Final Terms
MEDIOBANCA - Banca di Credito Finanziario S.p.A.
Issue of up to Euro 150,000,000 Made in Italy due April 2014 (the “Notes”)
under the
Euro 40,000,000,000
Euro Medium Term Note Programme
SERIES NO: 371
TRANCHE NO: 1
Issue Price: 100.00 per cent.
The date of these Final Terms is 12 March 2009
Page 1 of 24
The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis
that, except as provided in sub-paragraph (ii) below, any offer of Notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a Relevant Member
State) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that
Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly
any person making or intending to make an offer of the Notes may only do so:
(i)
in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of
the Prospectus Directive, in each case, in relation to such offer; or
(ii)
in those Public Offer Jurisdictions mentioned in Paragraph 39 of Part A below, provided such person
is one of the persons mentioned in Paragraph 39 of Part A below and that such offer is made during
the Offer Period specified for such purpose therein.
Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in
any other circumstances.
This document constitutes the Final Terms relating to the issue of Notes described herein. Terms used herein
shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus
dated 12 December 2008, which constitutes a base prospectus for the purposes of the Prospectus Directive
(Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms of the
Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in
conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Notes is only
available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus
is available for viewing at Piazzetta Cuccia 1, 20121, Milan, Italy and www.mediobanca.it and copies may
be obtained from the Issuer.
The purchase of the Notes involves substantial risks and is suitable only for investors who have the
knowledge and experience in financial and business matters necessary to enable them to evaluate the risks
and the merits of an investment in the Notes. Before making an investment decision, prospective purchasers
of Notes should ensure they understand the nature of the Notes and the extent of their exposure to risks and
that they consider carefully, in the light of their own financial circumstances, financial condition and
investment objectives, all the information set forth in the Base Prospectus (including “Risk Factors” on pages
15 to 22 thereof) referred to above and these Final Terms.
No person has been authorised to give any information or make any representation not contained in or not
consistent with these Final Terms, or any other information supplied in connection with the Notes and, if
given or made, such information or representation must not be relied upon as having been authorised by the
Issuer or the Dealer.
In accordance with the MiFID Directive (Directive 2004/39/EC), the implementing Directive 2006/73/CE
(together the "MiFID Directives") and the implementing rules in Italy, as regards “categorisation of clients”
and “assessment of suitability and appropriateness”, the responsibility rests solely with the Managers as
listed below (item 39 “Non Exempt Offer”).
By investing in the Notes each investor represents that:
(a) Non-Reliance. It is acting for its own account, and it has made its own independent decision to invest
in the Notes and as to whether the investment in the Notes is appropriate or proper for it based upon
its own judgement and upon advice from such advisers as it has deemed necessary. It is not relying
on any communication (written or oral) of the Issuer or the Dealers as investment advice or as a
recommendation to invest in the Notes, it being understood that information and explanations related
to the terms and conditions of the Notes shall not be considered to be investment advice or a
recommendation to invest in the Notes. No communication (written or oral) received from the Issuer
or the Dealers shall be deemed to be an assurance or guarantee as to the expected results of the
investment in the Notes.
Page 2 of 24
(b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its
own behalf or through independent professional advice), and understands and accepts the terms and
conditions and the risks of the investment in the Notes. It is also capable of assuming, and assumes,
the risks of the investment in the Notes.
(c) Status of Parties. Neither the Issuer nor the Dealers is acting as a fiduciary for or adviser to it in
respect of the investment in the Notes.
Please see the Base Prospectus for a full, detailed description of the Notes, and in particular, please review
the Risk Factors associated with the Notes.
PART A - GENERAL
1.
Issuer:
MEDIOBANCA - Banca di Credito Finanziario
S.p.A.
2.
(i)
Series Number:
371
(ii)
Tranche Number:
1
3.
Specified Currency or Currencies:
4.
Aggregate Nominal Amount of Notes
admitted to trading:
Euro (“EUR”)
(i)
Series:
Up to EUR 150,000,000
(ii)
Tranche:
Up to EUR 150,000,000
The Aggregate Nominal Amount will not exceed
EUR 150,000,000 and will be determined at the end
of the Offer Period (as defined in paragraph 11 of
Part B below) and such final amount will be filed
with the CSSF as competent authority and published
on the website of the Issuer and Placement
Managers pursuant to Articles 8 and 14(2) of the
Prospectus Directive.
5.
Issue Price:
100.00 per cent. of the Aggregate Nominal Amount
6.
(i) Specified Denominations:
EUR 1,000
(ii) Calculation Amount
EUR 1,000
(i) Issue Date:
30 April 2009
(ii) Interest Commencement Date:
Issue Date
8.
Maturity Date:
The Specified Interest Payment Date falling in
April 2014
9.
Interest Basis:
3.00% Fixed Rate for the period from and including
the Interest Commencement Date to but excluding
30 April 2010 (the “First Fixed Rate Period”);
7.
2.50% Fixed Rate for the period from and including
30 April 2010 to but excluding 30 April 2012 (the
“Second Fixed Rate Period”);
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Index-Linked or other Variable-Linked Interest for
the period from and including 30 April 2012 to but
excluding the Maturity Date (the “Index-Linked or
other Variable-Linked Period”).
(further particulars specified below at paragraph 16
and 19)
10.
Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or Redemption/Payment
Basis:
Save as specified in paragraph 9 (Interest Basis)
above, not applicable.
12.
Put/Call Options:
Not Applicable
13.
(i)
Senior
14.
Method of distribution:
Non-Syndicated (public offer)
15.
Taxation:
No gross up is applicable pursuant point (ix) of
paragraph 7 (a) (Taxation – Gross Up) of the Terms
and Conditions of the Notes
Status of the Notes:
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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions
Applicable in respect of the First Fixed Rate Period
and Second Fixed Rate Period
(i)
Rate(s) of Interest:
3.00 per cent. per annum payable annually in arrear
in respect of the First Fixed Rate Period
2.50 per cent per annum payable annually in arrear
in respect of the Second Fixed Rate Period
(ii)
Interest Payment Date(s):
30 April 2010 (t=1), 30 April 2011 (t=2) and 30
April 2012 (t=3), adjusted in accordance with the
Business Day Convention
(iii)
Fixed Coupon Amount(s):
EUR 30.00 per Calculation Amount payable on 30
April 2010;
EUR 25.00 per Calculation Amount payable on 30
April 2011 and 30 April 2012
(iv)
Broken Amount(s):
Not Applicable
(v)
Adjustment to Interest Period end Date:
Not Applicable
(vi)
Business Day Convention:
Modified Following Business Day Convention
(vii)
Day Count Fraction:
Actual/Actual (ICMA)
(viii) Other terms relating to the method of
calculating interest for Fixed Rate Notes:
Not Applicable
17.
Floating Rate Note Provisions
Not Applicable
18.
Zero Coupon Note Provisions
Not Applicable
19.
Index-Linked Interest or other VariableLinked Interest Note Provisions
Applicable in respect of the Index-Linked or other
Variable-Linked Period
(i)
Index/Formula/variable:
See Part C – Other Applicable Terms
(ii)
Party responsible for calculating the Banca Akros – Gruppo Banca Popolare di Milano
Rate(s) of Interest and the Interest shall be the Calculation Agent.
Amount(s) (if not the Fiscal Agent):
The Calculation Agent shall act as an independent
expert and not as an agent for the Noteholders.
All
certificates,
communications,
opinions,
determinations, calculations, quotations and
decisions given, expressed, made or obtained by the
Calculation Agent shall, in the absence of manifest
error, wilful default or bad faith, be final and
conclusive and binding on, the Paying Agent and all
Noteholders and Couponholders; and in the absence
of the aforesaid manifest error, wilful default or bad
faith,
no
liability
to
the
Noteholders,
Couponholders, or the Paying Agents shall attach to
the Calculation Agent in connection with the
Page 5 of 24
exercise or non-exercise by it of its powers, duties
and discretions pursuant to the Conditions in
relation to such determinations.
The Calculation Agent shall notify the Paying Agent
of the Interest Amount, as soon as practicable after
its determination.
(iii)
Provisions for determining the See Part C - Other Applicable Terms
Rate(s) of Interest and Interest
Amount(s) where calculated by
reference to Index and/or Formula
and/or other variable:
(iv)
Determination Date(s):
(v)
Provisions for determining the See Part C - Other Applicable Terms and Annex I
Rate(s) of Interest and Interest
Amount(s) where calculation by
reference to Index and/or Formula
and/or other variable is impossible or
impracticable or otherwise disrupted:
(vi)
Interest or calculation period(s):
Interest Period means the period beginning on 30
April 2012 and ending on the first Specified Interest
Payment Date and each successive period beginning
on a Specified Interest Payment Date and ending on
the next succeeding Specified Interest Payment
Date.
(vii)
Specified Interest Payment Dates:
30 April 2013 (t=4) and 30 April 2014 (t=5)
(viii)
Date:
Adjustment to Interest Period end Not Applicable
(ix)
Business Day Convention:
Modified Following Business Day Convention
(x)
Additional Business Centre(s):
Not Applicable
(xi)
Minimum Rate of Interest:
2.50 per cent. per annum
(xii)
Maximum Rate of Interest:
7.00 per cent per annum
(xiii)
Day Count Fraction:
Actual/Actual (ICMA)
See Observation Date(t) in Part C – Other
Applicable Terms
Page 6 of 24
20.
Dual Currency Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
21.
Call Option
Not Applicable
22.
Put Option
Not Applicable
23.
Final Redemption Amount of each Note
EUR 1,000 per Calculation Amount
24.
Early Redemption Amount
Early Redemption Amount(s) payable on
redemption for taxation reasons or on event An amount in the Specified Currency being the
of default or pursuant to a Seller Merger Aggregate Nominal Amount of the Notes
Notice and/or the method of calculating the
same (if required or if different from that set
out in the Conditions):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
25.
Form of Notes:
Bearer Notes:
Temporary Global Note exchangeable for a Permanent
Global Note which is exchangeable for Definitive
Notes in the limited circumstances specified in the
Permanent Global Note
26.
New Global Note form:
Yes
27.
Additional Financial Centre(s) or other
special provisions relating to Payment
Business Dates:
Not Applicable
28.
Talons for future Coupons or Receipts to be No
attached to Definitive Notes (and dates on
which such Talons mature):
29.
