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DGAP-Regulatory: DEPFA ACS BANK: Agreement by DEPFA ACS BANK and DEPFA Pfandbrief Bank International S.A. to purchase their own covered bond securities from FMS Wertmanagement AöR, to cancel them, and

Freitag, 14.10.2016 13:40

DEPFA ACS BANK / Miscellaneous - High Priority
 DEPFA ACS BANK: Agreement by DEPFA ACS BANK and DEPFA Pfandbrief Bank
 International S.A. to purchase their own covered bond securities from FMS
 Wertmanagement AöR, to cancel them, and to sell assets to FMS-WM to reduce
 their cover pools
 
 14-Oct-2016 / 13:37 CET/CEST
 Dissemination of a Regulatory Announcement that contains inside information
 according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group AG.
 The issuer is solely responsible for the content of this announcement.
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Ad Hoc Announcement - For immediate release RE: Agreement by DEPFA ACS BANK and DEPFA Pfandbrief Bank International S.A. to purchase their own covered bond securities from FMS Wertmanagement AöR, to cancel them, and to sell assets to FMS-WM to reduce their cover pools 14 October 2016 Issued on behalf of DEPFA ACS BANK and DEPFA Pfandbrief Bank International S.A. (together, the 'Issuers') in each case in respect of its covered bonds (as defined below) listed on a trading venue within the scope of Regulation (EU) No. 596/2014 (the 'Market Abuse Regulation'). The Market Abuse Regulation requires disclosure of inside information relating to the Issuers and the covered bonds. Background: In July 2016, DEPFA ACS BANK ('DEPFA ACS') and DEPFA Pfandbrief Bank International S.A. ('DEPFA PBI') announced that FMS Wertmanagement AöR ('FMS-WM'), the parent company of DEPFA BANK plc ('DEPFA' and collectively with its subsidiaries DEPFA ACS and DEPFA PBI, the 'DEPFA Group'), had purchased certain asset covered securities ('ACS') issued by DEPFA ACS and certain Lettres de Gage Publiques ('LdG' and together with the ACS, the 'covered bonds') issued by DEPFA PBI in the market and in the course of a public tender in February 2016 and that FMS-WM continued to buy such covered bonds in the market both in the form of global notes and registered notes. The announcement also indicated that it could be expected as a next step in the wind down plan for the DEPFA Group that the DEPFA Group's liabilities could be reduced and the covered pools of DEPFA ACS and DEPFA PBI adjusted accordingly. Purchase of covered bonds: The boards of FMS-WM and the DEPFA Group have approved a transaction involving the purchase by DEPFA ACS and DEPFA PBI in early November 2016 of a certain number of their covered bonds currently held by FMS-WM. The total nominal amount of the purchase of ACS (including global notes and registered notes) of DEPFA ACS (rounded in Euros) is approximately Euro 4.0bn and the total nominal amount of the purchase of LdG (including global notes and registered notes) of DEPFA PBI (rounded in Euros) is approximately 0.8bln. The total nominal amount of the purchase of registered notes of DEPFA ACS (rounded in Euros) is approximately Euro 1.5bln and the total nominal amount of the purchase of registered notes of DEPFA PBI (rounded in Euros) is approximately Euro 0.5bln. The details of the purchases of the global notes for DEPFA ACS and DEPFA PBI are set out in the tables below: Issuer: DEPFA ACS
 
 ISIN /       Maturity   Issuance Amount         Principal      Listing
 Common Code  Date       Currency Purchased      Amount
                                                 Outstanding
 CA249575AG69 31/03/2025 CAD      297,629,000.00 2,371,000.00   London
 CA249575AJ09 24/08/2035 CAD      349,450,000.00 550,000.00     Dublin
 CH0022738105 13/10/2017 CHF      191,940,000.00 74,705,000.00  Swiss
 CH0024021302 15/02/2019 CHF      140,640,000.00 59,360,000.00  Swiss
 CH0026116084 31/07/2031 CHF      195,640,000.00 4,360,000.00   Swiss
 DE000A0BCLA9 21/05/2019 EUR      551,300,000.00 448,700,000.00 Frankfurt
                                                                & Dublin
 US249575AN19/ 16/03/2037 USD     934,211,000.00 28,390,000.00  Dublin
 DE000A0LPMX0
 XS0206924309 17/12/2024 CHF      50,000,000.00  -              None
 XS0235645214 05/12/2025 EUR      100,000,000.00 -              None
 XS0239624546 22/12/2030 USD      65,000,000.00  -              None
 
 
Issuer: DEPFA PBI
 
 ISIN /        Maturity    Issuance  Amount          Principal      Listing
 Common Code   Date        Currency  Purchased       Amount
                                                     Outstanding
 CH0026463577  31/08/2020  CHF       304,995,000.00  92,005,000.00  Swiss
 XS0294671291  20/04/2027  CHF       50,000,000.00   -              None
 
It is the intention of both DEPFA ACS and DEPFA PBI that they would purchase these covered bonds and cancel them. Sale of assets: Immediately following the covered bond purchase described above FMS-WM will purchase from DEPFA ACS approximately Euro 4.2bln (in nominal value) of public sector assets and approximately Euro 1.1bln (in nominal value) of public sector assets from DEPFA PBI. This is a further step in the wind down plan as identified in the prior announcement to help reduce the cover pools of both DEPFA ACS and DEPFA PBI. Purchase price and pricing mechanism: The purchase price of both the covered bonds and the public sector assets will be conducted on an arm's length basis and assessed at fair market value. The pricing mechanism for arriving at the purchase price of a covered bond will be the sum of the value of all remaining payments of principal and interest discounted at the relevant purchase yield. The purchase yield of a covered bond is subject to market conditions and as such will depend, inter alia, on the relevant interest rate curve, purchase spread and applicable market conventions for each covered bond which will vary depending on the specific commercial characteristics for each covered bond. DEPFA Group buyback policy: Since 2010 (as reported in its annual reports) DEPFA ACS has from time to time bought back its ACS on the market on a reverse enquiry basis and at prevailing market prices. The same reverse enquiry policy has been in place for DEPFA PBI with regard to its LdG. Whether or not DEPFA accepts such enquiries is dependent on a number of factors including legal, regulatory and commercial considerations. These considerations remain for DEPFA ACS and DEPFA PBI for any future reverse enquiries of their outstanding ACS or LdG. Since the announcement in January 2016 of FMS-WM's tender offer to certain ACS and LdG noteholders DEPFA has referred all reverse enquiries to FMS-WM's treasury department. In principle DEPFA ACS and DEPFA PBI remain receptive to future reverse enquiries for their covered bonds at fair market prices however such enquires should be made to FMS-WM in the first instance. To the extent that FMS-WM holds outstanding DEPFA Group ACS or LdG or purchases additional DEPFA Group ACS or LdG in the market, DEPFA ACS and DEPFA PBI remain interested in buying back such further covered bonds from FMS-WM at fair market prices with a view to cancelling them subject to the same legal, regulatory and commercial considerations. FMS-WM 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, the Issuers and FMS-WM For DEPFA BANK plc and the Issuers: 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
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The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de/ukreg
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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: 3487 Time of Receipt: 14-Oct-2016 / 13:13 CET/CEST End of Announcement EQS News Service
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511671 14-Oct-2016