NEWS RELEASE
Disclosure pursuant to art. 114, paragraph 5, of Lgs. Decree n.
58/1998 «Banco Popolare 2011/2014 "StepUp BancoPosta" Serie 1» bond
Verona, 20 January 2012 - Banco Popolare Società
Cooperativa (« Banco Popolare»), in its capacity as issuing
entity pursuant to and by effect of Consob's communication n.
DEM/DME/9053316 of 8th June 2009, in compliance
with art.114, paragraph 5, Lgs. D. n. 58/1998, in keeping
with the procedures set forth in Section III, Title II,
Chapter I of Consob's resolution n. 11971 of
14th May 1999 and following amendments, hereby
announces that
WHEREAS
1. Banco Popolare issued and Poste Italiane S.p.A. - Società
con socio unico
Patrimonio BancoPosta - (hereinafter "Poste Italiane S.p.A)
distributed the
«Banco Popolare 2011/2014 "StepUp BancoPosta" Serie 1» bonds
ISIN IT0004703309 (hereinafter the "Bonds");
2. Poste Italiane S.p.A. signed a distribution agreement with
Banco Popolare backed by a liquidity support mechanism and
buyback obligations for the
issuer;
3. the intermediaries who are to support liquidity are the
counterparties who have entered the bond hedging swap
contracts with Banco Popolare (hereinafter "Price
Makers");
4. Poste Italiane S.p.A. shall select from among them one or
more intermediaries
that shall act as Price Makers based on a
repurchase agreement with Banca
Aletti & C. S.p.A., a bank belonging to Banco Popolare
Banking Group, according to which the latter undertakes to
repurchase up to 14% of the amount of distributed Bonds
(hereinafter the Maximum Repurchasable Amount)
at a bid price reflecting, in terms of interest rate spread,
the issuer's creditworthiness at the time of the issue
(hereinafter "at-issue spread Price
Makers");
5. the other intermediaries, on indication of Poste Italiane
S.p.A., can quote bid prices based on market rates
("at-market rate Price Makers");
6. the at-issue spread Price Makers shall
purchase the Bonds on the market at the price conditions set
forth in their mandate assigned by Poste Italiane
S.p.A. up to the above specified percentage in the event
that:
(a) the issuer's creditworthiness deteriorates with respect
to the Bond issue date; or
(b) the issuer's creditworthiness does not deteriorate with
respect to the Bond issue date, but the price quoted by the
at-market rate Price Makers is lower than that
quoted by the at-issue spread Price Makers;
7. during the Bond life, Poste Italiane S.p.A. can replace
each Price Maker with, or add one or more
additional Price Makers, based on the best quote
criterion;
PRESS RELATIONS
Tel. +39-045-8675048/867/120/121 ufficio.stampa@bancopopolare.it
INVESTOR RELATIONS Tel. +39-045-8675537 investor.relations@bancopopolare.itwww.bancopopolare.it (IR section)
8. on 3 November 2011, the market has been informed of the
presence of MPS Capital Services Banca per le Imprese S.p.A.
and of Banca Aletti & C. S.p.A. as at-issue spread
Price Makers, and of the achievment, as of 2 November
2011, of the 25% threshold of the Maximum Repurchasable
Amount of Bonds at the price reflecting, in terms of
interest rate spread, Banco Popolare's creditworthiness at
the time of the Bond issue;
THEREFORE
on 17 January 2012 MPS Capital Services Banca per le Imprese
S.p.A and Banca Aletti
& C. S.p.A. were operating on the Mercato Telematico delle
Obbligazioni (MOT), as at-issue Spread Price
Makers, and Euro 17,317,000 worth of Bonds were
purchased, at a price reflecting, in terms of interest rate
spread, Banco Popolare's creditworthiness at the time of the
Bond issue.
The repurchased amount accounts for 50.56% of the
Maximum Repurchasable Amount - corresponding to
Euro 34,248,480 - at a price reflecting, in terms of interest
rate spread, Banco Popolare's creditworthiness at the time of
the Bond issue.
On 17 January 2012, the value of the 3-year Banco Popolare
CDS (Credit Default
Swap) was 791 bps; this same indicator on the bond issue date was 239 bps.
Banco Popolare, or the entities specifically appointed by the
latter, shall inform the market when, as a result of
purchases by at-issue spread Price Makers, the
75% and
100% thresholds of the Maximum Repurchasable
Amount Bonds at the above described pricing conditions
are reached.
When the at-issue spread Price Makers reach the
amount of purchasable Bonds corresponding to the
Maximum Repurchasable Amount at the above
described price conditions, the bid price quoted by the
Price Makers on the listing or trading market
shall reflect all market conditions, including the
creditworthiness of Banco Popolare at that time, and may be
lower than the at-issue spread price.
*****
For further information on the bonds issued, please read the
prospectus available on the websites of Borsa Italiana www.borsaitaliana.itand of the issuer www.bancopopolare.it
PRESS RELATIONS
Tel. +39-045-8675048/867/120/121 ufficio.stampa@bancopopolare.it
INVESTOR RELATIONS Tel. +39-045-8675537 investor.relations@bancopopolare.itwww.bancopopolare.it (IR section)
distribué par | Ce noodl a été diffusé par Banco Popolare Società Cooperativa et initialement mise en ligne sur le site http://www.bancopopolare.it. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-20 18:15:43 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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