Details relating to Partly Paid Notes: amount Not Applicable
of each payment comprising the Issue Price
and date on which each payment is to be
made and consequences (if any) of failure to
pay, including any right of the Issuer to
forfeit the Notes and interest due on late
payment:
30.
Details relating to Instalment Notes:
amount of each instalment, date on which
each payment is to be made:
Not Applicable
31.
Details relating to Extendible Notes:
Not Applicable
32.
Repurchase Option:
Not Applicable
33.
Other terms or special conditions:
Not Applicable
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34.
Credit Linked Notes Provisions:
Not Applicable
DISTRIBUTION
35.
(i)
If syndicated, names and addresses of
Managers and underwriting
commitments:
Not Applicable
(ii)
Date of Subscription Agreement:
Not Applicable
(iii)
Stabilising Manager(s) (if any):
Not Applicable
36.
If non-syndicated, name and address of See paragraph 39 below
Dealer:
37.
Total commission and concession:
The Issue Price includes a commission element to
be allocated to the Placement Managers which will
be equal to 3.50 per cent of the total Aggregate
Nominal Amount
38.
US Selling Restrictions:
Reg. S Compliance Category; TEFRA D
39.
Non-exempt Offer:
An offer of the Notes may be made through the
Placement Managers other than pursuant to Article
3(2) of the Prospectus Directive in Italy ("Public Offer
Jurisdictions") during the period from 16 March 2009
until the earlier of (i) 27 April 2009 and (ii) the day
immediately after the date on which purchases of the
Notes is equal to the maximum Aggregate Nominal
Amount of Euro 150,000,000, subject as provided
below. See further Paragraph 11 of Part B below.
Lead Manager: Mediobanca – Banca di Credito
Finanziario S.p.A. – P.tta Enrico Cuccia 1 – 20121
Milano
Placement Managers:
•
Banca Popolare di Milano Scarl – Piazza
Filippo Meda, 4 – 20121 Milano;
•
Banca di Legnano S.p.A. – Largo Franco
Tosi, 9 – 20025 Legnano (MI);
•
Cassa di Risparmio di Alessandria S.p.A. –
Via Dante Alighieri, 2 – 15100 Alessandria;
On-line Placement Manager: Banca Popolare di
Milano Scarl – Piazza Filippo Meda, 4 – 20121
Milano when collecting on-line subscription
requests.
The Placement Managers have agreed under the
Placement Agreement to place the Notes without a
firm commitment.
Page 8 of 24
The Placement Agreement will be entered into on or
before 12 March, 2009.
40.
Additional selling restrictions:
Not Applicable
PURPOSE OF FINAL TERMS
These Final Terms comprises the final terms required for issue and public offer in the Public Offer
Jurisdictions of the Notes described herein pursuant to the Euro 40,000,000,000 Euro Medium Term Note
Programme.
INFORMATION RELATING TO THE ISSUER
The following information relating to the Issuer is provided pursuant to Article 2414 of the Italian Civil
Code.
Mediobanca – Banca di Credito Finanziario S.p.A. is an Italian company with its registered office at
Piazzetta E. Cuccia 1, Milan, Italy, registered at the Companies’ Registry of the Chamber of Commerce in
Milan under registration number 00714490158.
The Issuer shall engage in the activities described below:
(a)
the raising of funds and provision of credit in any forms permitted, especially medium- and long-term
credit to corporates; and
(b)
within the limits laid down by current regulations, the execution of all banking, financial and
intermediation-related transactions and/or services and the carrying out of any transactions deemed to
be instrumental to or otherwise connected with achievement of the Issuer’s purpose.
As part of its supervisory and coordinating activities in its capacity as parent company of the Mediobanca
Banking Group (the “Group”) within the meaning of Article 61/4 of Legislative Decree No. 385 dated 1
September 1993, the Issuer shall also issue directives to member companies of the Group to comply with
instructions given by the Bank of Italy in the interests of maintaining the Group’s stability.
At the time of the issuance the share capital is equal to 410,027,832.50, consisting of 820,055,665 ordinary
shares with a nominal value of Euro 0.50 each and the reserves and retained earnings are equal to
4,266,465,177.70
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms. A brief description of
the shares is set out in Part C – Other Applicable Terms and has been extracted from Bloomberg. The Issuer
confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to
ascertain from information published by Bloomberg, no facts have been omitted which would render the
reproduced information inaccurate or misleading.
Signed on behalf of the Issuer:
By: ............................................
Duly authorised
By: ..........................................
Duly authorised
Page 9 of 24
PART B - OTHER INFORMATION
1.
2.
(i)
Listing:
None
(ii)
Admission to trading:
Not Applicable
RATINGS
Ratings:
The Notes to be issued have been rated:
S&P’s: AA-
3.
NOTIFICATION
The Commission de Surveillance du Secteur Financier in Luxembourg has provided the
Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy with a certificate of approval
attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive.
4.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
Banca di Legnano S.p.A. and Cassa di Risparmio di Alessandria S.p.A., all of which are part of the
Banca Popolare di Milano banking group, have or may have from time to time existing relationships
with the Issuer, either directly or indirectly through Banca Popolare di Milano Scarl, which is the
parent company, or through other companies being part of the Banca Popolare di Milano banking
group, resulting in potential conflict of interest.
Without limiting the generality of the foregoing, the Issuer is expected to enter into hedging
arrangements with Banca Akros – Gruppo Banca Popolare di Milano in connection with the issue of
the Notes in order to hedge its exposure.
Save as discussed above and except for any fees payable to the Placement Managers, so far as the
Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.
5.
8.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i)
Reasons for the offer:
See "Use of Proceeds" wording in Prospectus.
(ii)
Estimated net proceeds:
Up to EUR 144,750,000
(iii)
Estimated total expenses:
None
PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE AND ASSOCIATED RISKS
AND OTHER INFORMATION CONCERNING THE UNDERLYING
Under the Notes, the Noteholders are entitled to receive three fixed annual coupons on 30 April
2010, 30 April 2011 and 30 April 2012, regardless of the performance of the Share comprised in the
Basket and on each Specified Interest Payment Date an annual coupons linked to the performance of
Shares (the “Interest Amount” as defined in the Part C – Other Applicable Terms), calculated by
Calculation Agent on each Observation Date in accordance with the formula set forth in the Part C –
Other Applicable Terms.
Prospective investors should carefully consider that return of the Notes is partially dependent upon
the performance of the Shares and therefore, should the performance of the Shares on each
Observation Date(t) always be zero or negative per cent, the annual coupons will be equal to 2.5 per
cent. The annual coupons payable on each Specified Interest Payment Date could be equal to a
maximum coupon of 7 per cent and a minimum coupon of 2.50 per cent.
At the Maturity Date, the Noteholders are entitled to receive the amount initially invested.
Page 10 of 24
For other details relating for the calculation of the Interest Amount, see Part C – Other Applicable
Terms.
The Issuer does not intend to provide any past nor post-issuance information of the Shares
10.
OPERATIONAL INFORMATION
ISIN:
XS0414961002
Common Code:
041496100
New Global Note intended to be held
in a manner which would allow
Eurosystem eligibility:
Yes. Note that the designation “Yes” simply means
that the Notes are intended upon issue to be deposited
with one of the ICDSs as common safekeeper and does
not necessarily mean that the Notes 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 satisfaction of the
Eurosystem eligibility criteria.
Any clearing system(s) other than
Euroclear Bank S.A./N.V. and
Clearstream Banking, société anonyme
and the relevant identification number(s):
Not Applicable
Delivery:
Delivery against payment
Initial Paying Agent:
BNP Paribas,
33, Rue de Gasperich
Howald – Hesprange
L-2085 Luxembourg
Names and addresses of additional
Paying Agent(s) (if any):
11.
Not Applicable
TERMS AND CONDITIONS OF THE OFFER
Offer Period:
The Notes are being offered to the public in Italy
pursuant to Articles 17 and 18 of the Prospectus
Directive and the implementing provisions in Italy,
namely article 10-bis of CONSOB Regulation No.
11971/1999 as amended. The offer period will begin
on 16 March 2009 and will expire on the earlier of (i)
27 April 2009 and (ii) the day immediately after the
date on which purchases of the Notes is equal to the
maximum Aggregate Nominal Amount of Euro
150,000,000, subject as provided below.
For subscription applications to be submitted through
the On-line Placement Manager’s website the offer
period shall last from 10 a.m. of 16 March 2009 to 10
Page 11 of 24
p.m. of 10 April 2009
Should extraordinary events or circumstances
including but not limited to, those negatively affecting
the political, financial, economic, monetary, legal or
market situation, in Italy or abroad, adversely affecting
the feasibility or the expected results of the Offer –
according to the reasonable determination of the Issuer
– occur in the period between the date hereof and the
expiration date of the Offer Period then the Issuer, in
agreement with the Placement Managers, may at its
discretion early close the offer period, also in
circumstances where purchases of Notes are not yet
equal to the maximum Aggregate Nominal Amount.
Notice of the early closure of the offer period will be
given by the Issuer on the website of the Issuer and the
Placement Managers. Early closure of the offer will be
effective the first TARGET Settlement Day following
publication. In such a case, for avoidance of any doubt,
acceptances of the offer will be received until close of
business of the TARGET Settlement Day on which the
publication of the notice occurs.
Should extraordinary events or circumstances
including but not limited to, those negatively affecting
the political, financial, economic, monetary, legal or
market situation, in Italy or abroad, adversely affecting
the feasibility or the expected results of the Offer –
according to the reasonable determination of the Issuer
– occur in the period between the date hereof and the
expiration date of the Offer Period then the Issuer, in
agreement with the Placement Managers, may revoke
or withdraw the offer. Notice of revocation/withdrawal
of the offer will be given by the Issuer on the website
of the Issuer and the Placement Managers. Upon
revocation/withdrawal of the offer, all subscription
applications will become void and of no effect, without
further notice.
Offer Amount:
Up to EUR 150,000,000.
Offer Price:
100.00 per cent. of the Specified Denomination
Conditions to which the offer is subject:
Offer of the Notes is conditional on their issue only.
Description of the application process:
During the Offer Period, prospective investors may
subscribe the Notes during normal Italian banking
hours (from 10:00 a.m. to 16:00 p.m.) at the offices
(filiali) of the Placement Managers by filling in, duly
executing (also by appropriate attorneys) and
delivering a specific subscription form (Scheda di
Adesione).
