Issuer: Banca Monte dei Paschi di Siena S.p.A. (Ticker: MONTE)
Issuer Rating: B3 by Moody’s / B by Fitch / B (High) by DBRS
Exp. Issue Rating: Caa2 by Moody’s / CCC+ by Fitch
Notes: Fixed Rate Reset Callable Subordinated (Tier 2 capital for
regulatory capital purposes)
Status of the Notes:Subordinated Notes (notes intended to qualify as Tier 2
capital, as further defined in the Documentation)
Format: Reg S, bearer form, no communications with or into the US,
no sales to Canada
Size: EUR 750mm
Coupon: From the Settlement Date to but excluding the Issuer Call
Date the Coupon shall be 5.375% fixed rate p.a. payable
annually in arrears on the Interest Payment Dates, and
shall reset at the Issuer Call Date at the prevailing mid
swap rate plus the First Margin
First Margin: 500.5 bps
Re-Offer: 100.00 // 5.375%
Settlement: 18 January 2018
Maturity: 18 January 2028
Issuer’s Call: One time optional call on 18 January 2023 (the Issuer
Call Date) at par, subject to regulatory approval
Regulatory Call: At par at Issuer’s option, upon occurrence of a Capital
Event (Notes are or would be excluded in whole or in part
from Tier 2 Capital of the Issuer and/or the Group),
subject to regulatory approval
Tax call: At par, in case of additional amounts to be paid by the
Issuer upon imposition of withholding tax, subject to
regulatory approval
Non-Viability: Contractual recognition of statutory loss absorption powers
Listing: Luxembourg Stock Exchange Regulated Market
Denoms: EUR100k x EUR1k
Docs: EUR 50,000,000,000 Debt Issuance Programme with Base
Prospectus dated 15 December 2017 and supplemented on 29
December 2017
Governing Law: English law except for subordination conditions which shall
be governed by Italian law
Target Market/PRIIPs:Manufacturer target market (MIFID II product governance)
is eligible counterparties and professional clients only
(all distribution channels). No PRIIPs key information
document (KID) has been prepared as not available to retail
in EEA
Global Coordinators:GSI / Mediobanca
Joint Bookrunners: BofAML/Barclays/GSI/JPM (B&D)/Mediobanca/MPSCS/UBS
ISIN: XS1752894292
Timing: Priced – T.O.E 17:33 UKT. FTT Tomorrow 08:00 UKT
Fees: A fee will be paid to the Bookrunners on this transaction
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