permitted by the laws of any relevant jurisdiction, neither Deutsche Bank Aktiengesellschaft as Arranger
nor any Dealer nor any other person mentioned in this Simplified Prospectus (excluding the State) accepts any liability
for the accuracy and completeness of the information contained in this Simplified Prospectus or any supplement or
amendment hereof nor for any information contained in any Final Terms (the "Final Terms").
6

The distribution of this Simplified Prospectus, any document incorporated herein by reference and any Final Terms
and the offering, sale and delivery of the State Treasury Notes in certain jurisdictions may be restricted by law. Persons
into whose possession this Simplified Prospectus or any Final Terms come are required to inform themselves about
and to observe any such restriction (see the section entitled "Selling Restrictions"). In particular, the State Treasury
Notes have not been and will not be registered under the United States Securities Act of 1933 (as amended) and may
include Notes in bearer form which are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may
not be offered, sold or delivered within the United States of America or to U.S. persons.
The Final Terms in respect of any Instruments may include a legend entitled "MiFID II Product Governance" which
will outline the target market assessment in respect of the Instruments and which channels for distribution of the
Instruments are appropriate. Any person subsequently offering, selling or recommending the Instruments (a
"Distributor") should take into consideration the target market assessment; however, a Distributor subject to Directive
2014/65/EU (as amended, "MiFID II") is responsible for undertaking its own target market assessment in respect of
the Instruments (by either adopting or refining the target market assessment) and determining appropriate distribution
channels.
A determination will be made in relation to each issue about whether, for the purpose of the Product Governance Rules
under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer subscribing for any
Instruments is a manufacturer in respect of such Instruments, but otherwise neither the State nor the Arranger nor the
other Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MIFID Product
Governance Rules.
Neither this Simplified Prospectus nor any other information supplied in connection with the Programme or the
issue of any State Treasury Notes under the Programme constitutes an offer or invitation by or on behalf of the
State or any of the Dealers to any person to subscribe for or to purchase any State Treasury Notes.
Neither this Simplified Prospectus nor any Final Terms may be used by anyone for the purpose of an offer to
sell or the solicitation of an offer to subscribe for or to purchase any State Treasury Notes in any jurisdiction to
any person to whom it is unlawful to make the offer or solicitation in such jurisdiction.
In connection with the issue of any Tranche of State Treasury Notes, the Dealer or Dealers (if any) named as the
stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the relevant Final Terms
may over-allot State Treasury Notes or effect transactions with a view to supporting the market price of the
State Treasury Notes at a level higher than that which might otherwise prevail. However, stabilisation may not
necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure
of the terms of the offer of the relevant Tranche of State Treasury Notes is made and, if begun, may cease at any
time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of State
Treasury Notes and 60 days after the date of the allotment of the relevant Tranche of State Treasury Notes. Any
stabilisation action or over-allotment must be conducted by the relevant stabilising manager(s) (or persons
acting on behalf of any stabilising manager(s)) in accordance with all applicable laws and rules.
Forward-Looking Statements
This Simplified Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future results and
estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use
of terms and phrases such as "anticipate", "believe, "could", "estimate", "expect", "intend", "may", "plan", "predict",
"project", "will" and similar terms and phrases, including references and assumptions. This applies, in particular, to
statements in this Simplified Prospectus containing information on future State budget, the State's Medium-Term
Financial Plan, its funding, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Simplified Prospectus are based on current estimates and assumptions that the State
makes to the best of its present knowledge. These forward-looking statements are subject to risks, uncertainties and
other factors which could cause actual results, including the State's financial condition and its revenues and
expenditures to differ materially from and be worse than results that have expressly or implicitly been assumed or
described in these forward-looking statements. The State's economic performance is also subject to a number of risks

7

and uncertainties that could cause a forward-looking statement, estimate or prediction in this Simplified Prospectus to
become inaccurate. Accordingly, investors are strongly advised to read the section entitled "Federal State of Saxony-
Anhalt". This section includes a more detailed description of factors that might have an impact on the State's economic
performance, revenues and expenditures, and financial condition.
In light of these risks, uncertainties and assumptions, future events described in this Simplified Prospectus may not
occur. In addition, neither the State nor the Dealers assume any obligation, except as required by law, to update any
forward-looking statement or to conform these forward-looking statements to actual events or developments.