Page 12 of 24
The Subscription requests can not be revoked by the
potential investors unless it is so permitted by
applicable laws and regulations.
Subscription of the Notes may be also made through
logging in on the On-Line Placement Manager’s
website.
The subscription form is available at each Placement
Manager’s office or is obtainable on the On-line
Placement Manager’s website.
There is no limit to the subscription application which
may be filled in and delivered by the same prospective
investor with the same or different Placement
Manager.
In case of subscription application submitted through
the On-line Placement Manager the subscription
requests can be revoked by the potential investors
through a specific request made to the On-line
Placement Manager within the fifteenth day after the
execution of the contract.
Once the revocation terms are expired, the subscription
of the Notes is irrevocable.
Description of possibility to reduce Not Applicable
subscriptions and manner for refunding
excess amount paid by applicants:
Details of the minimum and/or maximum The Notes may be subscribed in their Specified
amount of application:
Denomination of EUR 1,000 or integral multiples
thereof.
Details of the method and time limits for The total consideration for the Notes subscribed must
paying up and delivering the Notes:
be paid by the investor on the Issue Date to the
Placement Managers which has received the relevant
subscription form.
The Notes will be delivered on the Issue Date,
subsequent to the payment of the Offer Price, to
Noteholders in the deposit accounts held, directly or
indirectly, by the Placement Managers at Monte Titoli
and or Euroclear/Clearstream.
Manner in and date on which results of Not later than 5 TARGET Settlement Days after the
the offer are to be made public:
close of the Offer Period, the Issuer and the Placement
Manager will notify the public of the results of the
offer through a notice published on their respective
websites.
Procedure for exercise of any right of Not Applicable
pre-emption, negotiability of subscription
rights and treatment of subscription rights
not exercised:
Categories of potential investors to which The Notes will be offered by Mediobanca to the public
Page 13 of 24
the Notes are offered and whether at large in Italy.
tranche(s) have been reserved for certain Qualified investors, as defined in paragraphs (i) to (iii)
countries:
of Article 2 (i) (e) of the Prospectus Directive
2003/71/EC, are not allowed to subscribe any Notes.
Process for notification to applicants of
the amount allotted and the indication
whether dealing may begin before
notification is made:
Banca Popolare di Milano shall notify applicants
amounts allotted with respect to the other Placement
Managers.
There are no allotment criteria (criteri di riparto), as
subscription applications will be satisfied until
reaching the maximum Aggregate Nominal Amount of
EUR 150,000,000 and thereafter Placement Managers
will immediately suspend receipt of further
subscription applications.
Amount of any expenses and taxes Except for the embedded commission described in
specifically charged to the subscriber or paragraph 37 of Part A, no expenses and duties will be
purchaser:
charged by the Issuer to the subscribers of the Notes.
Name(s) and address(es), to the extent See item 39 above
known to the Issuer, of the placers in the
various countries where the offer takes
place.
Page 14 of 24
PART C – OTHER APPLICABLE TERMS
1. Index-Linked Interest or other Variable - Linked Interest :
Unless the Notes are previously redeemed, purchased and cancelled and subject to the provisions set forth
below and the provisions of Annex I, the variable amount of interest (the “Interest Amount(t)”, with t ranking
from t=4 to t=5), payable for each Note on each Specified Interest Payment Date, shall be calculated by
Calculation Agent in accordance with the following formula:
Interest Amount
(t )
[
(
= Eur 1,000 * Min 7%; Max 2.5%; PerfBasket
t
)]
(with t ranking from t= 4 to t= 5)
Where:
PerfBaskett =
1 6 Shareit − Sharei0
∑
6 i =1
Sharei0
Max" followed by a series of amounts inside brackets, means whichever is the greater of the amounts
separated by a semi-colon inside those brackets.
“Min” followed by a series of amounts inside brackets, means whichever is the lesser of the amounts
separated by a semi-colon inside those brackets.
“Sharei,0” means the Closing Price of the Sharei as of the Valuation Time on the Strike Date;
“Sharei,t“ means the Closing Price of the Sharei as of the Valuation Time on the relevant Observation Date(t)
In this Final Terms, the following terms will have the meaning specified hereinafter, provided that terms not
otherwise defined will have the meaning ascribed to them in the Base Prospectus:
2. Additional definitions:
“Closing Price” means the “Prezzo di Riferimento”, which means the price as published by the Italian
Stock Exchange at the close of trading and having the meaning ascribed thereto in the Rules of the Markets
Organised and Managed by the Italian Exchange, as such Rules may be amended by Borsa Italiana S.p.A.
from time to time; in any case as adjusted (if applicable) pursuant to the provisions of “Adjustments relating
to Share“ below.
“Observation Date(t)” means the eighth Scheduled Trading Day prior of each Specified Interest Payment
Date, (or, if such date is not a Scheduled Trading Day for a Share, the next following Scheduled Trading Day
for such Share) unless such day is a Disrupted Day in which case it shall be postponed pursuant to the
provisions of Consequences of Disrupted Days for a Share
“Strike Date” means 30 April 2009 (or, if such date is not a Scheduled Trading Day for a Share, the next
following Scheduled Trading Day for such Share), unless such day is a Disrupted Day in which case it shall
be postponed pursuant to the provisions of Consequences of Disrupted Days for a Share.
Page 15 of 24
"Share(i)” :
means each of the following 6 Shares (with i ranking from 1 to 6), and all together the "Basket", as defined
in Table 1 below:
TABLE 1
i
Share
1
4
Country
Exchange
Website*
Italy
Milan Stock
Exchange
www.enel.it
Italy
Milan Stock
Exchange
www.eni.it
Italy
Milan Stock
Exchange
www.generali.it
www.bancopopolare.it
Enel S.p.A.
ENEL IM
Equity
Eni S.p.A.
ENI IM
Equity
Assicurazioni
Generali S.p.A.
G IM
Equity
Banco Popolare
SCARL
BP IM
Equity
Italy
Milan Stock
Exchange
Intesa Sanpaolo
ISP IM
Equity
Italy
Milan Stock
Exchange
www.intesasanpaolo.com
UniCredit S.p.A
UCG IM
Equity
Italy
Milan Stock
Exchange
www.unicreditbanca.it
2
3
Bloomberg
Code
5
6
* The information relating to the past and future performances of any Share are available on the website of
the relevant Company and the volatilities can be obtained, upon request, at the office of the Calculation
Agent
Page 16 of 24
Annex I
(This Annex forms part of the Final Terms to which it is attached)
PART 1 – GENERAL DEFINITIONS
Company means, in respect of a Share, the issuer of such Share.
Consequences of Disrupted Days for a Share
If any Observation Date specified in the Final Terms (each a Scheduled Observation Date), is a Disrupted
Day for a Share (the Affected Share), the Observation Date for each Share not affected by a Disrupted Day
shall be the Scheduled Observation Date, and the Observation Date for each Affected Share shall be the first
succeeding Scheduled Trading Day that is not a Disrupted Day in respect of that Affected Share, unless each
of the five Scheduled Trading Days immediately following the Scheduled Observation Date is also a
Disrupted Day. In that case:
(i)
that fifth Scheduled Trading Day shall be deemed to be the Observation Date for the Affected
Share, notwithstanding the fact that such day is a Disrupted Day , and
(ii)
the Calculation Agent shall determine in respect of a Share, its good faith estimate of the value of the
Share as of the Valuation Time on that fifth Scheduled Trading Day and the good faith estimate of
the value of the Share so calculated shall be deemed the Closing Price;
Disrupted Day means in respect of a Share, any Scheduled Trading Day (a) on which a relevant Exchange
or Related Exchange fails to open for trading during its regular trading session or (b) on which a Market
Disruption Event has occurred.
Early Closure means the closure on any Exchange Business Day of (i) the relevant Exchange, or (ii) any
Related Exchange, prior to its Scheduled Closing Time unless such earlier closing is announced by such
Exchange or Related Exchange (as the case may be) at least half hour prior to the earlier of (x) the actual
closing time for the regular trading session on such Exchange or Related Exchange (as the case may be) on
such Exchange Business Day and (y) the submission deadline for orders to be entered into the Exchange or
Related Exchange system for execution at the relevant Valuation Time on such Exchange Business Day.
Exchange(s) means, in respect of a Share, the corresponding exchange or quotation system specified in the
applicable Final Terms, or any successor exchange or quotation system or any substitute exchange or
quotation system to which trading in the Share has temporarily relocated (provided that the Calculation
Agent has determined that there is comparable liquidity relative to such Share on such temporary substitute
exchange or quotation system as on the original Exchange).
Exchange Business Day means, in respect of each Share and observed separately, any Scheduled Trading
Day on which each relevant Exchange and Related Exchange are open for trading during their respective
regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its
Scheduled Closing Time.
Exchange Disruption means in respect of a Share, any event (other than an Early Closure) that disrupts or
impairs (as determined by the Calculation Agent) the ability of market participants in general (i) to effect
Page 17 of 24
transactions in, or obtain market values for the Share on the Exchange, or (ii) to effect transactions in, or
obtain market values for, futures or options contracts relating to the Share on any relevant Related Exchange.
Market Disruption Event means in respect of a Share, the occurrence or existence of (i) a Trading
Disruption, (ii) an Exchange Disruption which, in either case, the Calculation Agent determines is material,
at any time during the half hour period that ends at the relevant Valuation Time or (iii) an Early Closure.
Related Exchange(s) means, in respect of a Share each exchange or quotation system where trading has a
material effect (as determined by the Calculation Agent) on the overall market for futures and options
contracts relating to such Share, any successor exchange or quotation system or any substitute exchange or
quotation system to which trading in futures or options contracts relating to a Share has temporarily relocated
(provided that the Calculation Agent has determined that there is comparable liquidity relative to the futures
or options contracts relating such Share on such temporary substitute exchange or quotation system as on the
original Related Exchange).
Share(s) means a share of the Company the name of which appears in the applicable Final Terms, subject to
adjustment pursuant to the provisions of "Adjustments and Extraordinary Events relating to Shares "
(below).
Scheduled Closing Time means, in respect of an Exchange or Related Exchange, the scheduled weekday
closing time of such Exchange or Related Exchange, without regard to after hours or any other trading
outside of the regular trading session hours.
Scheduled Trading Day means in respect of a Share, any day on which each Exchange and each Related
Exchange, if any, are scheduled to be open for trading for their respective regular trading session.
