DEPFA ACS BANK / Miscellaneous - High Priority
DEPFA ACS BANK: Purchase by FMS Wertmanagement AöR of DEPFA group covered
bond securities
29-Jul-2016 / 15:14 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad Hoc Announcement - For immediate release
RE: Purchase by FMS Wertmanagement AöR of DEPFA group covered bond
securities
29 July 2016
Issued on behalf of DEPFA ACS BANK in respect of its listed debt.
In January 2016, FMS Wertmanagement AöR ('FMS-WM'), the parent company of
DEPFA BANK plc ('DEPFA' and collectively with its subsidiaries the 'DEPFA
Group'), announced a public tender offer to purchase certain Asset Covered
Securities issued by DEPFA ACS BANK, Dublin ('DEPFA ACS'), and certain
Lettres de Gage Publiques issued by DEPFA Pfandbriefbank International S.
A. Luxembourg ('DEPFA PBI'). FMS-WM has to date purchased DEPFA ACS covered
bond securities with an aggregate nominal amount of around EUR 4.8 bn (a
nominal amount of around EUR 3 bn thereof pertaining to global notes and
the remainder to registered notes) and DEPFA PBI covered bond securities
with an aggregate nominal amount of around EUR 0.8 bn (a nominal amount of
around EUR 0.3 bn thereof pertaining to global notes and the remainder to
registered notes), in total around EUR 5.6 bn. About EUR 2.6 bn of the
covered bond securities issued by the DEPFA Group were purchased in the
context of the public tender offer and a further EUR 3 bn have been
acquired by FMS-WM based on bilateral agreements with investors. Further
detail of the percentage holding by FMS-WM in the global notes is set out
in the tables below.
Issuer: DEPFA ACS
<pre>
ISIN / Maturity Issuan- Principal Amount % of Listing
Common Date ce Amount Purchased FMSW
Code Curren- Outstanding holdi-
cy ng
CA249575AG 31/03/202 CAD 300,000,000 297,419,0 99.1% London
69 5 00
CA249575AJ 24/08/203 CAD 350,000,000 349,450,0 99.8% Dublin
09 5 00
DE000A0LPM 16/03/203 USD 962,601,000 927,211,0 96.3% Dublin
X0 / US249 7 00
575AN19
CH00227381 13/10/201 CHF 266,645,000 191,940,0 72.0% Swiss
05 7 00
CH00240213 15/02/201 CHF 200,000,000 140,640,0 70.3% Swiss
02 9 00
DE000A0BCL 21/05/201 EUR 1,000,000,000 551,300,0 55.1% Dublin &
A9 9 00 Frankfu-
rt
CH00261160 31/07/203 CHF 200,000,000 195,640,0 97.8% Swiss
84 1 00
XS02090036 07/01/202 EUR 400,000,000 400,000,0 100% London
97 0 00
XS02258610 11/08/203 USD 50,000,000 50,000,00 100% Dublin
60 2 0
XS02156683 01/04/202 EUR 50,000,000 50,000,00 100% Dublin
76 0 0
XS02396245 22/12/203 USD 65,000,000 65,000,00 100% N/A
46 0 0
XS02069243 17/12/202 CHF 50,000,000 50,000,00 100% N/A
09 4 0
XS02356452 05/12/202 EUR 100,000,000 100,000,0 100% N/A
14 5 00
</pre>
Issuer: DEPFA PBI
<pre>
ISIN / Maturity Issuance Notional Notional % of Listing
Common Code Date Currency Currency Purchase FMSW
Currency holding
CH0026463577 31/08/2020 CHF 397,000,000 304,995,000 76.8% Swiss
XS0294671291 20/04/2027 CHF 50,000,000 50,000,000 100% N/A
</pre>
In addition, in 2015 FMS-WM has - as communicated before - purchased hybrid
capital debt instruments issued by DEPFA through the funding vehicles:
DEPFA Funding II LP, DEPFA Funding III LP and DEPFA Funding IV LP. The
remaining hybrid securities issued by these vehicles not acquired by FMS-WM
were subsequently acquired by DEPFA, such that DEPFA and FMS-WM jointly
hold 100 % of DEPFA's hybrid capital debt instruments with an aggregate
nominal value of EUR 1.2 bn.
The purchases by FMS-WM of the various debt instruments issued by DEPFA ACS
and DEPFA PBI aim at enhancing the wind down of DEPFA on an accelerated
basis, which is one of FMS-WM's key goals. It can be expected that in a
next step, in cooperation with FMS-WM, DEPFA Group's liabilities could be
reduced and the cover pools of DEPFA ACS and DEPFA PBI adjusted
accordingly. DEPFA and FMS-WM will work over the coming months to
implement this strategy. Such strategy may affect the future market
liquidity of the outstanding securities issued by DEPFA ACS and DEPFA PBI.
DEPFA and FMS-WM will assess further measures to support the accelerated
wind down of the DEPFA Group. This may include in particular a removal of
ratings where there is no contractual requirement to maintain such ratings.
FMS-WM was founded in July 2010 as a German state owned wind down agency in
order to wind up risk positions and non-strategic operations of the former
Hypo Real Estate Holding AG group in a manner aimed at maximizing the value
of the relevant assets. In May 2014 FMS-WM was instructed to take over the
whole share capital of DEPFA in order to wind down the DEPFA group. FMS-WM
acquired DEPFA on 19 December 2014.
Media Contacts for DEPFA and FMS-WM
For DEPFA BANK plc:
Rachel Martin
Head of Communications
Tel.: +353 1 792 2144
rachel.martin@depfa.com
For FMS-WM:
Andreas Henry
Head of Communications
Tel.: +49-89- 9547627 250
andreas.henry@fms-wm.de
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de/ukreg
---------------------------------------------------------------------------
Language: English
Company: DEPFA ACS BANK
1, Commons Street
Dublin 1 Dublin
Ireland
Phone: +353 1 792 2222
Fax: +353 1 792 2211
E-mail: info@depfa.com
Internet: www.depfa.com
ISIN: DE000A0BCLA9
WKN: A0BCLA
Listed: Regulated Market in Frankfurt (General Standard);
London
Category Code: MSCH
TIDM: -
Sequence Number: 3280
Time of Receipt: 29-Jul-2016 / 14:41 CET/CEST
End of Announcement EQS News Service
---------------------------------------------------------------------------
487823 29-Jul-2016
DGAP-Regulatory: DEPFA ACS BANK: Purchase by FMS Wertmanagement AöR of DEPFA group covered bond securities
| Source: EQS Group AG