8

Summary of the Programme
The following summary must be read as an introduction to this Simplified Prospectus and any decision to invest in any
(i) State Treasury Notes in the form of (a) Bearer Notes, (b) Collective Debt Register Claims, or (c) Registered Notes,
or (ii) Assignable Loans should be based on a consideration of this Simplified Prospectus as a whole, including the
relevant Final Terms (the "Final Terms") applicable to such Instruments. The following summary does not purport to
be a complete description of the provisions applicable to the Programme or a particular Borrowing thereunder and is
qualified in its entirety by the remainder of this Simplified Prospectus and, in relation to any particular Borrowing, the
applicable Final Terms. Expressions defined in the "Conditions of Borrowing" below shall have the same meaning in
this summary.
Information relating to the Programme
Issuer/Borrower:
Federal State of Saxony-Anhalt
Arranger:
Deutsche Bank Aktiengesellschaft
Dealers:
Barclays Bank PLC
Barclays Bank Ireland PLC
BNP Paribas
Citigroup Global Markets Europe AG
Citigroup Global Markets Limited
Commerzbank Aktiengesellschaft
DekaBank Deutsche Girozentrale
Deutsche Bank Aktiengesellschaft
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Goldman Sachs International
HSBC Bank plc
Landesbank Baden-Württemberg
Merrill Lynch International
Morgan Stanley & Co. International plc
NatWest Markets N.V.
NatWest Markets Plc
Norddeutsche Landesbank Girozentrale
UniCredit Bank AG
and any other Dealer appointed from time to time by the State in accordance with the Dealer Agreement.
Fiscal Agent:
Deutsche Bank Aktiengesellschaft
Paying Agents:
The Federal State of Saxony-Anhalt as represented by the Ministry of Finance of the Federal State of Saxony-Anhalt,
Referat 33 Geld- und Kapitalmarktgeschäfte,
Deutsche Bank Aktiengesellschaft
and any other institution specified in the relevant Final Terms.
Registrar:
Deutsche Bank Aktiengesellschaft
and any other institution specified in the relevant Final Terms (in relation to Registered Notes).

9

Luxembourg Listing Agent:
Banque de Luxembourg
Distribution:
Bearer Notes and Collective Debt Register Claims may be distributed by way of public or private placements and, in
each case, on a syndicated or non-syndicated basis.
Assignable Loans will be distributed by private placement on a non-syndicated basis with qualified investors only.
Currencies:
Instruments may be denominated in euro, Sterling, U.S. Dollars, Japanese Yen and, subject to any applicable legal or
regulatory restrictions and requirements of competent central banks, any other currency agreed between the State and
the relevant Dealer. Payments of interest, if any, and principal in respect of the Instruments may be made in and/or
linked to, the currency in which such Instruments are denominated or any currency or currencies other than the
currency in which such Instruments are denominated. See the subsections entitled "Dual Currency Instruments" and
"FX Linked Instruments" below for further details.
Currency Related Restrictions:
Any Instruments denominated in a currency in respect of which particular laws, regulations, and requirements apply
will only be issued or entered into in circumstances which comply with such laws, regulations, and requirements from
time to time.
Rating:
State Treasury Notes to be issued pursuant to the Programme may be rated or unrated. Where an issue of State
Treasury Notes is rated, such rating will be included in the relevant Final Terms.
Listing and Admission to Trading:
Application has been made to list Bearer Notes and Collective Debt Register Claims to be issued under the Programme
on the Luxembourg Stock Exchange and to admit such Bearer Notes and Collective Debt Register Claims to trading on
the regulated market of the Luxembourg Stock Exchange.
Bearer Notes and Collective Debt Register Claims are admitted to trading on the regulated market of any stock
exchange within Germany and may be admitted to trading and listed on such other or further stock exchanges or
markets as may be agreed between the Issuer and the relevant Dealer(s). Bearer Notes or Collective Debt Register
Claims may also not be listed at all, all as agreed between the Issuer and the relevant Dealer(s).
Registered Notes to be issued under the Programme or Assignable Loans to be entered into under the Programme may
not be listed on any stock exchange.
Selling Restrictions:
There are certain restrictions on the distribution of this Simplified Prospectus and the offer or sale of State Treasury
Notes in a number of jurisdictions, including, but not limited to Germany, Luxembourg, the United Kingdom,
Switzerland, the United States of America and Japan and such other restrictions as may be required under applicable
law in connection with the offering and sale of particular State Treasury Notes in a particular jurisdiction, which will
be set out in the relevant Final Terms. See the section entitled "Selling Restrictions".
Information relating to the Instruments
Terms and Conditions of the Instruments:
Final Terms will be prepared in respect of each Tranche of State Treasury Notes to be issued and each Assignable
Loan to be raised under the Programme, supplementing or modifying the terms and conditions of the Notes or the
Assignable Loans set out in the section entitled "Conditions of Borrowing". If the relevant Final Terms specify,
however, that integrated conditions shall apply to the Instruments, such integrated conditions will be attached to the
relevant Final Terms and replace the terms and conditions of the Notes or the Assignable Loan set out in the section
entitled "Conditions of Borrowing", as supplemented or modified by the relevant Final Terms. See the section entitled
10