Trading Disruption means in respect of a Share, any suspension of or limitation imposed on trading by the
relevant Exchange or Related Exchange or otherwise and whether by reason of movements in price
exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise (i) relating to the
Share on the Exchange or (ii) in futures or options contracts relating to the Share on any relevant Related
Exchange.
Valuation Time means in respect of a Share, the Scheduled Closing Time, provided however that if the
Exchange closes prior to its Scheduled Closing Time, the Valuation Time shall be the actual closing time of
the Exchange.
PART 2 - ADJUSTMENTS RELATING TO SHARES
A.
Adjustments and Extraordinary Events relating to Shares
Potential Adjustment Event means, in relation to a Share, any of the following:
(i)
a subdivision, consolidation or reclassification of such Share (unless resulting in a Merger Event)
including, for the avoidance of doubt, a stock split or reverse stock split, or a free distribution or
dividend of any such Shares to existing holders by way of bonus, capitalisation or similar issue;
Page 18 of 24
(ii)
a distribution, issue or dividend to existing holders of such Share of (a) such Shares or (b) other
share capital or securities granting the right to payment of dividends and/or the proceeds of
liquidation of the Company equally or proportionately with such payments to holders of such Shares
(c) share capital, other securities of another issuer acquired or owned (directly or indirectly) by the
Company as a result of a spin-off or other similar transaction, or (d) any other type of securities,
rights or warrants or other assets, in any case for payment (in cash or otherwise) at less than the
prevailing market price as determined by the Calculation Agent;
(iii)
an extraordinary dividend as determined by the Calculation Agent;
(iv)
a call by the Company in respect of Shares that are not fully paid;
(v)
a repurchase by the Company or any of its subsidiaries of Shares whether out of profits or capital
and whether the consideration for such repurchase is cash, securities or otherwise;
(vi)
an event that results in any shareholder rights being distributed or becoming separated from shares of
common stock or other shares of the capital stock of the Company pursuant to a shareholder rights
plan or arrangement directed against hostile takeovers that provides upon the occurrence of certain
events for a distribution of preferred stock, warrants, debt instruments or stock rights at a price
below their market value, as determined by the Calculation Agent provided that any adjustment
effected as a result of such an event shall be readjusted upon any redemption of such rights; or
(vii)
any other event having, in the opinion of the Calculation Agent, a diluting or concentrative effect on
the theoretical value of the Shares.
Following the occurrence of any Potential Adjustment Event as defined above, the Calculation Agent will, as
soon as reasonably practicable after it becomes aware of such event determine whether such Potential
Adjustment Event has a diluting or concentrative effect on the theoretical value of the Share and, if so, will
(a) calculate the corresponding adjustment, if any, to be made to the elements relating to the relevant Share
used to determine any settlement or payment terms under the Notes and/or any other terms of the Notes as it
determines appropriate to preserve the economic equivalent of the obligations of the Issuer under the Notes
and (b) determine the effective date of that adjustment. The Calculation Agent may (but need not) determine
the appropriate adjustment by reference to the adjustment in respect of such Potential Adjustment Event
made by a Related Exchange to options on the Share traded on such Related Exchange.
Upon making any such adjustment, the Calculation Agent shall give notice as soon as practicable to the
Noteholders in accordance with the provisions of the Conditions setting out the adjustment to the terms of
the Notes and giving brief details of the Potential Adjustment Event.
Page 19 of 24
B.
Extraordinary Events
(i)
Upon the occurrence, in the determination of the Calculation Agent, on or prior to the last
Observation Date of a Merger Event, a De-listing Event, a De-merger Event, an Insolvency, a
Nationalisation or a Participation Event, in respect of a Share or the opening of an Offering Period
relating to such events (an Affected Share), then during such Offering Period, the Calculation Agent
may decide in good faith to apply Method of Substitution with respect to the Affected Share.
(ii)
If the Calculation Agent decides not to apply Method of Substitution during the Offering Period with
respect to the Affected Share, then:
(A)
(B)
(C)
in respect of a Merger Event, from the Merger Date, and/or upon consummation of the
Merger Event, until the sixtieth Business Day thereafter, the Calculation Agent, acting in
good faith, shall apply:
(a)
Share-for-Share: Alternative Obligation and/or Method of Substitution;
(b)
Share-for-Other: Alternative Obligation and/or Method of Substitution;
(c)
Share-for-Combined: Alternative Obligation and/or Method of Substitution;
in the case of a Merger Event affecting two Shares comprised in a Basket, the Calculation
Agent will either:
(a)
continue with the share resulting from the Merger Event and in order to maintain the
original number of listed Companies, a Substitute Share (as applicable) will be
elected and included in the Basket; or
(b)
substitute both Shares with two Substitute Shares selected as described in the
Method of Substitution;
in respect of a De-merger Event, from the De-merger Date, and/or upon consummation of
the De-merger Event, until the sixtieth Business Day thereafter, the Calculation Agent,
acting in good faith, will either:
(a)
replace the Affected Share with the shares of the successor Companies; or
(b)
substitute one or more share(s) resulting from such De-merger Event pursuant to the
Method of Substitution,
it being understood that, in the case of a Basket, the Calculation Agent shall maintain the
initial number of listed Companies and that in the case where the Calculation Agent has
elected to substitute the Affected Share with several shares resulting from such De-merger
Event, such shares shall be placed in a sub-basket and considered as one component of the
Basket;
Page 20 of 24
(D)
in respect of a De-listing Event or a Nationalisation, from the effective date of such event,
until the sixtieth Business Day thereafter, the Calculation Agent, acting in good faith, may,
but is not obliged to, apply the Method of Substitution;
(E)
in respect of an Insolvency, the Calculation Agent will decide, either that:
(F)
(iii)
(a)
the Affected Share will be substituted pursuant to the Method of Substitution; or
(b)
the value of the relevant component in the formula used to determine the amount to
be paid or whether a condition has occurred, if any, as described in the applicable
Final Terms, representing the Affected Share will be accounted by the Calculation
Agent for its fair market value determined at any time as from the date of occurrence
of such Insolvency until the last Observation Date. The determination of the fair
market value shall depend upon the liquidity of the market and the trading
conditions relating to the Share affected at the time of calculation; and
in respect of a Participation Event, the Calculation Agent may, but is not obliged to, select a
Substitute Share for the Affected Share pursuant to the Method of Substitution.
Notwithstanding anything herein to the contrary, the Calculation Agent shall use its reasonable
endeavours at all times to maintain the original number of listed companies as Companies hereunder.
Definitions applicable to this section B - Extraordinary Events:
Alternative Obligation means:
(i)
if, in respect of a Share-for-Share Merger Event, the Calculation Agent decides to apply Alternative
Obligation, then on or after the relevant Merger Date the New Shares and the issuer of such New
Shares will be deemed the Shares and the Company, respectively, and, if necessary, the
Calculation Agent will adjust any relevant terms of the Notes on the basis of the number of New
Shares (as subsequently modified in accordance with any relevant terms and including the proceeds
of any redemption, if applicable) to which a holder of the relevant number of Shares immediately
prior to the occurrence of the Merger Event would be entitled upon consummation of the Merger
Event;
(ii)
if, in respect of a Share-for-Other Merger Event, the Calculation Agent decides to apply Alternative
Obligation, then on or after the relevant Merger Date, the Calculation Agent will adjust any relevant
terms of the Notes on the basis of the amount of Other Consideration (as subsequently modified in
accordance with any relevant terms and including the proceeds of any redemption, if applicable) to
which a holder of the relevant number of Shares would be entitled upon consummation of the
Merger Event and, if necessary, any relevant terms of the Notes; and
(iii)
if, in respect of a Share-for-Combined Merger Event, the Calculation Agent decides to apply
Alternative Obligation, then on or after the Merger Date the New Shares and the Other
Consideration will be deemed the Shares and the issuer of the New Shares or the Other
Consideration (if any) will be deemed the Company respectively, and, if necessary, the Calculation
Agent will adjust any relevant terms of the Notes on the basis of the number of New Shares and the
Page 21 of 24
amount of Other Consideration (as subsequently modified in accordance with any relevant terms and
including the proceeds of any redemption, if applicable) to which a holder of the relevant number of
Shares would be entitled upon consummation of the Merger Event.
Combined Consideration means New Shares in combination with Other Consideration.
De-listing Event means, in respect of a Share, that such Share: (a) ceases to be listed, traded or publicly
quoted on the relevant Exchange or listing compartment of the relevant Exchange (for any reason other than
a Merger Event or a Tender offer) and is not immediately re-listed, re-traded or re-quoted on an exchange or
quotation system located in the same country as the Exchange (or where the Exchange is within the
European Union, in any member state of the European Union) or (b) has its listing, trading or public
quotation maintained in inappropriate conditions in the opinion of the Calculation Agent (such conditions to
include, without limitation, a lack of liquidity or the disappearance of the relevant future and/or option
contract of the relevant Share).
De-merger Event means, in respect of any Share, that the Company relevant to such Share is affected by a
de-merger including, without limitation, a spin off, scission or any operation of a similar nature.
De-merger Date means the date on which a De-merger Event becomes effective.
Fixing Period means the period subject to a maximum of ten Exchange Business Days, which shall expire
no later than 90 Business Days following the Merger Date, the De-merger Date or the effective date of the
De-listing Event, Nationalisation, Insolvency or Participation Event) during which:
(i)
the Calculation Agent sells the Affected Shares, the New Shares and/or the Other Consideration, (as
the case may be), on the basis of the arithmetic mean of the closing prices of the relevant assets, as
observed during such Fixing Period; and
(ii)
the proceeds of such sale are re-invested in the Substitute Shares and/or New Shares accordingly
during the said Fixing Period on the basis of the arithmetic mean of the closing prices of such
Substitute Shares and/or New Shares, as observed during such Fixing Period.
Insolvency means, in respect of a Company, voluntary or involuntary liquidation, bankruptcy, insolvency,
dissolution or winding-up of, or any analogous proceeding affecting, such Company, as determined in good
faith by the Calculation Agent.
Merger Date means in respect of a Share, the date upon which holders of the necessary number of the
relevant Shares (other than, in the case of a takeover offer, Shares owned or controlled by the offeror) to
constitute a Merger Event have agreed or have irrevocably become obliged to transfer their Shares.
Merger Event means in respect of any Share:
(i)
any reclassification or change of such Share (including the change of currency reference of the
Share) that results in a transfer of or an irrevocable commitment to transfer all of such Share
outstanding to another entity or person; or
Page 22 of 24
(ii)
any consolidation, amalgamation, merger or binding share exchange of the relevant Company with
or into another entity (other than a consolidation, amalgamation or merger in which such Company
is the continuing entity and which does not result in a reclassification or change of all of such Shares
outstanding);
(iii)
other take-over offer, tender offer, exchange offer, solicitation, proposal or other event by any entity
or person to purchase or otherwise obtain 100 per cent. of the outstanding Shares that results in a
transfer of or an irrevocable commitment to transfer all or part of such Shares (other than any of such
Shares owned or controlled by the offeror);
(iv)
any consolidation, amalgamation, merger or binding share exchange of the relevant Company or its
subsidiaries with or into another entity in which such Company is the continuing entity and which
does not result in a reclassification or change of all of such Shares outstanding but results in the
outstanding Shares (other than Shares owned or controlled by such other entity) immediately prior to
such event collectively representing less than 50 per cent. of the outstanding Shares immediately
following such event; or
(v)
take-over offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or
person that results in such entity or person purchasing or otherwise obtaining or having the right to
obtain, by conversion or other means, greater than 10 per cent. and less than 100 per cent. of the
outstanding voting shares of the Company, as determined by the Calculation Agent based upon the
making of filings with governmental or self-regulatory agencies or such other information as the
Calculation Agent deems relevant.
Method of Substitution means that in the case of a Merger Event, De-listing Event, De-merger Event,
Nationalisation, Insolvency or Participation Event (regardless of the consideration to be received), in respect
of an Affected Share, the Calculation Agent may consider that the Affected Share, the New Shares and/or, all
or part of the Other Consideration (as the case may be) is/are converted into cash and that the proceeds will
be reinvested either (a) into a new share of the same economic sector and the same geographic area or into a
share issued by a company of a similar international standing or creditworthiness as the Company related to
the Affected Share (a Substitute Share) or (b) in the case of Combined Consideration into New Shares. In
the event of Other Consideration to be received in cash, in the future, the Calculation Agent may consider
that the cash to be received in the future is discounted in order to immediately re-invest the proceeds then
procured in accordance with (a) and (b) above.
The sale of the Affected Share, the New Shares and/or the Other Consideration shall be deemed to take place
during the Fixing Period. The Substitute Share and the company issuing such Substituted Share will be
deemed a Share and the Company respectively, and the Calculation Agent will adjust any relevant terms of
the Notes.
For information purposes, it is understood that in all cases described herein where a Share is substituted, on
any date "t", with a Substitute Share, the value of the relevant component in the formula used to determine
the amount to be paid as described in the applicable Final Terms, shall not be affected by the substitution on
such date "t" in respect of the Substitute Share and would mean the closing price of such Substitute Share on
the relevant Exchange on the date "t" is weighted by an appropriate linking coefficient so that it is equal to
the closing price of the Affected Share on such date "t".
Page 23 of 24
Nationalisation means that all the Shares or all or substantially all of the assets of a Company are
nationalised, expropriated or are otherwise required to be transferred to any governmental agency, authority,
entity or instrumentality thereof.
New Shares means shares (whether of the offeror or a third party) that are listed or quoted on a recognised
exchange as determined by the Calculation Agent.
Offering Period means the period from and including the date on which the Merger Event, the De-listing
Event, De-merger Event, Insolvency, Nationalisation or Participation Event is publicly and officially
announced to but excluding the Merger Date or De-merger Date or the effective date of the De-listing Event,
Insolvency or Nationalisation.
Other Consideration means cash and/or any securities (other than New Shares) or assets (whether of the
offeror or a third party).
Participation Event means that a Company (whose Shares form part of a Basket) takes a stake exceeding 20
per cent. of another Company whose Shares also form part of the Basket.
Share-for-Combined means, in respect of a Merger Event, that the consideration for the relevant Shares
consists of Combined Consideration.
Share-for-Other means, in respect of a Merger Event, that the consideration for the relevant Shares consists
solely of Other Consideration.
Share-for-Share means, in respect of a Merger Event, that the consideration for the relevant Shares consists
(or, at the option of the holder of such Shares, may consist) solely of New Shares.
C.
Correction of the Closing Price of a Share
In the event that any price or level published on the Exchange and which is utilised for any calculation or
determination made under the Notes is subsequently corrected and the correction is published and made
available to the public by the Exchange after the original publication but no later than third Business Days
prior to the Maturity Date (or any payment date(s) determined in the applicable Final Terms), the Calculation
Agent will determine the amount that is payable as a result of that correction, and, to the extent necessary,
will adjust the terms of the Notes to account for such correction.
Page 24 of 24
NOTA DI SINTESI DEL PROGRAMMA
La presente sezione del Prospetto di Base costituisce una nota di sintesi (la “Nota di Sintesi”) ai fini
dell’Articolo 5(2) della Direttiva sui Prospetti.
La presente Nota di Sintesi deve essere letta come un’introduzione al Prospetto di Base e
qualsiasi decisione di investimento nei Titoli dovrebbe basarsi sull’analisi del Prospetto di Base
nel suo complesso, ivi compresi i documenti inclusi per riferimento. In seguito al recepimento, in
ciascuno Stato membro dell’Area Economica Europea, delle pertinenti disposizioni della
Direttiva sui Prospetti, nessun soggetto potrà essere chiamato a rispondere esclusivamente in
base alla presente Nota di Sintesi, comprese le relative eventuali traduzioni, a meno che la Nota
di Sintesi stessa risulti fuorviante, imprecisa e incoerente se letta insieme alle altre parti del
Prospetto di Base. Qualora sia proposto un ricorso dinanzi all’autorità giudiziaria di uno Stato
membro dell’Area Economica Europea in merito alle informazioni contenute nel presente
Prospetto di Base, il ricorrente potrebbe essere tenuto, a norma del diritto nazionale applicabile
nello Stato membro in cui è proposto il ricorso, a sostenere le spese di traduzione del presente
Prospetto di Base prima dell’inizio del procedimento.
I termini in maiuscolo utilizzati altrove nel Prospetto di Base hanno il significato ad essi attribuito
nella presente Nota di Sintesi. I termini e le espressioni definite nelle sezioni “Forma dei Titoli”,
“Termini e Condizioni dei Titoli” e “Termini e Condizioni dei Titoli Credit Linked” avranno il
medesimo significato nella presente Nota di Sintesi.
Emittenti:
Mediobanca – Banca di Credito Finanziario S.p.A. e Mediobanca
International (Luxembourg) S.A.
Descrizione di Mediobanca - Mediobanca è un istituto di credito a medio termine costituito in
Banca di Credito Finanziario Italia nel 1946. Nel 1956 le azioni di Mediobanca sono state
ammesse alla Borsa italiana e da allora ha avuto inizio
S.p.A.:
l’espansione della sua attività a livello sia nazionale sia
internazionale.
Mediobanca è iscritta al Registro delle Imprese della Camera di
Commercio di Milano, Italia, al n. 00714490158. La sede legale
di Mediobanca si trova in Piazzetta E. Cuccia 1, Milano, Italia,
numero di telefono (+39) 0288291.
Mediobanca è in possesso di una licenza bancaria rilasciata dalla
Banca d’Italia, che la autorizza a svolgere tutti i tipi di attività
bancarie consentiti in Italia.
Mediobanca è una banca costituita e esistente ai sensi del diritto
italiano, che svolge una vasta gamma di attività bancarie,
finanziarie e attività correlate in tutta Italia.
Alla data del presente documento, il capitale azionario emesso di
Mediobanca ammonta a Euro 410.027.832,50, rappresentato da
820.055.665 azioni nominative di valore nominale pari a Euro
0,50.
Il Consiglio di Gestione di Mediobanca è responsabile della
Milan-1/217753/01
> - -
.../...
gestione ordinaria e straordinaria di Mediobanca.
Descrizione di Mediobanca
International (Luxembourg) S.A.:
Mediobanca International è una société anonyme soggetta al
diritto lussemburghese e avente sede di registrazione in
Lussemburgo.
Il 15 dicembre 2005 il Ministero del Tesoro e del Bilancio del
Lussemburgo, su raccomandazione della CSSF, ha rilasciato a
Mediobanca International una licenza bancaria completa ai sensi
della quale la sua operatività comprende la raccolta di fondi sui
mercati internazionali e l’erogazione di finanziamenti, in
conformità allo statuto di Mediobanca International approvato
dagli azionisti nell’assemblea generale tenutasi il 21 dicembre
2005.
Mediobanca International è iscritta al Registro delle Imprese e
del Commercio del Lussemburgo con il numero di registrazione
B 112885. La sede legale di Mediobanca International è in 14
Boulevard Roosevelt L-2450 Lussemburgo, Lussemburgo.
Alla data del presente documento, il capitale azionario emesso e
autorizzato di Mediobanca International ammonta a Euro
10.000.000, rappresentato da 1.000.000 di azioni nominative di
valore nominale pari a Euro 10.
Il Consiglio di Amministrazione di Mediobanca International ha
il compito di fissare livelli di autorizzazione, definire la struttura
organizzativa, determinare il sistema di controllo interno e
riesaminarlo periodicamente, nonché approvare il bilancio e i
rendiconti finanziari provvisori della banca. La gestione
quotidiana è affidata a due amministratori delegati.
Garante:
Mediobanca - Banca di Credito Finanziario S.p.A. (in relazione a
Titoli emessi da Mediobanca International (Luxembourg) S.A.
Fattori di rischio relativi agli
Emittenti, al Garante e al Gruppo
Mediobanca:
Vi sono alcuni fattori che potrebbero incidere sulla capacità di
ciascun Emittente di adempiere ai propri obblighi in relazione ai
Titoli emessi in base al Programma, tra cui i seguenti fattori di
rischio connessi al Gruppo Mediobanca, alle sue operazioni e al
suo settore di attività:
Milan-1/217753/01
(i)
Eventi difficilmente prevedibili potrebbero incidere
negativamente sui risultati finanziari dell’Emittente.
(ii)
Variazioni dei tassi d’interesse incidono negativamente
> - -
.../...
sui risultati finanziari dell’Emittente.
Fattori di rischio relativi ai Titoli:
Milan-1/217753/01
(iii)
Flessioni e volatilità di mercato potrebbero incidere
negativamente sui risultati finanziari dell’Emittente.
(iv)
L’Emittente è soggetto al rischio di credito e di mercato.
Le attuali condizioni di mercato non hanno precedenti.
(v)
La forte crisi di mercato e la relativa volatilità possono
incidere negativamente sui ricavi derivanti dall’attività di
investment banking e di consulenza finanziaria
dell’Emittente ed esporre l’Emittente a rischi di perdite
su clienti o su altre controparti.
(vi)
Flessioni perduranti del mercato possono ridurre la
liquidità presente nei mercati, rendendo più difficile la
vendita di attività e determinando perdite sostanziali.
(vii)
La volatilità del mercato ed il difficile accesso ai mercati
dei capitali di debito potrebbero influire negativamente
sulla liquidità dell’Emittente.
(viii)
L’accesa concorrenza, in particolare nel mercato italiano,
dove è focalizzata l’attività commerciale dell’Emittente,
potrebbe influire negativamente sui ricavi e sulla
redditività dell’Emittente.
(ix)
Le politiche, le procedure e i metodi di gestione del
rischio dell’Emittente potrebbero nondimeno esporlo a
rischi non identificati o non previsti, determinando
perdite rilevanti.
(x)
L’Emittente è soggetto al rischio operativo.
(xi)
Eventuali variazioni nel sistema normativo italiano e
europeo potrebbero influire negativamente sull’attività
dell’Emittente.
Vi sono, inoltre, taluni fattori che sono rilevanti ai fini della
valutazione dei rischi relativi ai Titoli emessi in base al
Programma. I Titoli potrebbero non essere adatti a tutte le
tipologie di investitori. In base al Programma potrebbe essere
emessa un’ampia gamma di Titoli. Molti di questi Titoli
potrebbero essere caratterizzati da determinati rischi per i
potenziali investitori, tra cui i seguenti:
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Milan-1/217753/01
(i)
I Titoli potrebbero non essere un investimento adatto a
tutti gli investitori.
(ii)
La caratteristica di rimborso opzionale dei Titoli
potrebbe limitarne il valore di mercato.
(iii)
Qualora l’Emittente sia obbligato a aumentare gli
importi dovuti in ordine a qualsiasi Titolo a causa di
ritenute d’acconto o detrazioni, l’Emittente potrebbe
riscattare tutti i Titoli in circolazione in conformità al
Regolamento, salvo che, con riferimento ad una
determinata Tranche di Titoli, le relative Condizioni
Definitive (Final Terms) non prevedano diversamente.
(iv)
L’Emittente potrebbe emettere Titoli il cui capitale o
interesse sia determinato con riferimento a un indice o a
una formula, a variazioni dei prezzi di titoli o di
commodities, a oscillazioni dei tassi di cambio o in base
ad altri fattori determinanti dell’importo di capitale o di
interesse. I potenziali investitori dovrebbero essere
consapevoli del fatto che ciò potrebbe determinare, inter
alia, la volatilità del prezzo di mercato di detti Titoli e la
perdita di tutto o di una sostanziale parte del capitale nel
caso di Titoli non garantiti da capitale.
(v)
L’Emittente potrebbe emettere Titoli Credit Linked,
ossia titoli correlati all’adempimento di una “Entità di
Riferimento”, nonché delle obbligazioni di tale Entità di
Riferimento. Gli investitori sono pregati di notare che i
Titoli Credit Linked differiscono dagli ordinari titoli di
debito emessi dall’Emittente in quanto gli importi
dovuti dall’Emittente a titolo di rimborso del capitale e
di pagamento degli interessi dipendono dal fatto che si
sia o meno verificato un “Credit Event” rispetto
all’Entità di Riferimento. In alcune circostanze tali
Titoli cesseranno di generare interessi (nel caso in cui
questi siano stati inizialmente previsti) e l’importo
rimborsato ai Portatori dei Titoli potrebbe essere
inferiore all’importo del loro investimento originario ed,
in determinati casi, potrebbe essere pari a zero.
(vi)
L’Emittente potrebbe emettere Titoli il cui prezzo di
emissione sia dovuto in più pagamenti rateali. Il
mancato pagamento di una qualsiasi rata successiva
potrebbe determinare la perdita, da parte di un
investitore, dell'intero investimento.
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Fattori di rischio relativi ai Titoli
in generale:
Milan-1/217753/01
(vii)
I Titoli a tasso di interesse variabile possono
rappresentare investimenti volatili.
(viii)
I Titoli a Tasso Variabile Inverso (noti anche come
Reverse Floater) hanno un tasso d’interesse pari a un
tasso fisso meno un tasso basato su un tasso di
riferimento, rendendo i valori di mercato di tali Titoli
generalmente più volatili rispetto ai valori di mercato di
altri titoli di debito a tasso variabile convenzionali.
(ix)
I Titoli a tasso fisso/variabile potrebbero determinare
interessi a un tasso che l’Emittente potrebbe scegliere di
convertire da fisso a variabile, o viceversa.
(x)
I valori di mercato dei titoli emessi a sconto o a premio
sostanziale rispetto al loro importo di capitale sono
tendenzialmente più soggetti a oscillazioni relative a
variazioni generali dei tassi d’interesse, rispetto ai prezzi
di titoli fruttiferi convenzionali.
(xi)
Nel caso di Titoli Subordinati, qualora Mediobanca sia
dichiarata insolvente e sia avviato un procedimento di
liquidazione, sarà tenuta a pagare i titolari di debito
senior e a adempiere alle proprie obbligazioni per intero
verso tutti gli altri creditori (ivi compresi i creditori non
garantiti) prima di effettuare qualsiasi pagamento
inerente Titoli Subordinati.
(xii)
Ove specificato nelle Condizioni Definitive (Final
Terms), nella misura in cui l’Emittente sia tenuto per
legge a trattenere o a detrarre eventuali tasse attuali o
future di qualsiasi genere imposte o applicate dalla o per
conto della Repubblica italiana ovvero del Gran Ducato
di Lussemburgo, a seconda dei casi, non avrà alcun
obbligo di pagare importi supplementari ai Portatori di
Titoli.
(i)
Ai sensi della Direttiva 2003/48/CE del Consiglio in
materia di tassazione dei redditi da risparmio sotto
forma di pagamenti di interessi, ciascuno Stato Membro
dell’Area Economica Europea è tenuto a fornire alle
Autorità Fiscali di un altro Stato Membro dell’Area
Economica Europea dettagli circa pagamenti a titolo di
interessi o altre rendite similari pagati da un soggetto
rientrante nella propria giurisdizione in favore di,
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ovvero riscossi da tale soggetto a favore di, una persona
fisica residente in tale altro Stato Membro; tuttavia, per
un periodo transitorio, l' Austria, il Belgio ed il
Lussemburgo hanno la facoltà di applicare un sistema di
ritenute d'imposta in relazione a tali pagamenti,
prelevando tali ritenute ad aliquote destinate ad
incrementarsi nel tempo, sino al 35%.
Fattori di rischio relativi al
mercato in generale:
Milan-1/217753/01
(ii)
Il regolamento dei Titoli si basa sulla legge inglese
vigente alla data del presente Prospetto di Base. Non
può essere fornita alcuna garanzia in merito all’impatto
di possibili decisioni giudiziarie o modifiche della legge
inglese o di prassi amministrative intervenute
successivamente alla data del presente Prospetto di
Base.
(iii)
Euroclear e Clearstream, Lussemburgo, conserveranno le
registrazioni delle titolarità nei Titoli Globali (Global
Notes). L’Emittente non ha alcuna responsabilità dei
registri o dei pagamenti effettuati in relazione agli
interessi beneficiari nei Titoli Globali.
(i)
Al momento dell’emissione, i Titoli potrebbero non
avere un mercato consolidato di negoziazione, e questo
mercato potrebbe non svilupparsi mai.
(ii)
L’Emittente rimborserà il capitale e pagherà gli interessi
sui Titoli nella Valuta di Riferimento. Ciò presenta
determinati rischi relativi a conversioni valutarie qualora
le attività finanziarie di un investitore siano denominate
prevalentemente in una valuta o unità valutaria diversa
dalla Valuta di Riferimento.
(iii)
L’investimento in Titoli a tasso fisso comporta il rischio
che successive variazioni dei tassi d’interesse di mercato
potrebbero ripercuotersi sul valore di detti Titoli a tasso
fisso.
(iv)
Una o più agenzie di rating indipendenti potrebbero
assegnare rating creditizi ai Titoli. I rating potrebbero
non riflettere il potenziale impatto di tutti i rischi inerenti
la struttura, il mercato, i fattori supplementari sopra
menzionati e altri fattori che potrebbero avere un impatto
negativo sul valore dei Titoli.
(v)
Le attività d’investimento di alcuni investitori sono
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soggette a leggi e regolamenti in materia di investimenti
legali o a revisione o controllo da parte di alcune
autorità. I potenziali investitori dovrebbero rivolgersi ai
propri consulenti legali.
Descrizione:
Programma di Titoli a Medio Termine in Euro.
Dimensione:
Fino a EUR 40.000.000.000 (o importo equivalente in altre
valute alla data di ciascuna emissione) di importo di capitale
complessivo di Titoli in circolazione per volta.
Valute:
Fatta salva la conformità a tutte le leggi, i regolamenti e le
direttive, i Titoli possono essere emessi in qualsiasi valuta o in
valute concordate dal relativo Emittente, dal Garante (se del
caso) e dal Dealer di riferimento.
Denominazione:
I Titoli saranno emessi nelle denominazioni eventualmente
specificate nelle relative Condizioni Definitive (Final Terms),
fatta salva la conformità a tutti i requisiti legali e/o normativi e /
o delle banche centrali e purché la denominazione minima di
ciascun Titolo ammesso alla negoziazione su un mercato
regolamentato all’interno dell’Area Economica Europea ovvero
offerto al pubblico in uno Stato membro dell’Area Economica
Europea in circostanze che richiedano la pubblicazione di un
prospetto informativo ai sensi della Direttiva sui Prospetti, sarà
di EUR 1.000 (oppure, ove i Titoli siano denominati in una
valuta diversa dall’euro, un importo equivalente in detta altra
valuta).
Metodo di Emissione:
I Titoli possono essere emessi su base sindacata o non sindacata.
I Titoli saranno emessi in una o più Serie (che potrebbero essere
emesse nella stessa data o in più di una Tranche in date
differenti). I Titoli potrebbero essere emessi in Tranche su base
continuativa e non prevedere alcuna dimensione minima di
emissione, fatta salva la conformità a tutte le leggi, i regolamenti
e le direttive applicabili. Ulteriori Titoli potrebbero essere emessi
come parte di una Serie esistente.
Consolidamento:
I Titoli di una serie potrebbero essere consolidati con i Titoli di
un’altra Serie, come descritto nell’Articolo 12 del Regolamento
(Ulteriori emissioni e consolidamento).
Forma dei Titoli:
I Titoli possono essere emessi soltanto al portatore. Le relative
Condizioni Definitive (Final Terms) specificheranno se ciascun
Titolo Globale debba essere emesso come Nuovo Titolo Globale
o come Titolo Globale Classico. Ogni Tranche di Titoli sarà
Milan-1/217753/01
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inizialmente rappresentata da un Titolo Globale Temporaneo o
da un Titolo Globale Permanente che, in ogni caso, sarà
depositato alla Data di Emissione o in prossimità della stessa: (a)
nel caso di Titoli che debbano essere emessi come Titoli Globali
Classici, con un depositario comune per conto di Euroclear e/o
Clearstream, Luxembourg e/o qualsiasi altro rispettivo sistema di
compensazione e (b) nel caso di Titoli che debbano essere emessi
come Nuovi Titoli Globali, con un custode comune per Euroclear
e/o Clearstream, Luxembourg. Non sarà corrisposto alcun
interesse in ordine a un Titolo Globale Temporaneo, salvo come
diversamente descritto nella sezione “Sintesi delle disposizioni
relative ai Titoli in forma Globale”.
Gli interessi nei Titoli Globali Temporanei potranno essere
scambiati con interessi in Titoli Globali Permanenti oppure,
qualora stabilito in tal modo nelle Condizioni Definitive (Final
Terms) per Titoli Definitivi, successivamente alla data fissata 40
giorni dopo la Data di Emissione dietro attestazione di proprietà
effettiva da parte di soggetto non statunitense. Ove specificato
nelle relative Condizioni Definitive (Final Terms), gli interessi
nei Titoli Globali Permanenti potranno essere scambiati con
Titoli definitivi, come descritto ai sensi della sezione “Sintesi
delle disposizioni relative ai Titoli in forma Globale”. I Titoli
definitivi, se fruttiferi, avranno le relative Cedole su interessi
accluse e, se del caso, una Cedola di affogliamento per ulteriori
Cedole e, qualora il capitale degli stessi sia rimborsabile
ratealmente, avranno Ricevute di Pagamento incorporate .
Titoli a Tasso Fisso:
L’interesse fisso sarà dovuto posticipatamente alla data o alle
date di ogni anno specificate nelle relative Condizioni Definitive
(Final Terms).
Titoli a Tasso Variabile:
I Titoli a tasso variabile frutteranno interessi fissati
separatamente per ciascuna serie con riferimento al benchmark
eventualmente specificato nelle relative Condizioni Definitive
(Final Terms), corretto per qualsiasi margine applicabile.
I periodi di interesse saranno specificati nelle relative Condizioni
Definitive (Final Terms).
Titoli Zero Coupon
I Titoli Zero Coupon possono essere emessi al loro importo di
capitale o a sconto o a premio rispetto allo stesso e non
frutteranno interessi.
Titoli Index-Linked (legati a
indici) o altri Titoli VariableLinked:
Le Condizioni Definitive (Final Terms) emesse in ordine a
ciascuna emissione di Titoli Index-Linked o ad altri Titoli
fruttiferi legati a una formula o ad altra variabile specificheranno
Milan-1/217753/01
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la base di calcolo degli importi dell’interesse dovuto, che
potrebbe avere come riferimento un indice o una formula o come
altrimenti previsto nelle relative Condizioni Definitive (Final
Terms).
Titoli Credit-Linked
I pagamenti a titolo di capitale e/o (ove previsti) a titolo di
interessi in relazione ai Titoli Credit-Linked, che potrebbero
essere emessi dall’Emittente, saranno subordinati al verificarsi o
meno di uno specifico “Credit Event” rispetto ad una o più
specifiche “Entità di Riferimento” e/o alle obbligazioni di tali
Entità di Riferimento. A seguito del verificarsi di un Credit
Event, i Titoli Credit-Linked potrebbero essere saldati sia
mediante pagamento in denaro sia mediante consegna fisica di
titoli obbligazionari o di altre obbligazioni specifiche dell’Entità
di Riferimento inadempiente, come indicate nelle relative
Condizioni Definitive (Final Terms).
Le emissioni di queste tipologie di prodotti includono: Titoli
Single Name Credit-Linked (in cui i Portatori dei Titoli
assumono il rischio di credito di una singola Entità di
Riferimento espressamente individuata), Titoli Basket CreditLinked (in cui i Portatori dei Titoli assumono il rischio di credito
rispetto a due o più Entità di Riferimento nell’ambito di un
portafoglio di Entità di Riferimento), i Titoli First-to-Default
Credit-Linked (in cui i Portatori dei Titoli assumono il rischio
della prima ad essere inadempiente nell’ambito di un portafoglio
di Entità di Riferimento) e Titoli Nth-to-Default Credit-Linked (in
cui i Portatori dei Titoli assumono il rischio dell’ennesima ad
essere inadempiente nell’ambito di un portafoglio di Entità di
Riferimento). Possono altresì essere emesse altre tipologie di
Titoli Credit-Linked in conformità con quanto previsto nelle
relative Condizioni Definitive (Final Terms). Per i termini e le
condizioni applicabili ai Titoli Credit-Linked emessi nell’ambito
del Programma, si veda la sezione “Condizioni Generali dei
Titoli Credit-Linked” del presente Prospetto di Base. Gli
specifici termini e condizioni applicabili ad una particolare
emissione di Titoli Credit-Linked saranno indicati nelle relative
Condizioni Definitive (Final Terms)..
Titoli Estendibili:
Milan-1/217753/01
I Titoli Estendibili possono essere emessi da Mediobanca
International. Le Condizioni Definitive (Final Terms)
stabiliranno la modalità in cui i portatori di Titoli Estendibili
possono esercitare l’opzione di estendere il Periodo di scadenza
di tali Titoli.
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Altri Titoli:
I termini applicabili a Titoli a interesse elevato, Titoli a basso
interesse, Titoli step-up (a cedola crescente), Titoli step-down (a
cedola decrescente), Titoli a doppia valuta, Titoli a doppia valuta
inversa, Titoli a doppia valuta opzionale, Titoli parzialmente
pagati, Titoli a tasso variabile, Titoli a tasso inverso variabile e a
qualsiasi altro tipo di Titoli che il relativo Emittente e qualsiasi
Dealer acconsenta ad emettere in base al Programma, saranno
stabiliti nelle relative Condizioni Definitive (Final Terms).
Periodi di interesse e tassi
d’interesse:
La lunghezza dei periodi di interesse per i Titoli e il tasso
d’interesse applicabile o il metodo di calcolo potrebbero differire
di volta in volta oppure rimanere costanti per qualsiasi Serie. I
Titoli potrebbero avere un tasso d’interesse massimo, un tasso
d’interesse minimo, o entrambi. L’uso di periodi di maturazione
di interessi consente ai Titoli di fruttare interessi a tassi diversi
nello stesso periodo di interesse. Tali informazioni saranno
riportate nelle relative Condizioni Definitive (Final Terms).
Status dei Titoli:
I Titoli possono essere emessi da Mediobanca su base
subordinata o non subordinata, come specificato nelle rispettive
Condizioni Definitive (Final Terms). I Titoli emessi da
Mediobanca International possono essere emessi soltanto su base
non subordinata.
(i)
Status dei Titoli Senior:
I Titoli Senior costituiranno obbligazioni dirette, incondizionate,
non subordinate e non garantite del relativo Emittente, saranno in
qualsiasi momento almeno parimenti ordinate (pari passu) senza
alcuna priorità tra di loro e in egual misura rispetto a tutte le altre
obbligazioni attuali e future non garantite e non subordinate del
relativo Emittente, salvo per talune eccezioni obbligatorie
previste dalla legge applicabile. Si veda l’articolo 2(b) del
Regolamento (Status dei Titoli Senior).
(ii)
Status dei Titoli Subordinati:
I Titoli Subordinati (Titoli Subordinati Upper Tier II, Lower Tier
II e Tier III, a seconda del caso) costituiscono obbligazioni
dirette, non garantite e subordinate di Mediobanca, come
descritto nell’articolo 3 del Regolamento (Status e disposizioni
speciali relative ai Titoli subordinati) e nelle relative Condizioni
Definitive (Final Terms).
In caso di scioglimento, liquidazione o apertura di procedura
concorsuale (inclusa, inter alia, l’eventualità di una liquidazione
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coatta amministrativa) di Mediobanca, le obbligazioni di
pagamento in ordine a capitale e interesse ai sensi di ciascuna
Serie di Titoli Subordinati e delle Cedole correlate, a seconda dei
casi, avranno diritto di pagamento (A) dopo i creditori non
subordinati (inclusi depositanti e portatori di Titoli Senior e delle
rispettive Cedole) di Mediobanca (B) ma saranno almeno
parimenti ordinate (pari passu) rispetto a tutte le altre
obbligazioni subordinate di Mediobanca che non si classificano o
i cui termini e condizioni non le definiscono junior o senior
rispetto a tale Serie di Titoli Subordinati e (C) hanno priorità
rispetto alle rivendicazioni di azionisti di Mediobanca. I Titoli
Subordinati Lower Tier II e i Titoli Subordinati Tier III sono
parimenti ordinati (pari passu) tra loro e hanno priorità rispetto ai
Titoli Subordinati Upper Tier II, come descritto nell’articolo 3
del Regolamento (Status e disposizioni speciali relative ai Titoli
subordinati).
Garanzia:
In base all’Atto di Garanzia, in conformità con i termini ed entro
i limiti ivi previsti, Mediobanca garantisce incondizionatamente
e irrevocabilmente il pagamento di tutti gli importi dovuti in
ordine ai Titoli emessi da Mediobanca International. Si veda
l’articolo 2(c) del Regolamento (Status della Garanzia).
Status della Garanzia:
Le obbligazioni di pagamento del Garante in base all’Atto di
Garanzia costituiscono, in conformità con i termini ed entro i
limiti ivi previsti, obbligazioni non condizionate, non subordinate
e non garantite del Garante, che sono in qualsiasi momento
almeno parimenti ordinate (pari passu) e senza alcuna priorità tra
di loro e in egual misura rispetto a tutte le altre obbligazioni
attuali e future non garantite e non subordinate del Garante, salvo
per talune eccezioni obbligatorie previste dalla legge applicabile.
Si veda l’articolo 2(c) del Regolamento (Status della Garanzia).
Assorbimento delle perdite sui
Titoli Subordinati Upper Tier II:
Nella misura in cui Mediobanca in qualsiasi momento subisca
perdite che, in conformità agli Articoli 2446 e 2447 del Codice
Civile italiano o altrimenti in conformità a leggi e regolamenti
italiani, la costringerebbero a ridurre il capitale azionario versato
e le riserve al di sotto del Capitale Minimo, le obbligazioni di
Mediobanca in ordine a interesse e capitale in base ai Titoli
Subordinati Upper Tier II saranno ridotte nella misura necessaria
a consentire alla stessa, conformemente ai requisiti di legge e
regolamentari, di mantenere almeno il Capitale Minimo. Le
obbligazioni in tal modo ridotte di Mediobanca in ordine a
interesse e capitale dovuti ai sensi dei Titoli Subordinati Upper
Tier II saranno soggette in alcuni casi a ripristino. Si veda
l’articolo 3 del Regolamento (Status e disposizioni speciali
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relative ai Titoli Subordinati).
Interessi differiti sui Titoli
Subordinati Upper Tier II:
Mediobanca non sarà tenuta a pagare l’interesse sui Titoli
Subordinati Upper Tier II in una Data di Pagamento degli
Interessi qualora: (A) l’assemblea degli azionisti di Mediobanca
non abbia approvato, pagato o accantonato per pagamento alcun
dividendo annuale, né abbia pagato il medesimo in ordine a una
classe di azioni durante il periodo di 12 mesi chiuso al
quindicesimo Giorno Lavorativo (escluso) immediatamente
precedente detta Data di Pagamento degli Interessi; o (B) il
Consiglio di Gestione di Mediobanca abbia annunciato, al
momento della pubblicazione di resoconti provvisori di
Mediobanca pubblicati durante il semestre chiuso il
quindicesimo Giorno Lavorativo (escluso) immediatamente
precedente detta Data di Pagamento degli Interessi che, in base a
tali resoconti provvisori, non sono disponibili in quel momento
somme in conformità alla legge italiana per la distribuzione di
utili provvisori, in osservanza dell’Articolo 2433-bis del Codice
Civile italiano. Le obbligazioni in tal modo differite di
Mediobanca in ordine all’interesse dovuto in base ai Titoli
Subordinati Upper Tier II saranno soggette in alcuni casi a
ripristino. Si veda l’articolo 3 del Regolamento (Status e
disposizioni speciali relative ai Titoli Subordinati).
Titoli Subordinati Tier III:
I Titoli Subordinati Tier III saranno soggetti alle stesse restrizioni
previste in ordine ad analoghe forme di indebitamento che si
qualifichino come Titoli Subordinati Upper Tier II o Titoli
Subordinati Lower Tier II, salvo che i Titoli Subordinati Tier III
sono soggetti a (i) un differente Periodo di Scadenza minimo ,
così come specificato nelle relative Condizioni Definitive (Final
Terms) e (ii) una clausola di lock-in in conformità alla quale i
pagamenti di interesse o i rimborsi di capitale saranno sospesi
durante il periodo in cui tali pagamenti o rimborsi ridurrebbero
l'ammontare complessivo dei fondi patrimoniali di Mediobanca
al di sotto del complesso dei requisiti patrimoniali
di
Mediobanca, secondo quanto previsto dal Regolamento della
Banca d’Italia. L’interesse non maturerà su alcun rimborso di
capitale o pagamento di interessi sospeso come sopra descritto.
Si veda l’articolo 3 del Regolamento (Status e disposizioni
speciali relative ai Titoli Subordinati).
Cross Default:
I Titoli Senior conterranno una clausola di Cross Default
(inadempimento incrociato) in ordine all’indebitamento per il
denaro preso in prestito dal relativo Emittente e, ove applicabile,
dal Garante, come più esattamente stabilito nell’Articolo 9(a) del
Regolamento (Eventi di insolvenza dei Titoli Senior).
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Rimborso opzionale:
Le Condizioni Definitive (Final Terms) emesse con riferimento a
ciascuna emissione di Titoli indicheranno se i Titoli possano
essere rimborsati (in tutto o in parte) prima della scadenza
dichiarata a scelta del relativo Emittente e/o dei portatori dei
Titoli, e in questo caso secondo i termini applicabili al rimborso
e fatti salvi tutti i requisiti eventualmente previsti dalla normativa
legale e regolamentare applicabile.
Qualora i Titoli siano Titoli Subordinati, salvo altrimenti
consentito da leggi, regolamenti, direttive e/o requisiti della
Banca d’Italia applicabili all’emissione di Titoli Subordinati da
parte di Mediobanca, la Data di Rimborso Opzionale non dovrà
essere anteriore a (i) nel caso di Titoli Subordinati Upper Tier II,
dieci anni dalla Data di Emissione, (ii) nel caso di Titoli
Subordinati Lower Tier II, cinque anni dalla Data di Emissione e
(iii) nel caso di Titoli Subordinati Tier III, due anni dalla Data di
Emissione, previa autorizzazione della Banca d’Italia (ove
richiesta).
Rimborso fiscale:
Le relative Condizioni Definitive (Final Terms) specificheranno
se un rimborso anticipato sarà consentito per ragioni fiscali,
come descritto nell’Articolo 5 (c) del Regolamento (Rimborso
per motivi fiscali).
Aspetti fiscali:
Tutti i pagamenti dovutidall’Emittente ai sensi dei Titoli, delle
Ricevute di Pagamento e delle Cedole o, a seconda dei casi, dal
Garante, ai sensi dell’Atto di Garanzia saranno effettuati senza
ritenuta alla fonte o deduzione per, o a titolo di, eventuali tasse
ed imposte previste, a seconda dei casi, dal Gran Ducato di
Lussemburgo o dalla Repubblica Italiana, salvo che tali ritenute
o deduzioni siano previste quali obbligatorie dalla legge. In tal
caso, l’Emittente o (a seconda dei casi) il Garante pagheranno
(salvo quanto previsto nell’Articolo 7 (Tassazione) gli importi
addizionali dovuti ai portatori dei Titoli, delle Ricevute di
Pagamento o delle Cedole in modo che questi ricevano gli
importi che avrebbero dovuto riceve ai sensi dei Titoli, delle
Ricevute di Pagamento o delle Cedole, ove tali ritenute o
deduzioni non fossero state richieste per legge. In ogni caso,
come meglio specificato nell’Articolo 7 (Tassazione), né
l’Emittente né il Garante (a seconda dei casi) saranno
responsabili per il pagamento degli importi addizionali ai
portatori dei Titoli, delle Ricevute di Pagamento o delle Cedole
in relazione ai pagamenti dovuti con riferimento ai Titoli, alle
Ricevute di Pagamento o alle Cedole in virtù di ritenute o
deduzioni per o a valere su, inter alia, (i) imposte sostitutive ai
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sensi del d. lgs. 1° aprile 1996, n. 239; (ii) ritenute d’imposta sui
Titoli emessi da Mediobanca con scadenza originaria inferiore a
18 mesi, ai sensi del d.P.R. 29 settembre 1973, n. 600; e (iii)
ritenute d’imposta sui Titoli qualificabili come “titoli atipici” a
fini fiscali, ai sensi del d.l. 30 settembre 1983, n. 512.
Rating:
L’eventuale rating dei Titoli da emettere in base al Programma
sarà specificato nelle Condizioni Definitive (Final Terms)
applicabili.
Diritto applicabile:
I Titoli e tutta la documentazione contrattuale relativa saranno
disciplinati e interpretati in conformità alla legge inglese, fatta
eccezione per talune disposizioni relative ai Titoli Subordinati,
che saranno disciplinati dalla legge italiana, come meglio
specificate nell’ Articolo 15(a) (Legge Applicabile)..
Quotazione, e ammissione alla
negoziazione:
È stata presentata alla CSSF richiesta di approvazione del
presente documento come Prospetto di Base. La richiesta è stata
altresì presentata per i Titoli emessi in base al Programma che
devono essere ammessi alla negoziazione sul mercato
regolamentato della Borsa del Lussemburgo e quotati sul relativo
Listino Ufficiale.
I Titoli possono, inoltre, essere quotati o ammessi alla
negoziazione, a seconda dei casi, su altre borse valori o mercati
concordati dal relativo Emittente, Garante (ove previsto) e dal
relativo Dealer in relazione alle Serie interessate. Possono altresì
essere emessi Titoli che non sono né quotati né ammessi alla
negoziazione su un mercato.
Su richiesta dell’Emittente, la CSSF può inviare all’autorità
competente di un altro Stato membro dell’Area Economica
Europea (i) una copia del Prospetto di Base; (ii) un certificato di
approvazione in conformità all’Articolo 18(i) della Direttiva sui
Prospetti; e (iii) se richiesta da tale autorità competente, una
traduzione della presente Nota di Sintesi.
Nelle Condizioni definitive (Final Terms) che, relativamente ai
Titoli destinati alla negoziazionesulla Borsa del Lussemburgo,
saranno consegnate alla Borsa del Lussemburgo, sarà data
comunicazione dell’importo nominale complessivo dei Titoli,
dell’interesse eventualmente dovuto in ordine agli stessi, del
prezzo di emissione e di qualsiasi altro termine e condizione non
contenuto nel presente documento e applicabile a ciascuna
Tranche di Titoli.
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Le Condizioni Definitive (Final Terms) applicabili stabiliranno
se i Titoli in oggetto debbano o meno essere quotati e/o ammessi
alla negoziazione e, in tal caso, su quali borse e/o mercati.
Restrizioni alla vendita:
Si veda il “Piano di collocamento”.
In relazione all’offerta e alla vendita di una determinata Tranche
di Titoli, potrebbero essere imposte ulteriori restrizioni alla
vendita, che saranno riportate nelle relative Condizioni
Definitive (Final Terms).
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