Capital/Financing Update • May 13, 2019
Capital/Financing Update
Open in ViewerOpens in native device viewer
13 May 2019
MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET – Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Covered Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Covered Bonds (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Covered Bonds (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.
IMPORTANT - PROHIBITION OF SALES TO EEA RETAIL INVESTORS: The Covered Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II or (ii) a customer within the meaning of Directive 2002/92/EC (as amended and superseded, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Covered Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Covered Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Prospectus dated 18 April 2019 and the supplement to it dated 30 April 2019 (each a "Supplemental Prospectus"), which together constitute a base prospectus for the purposes of the Prospectus Directive (2003/71/EC) (as amended, which includes amendments made by Directive 2010/73/EU to the effect that such amendments have been implemented in a relevant Member State) (the "Prospectus Directive"). This document constitutes the final terms of the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Prospectus, as supplemented. Full information on the Issuer and the LLP and the offer of the Covered Bonds is only available on the basis of the combination of this Final Terms Document and the Prospectus, as supplemented. Copies of the Prospectus and each Supplemental Prospectus are available for viewing at http://www.santander.co.uk/uk/about-santander-uk/debtinvestors/santander-uk-covered-bonds and are available free of charge to the public at the registered office of the Issuer and from the specified office of each of the Paying Agents.
| 1. | (a) | Issuer: | Santander UK plc |
|---|---|---|---|
| (b) | Guarantor: | Abbey Covered Bonds LLP | |
| 2. | (a) | Series Number: | 72 |
| (b) | Tranche Number: | 1 | |
| (c) | Series which Covered Bonds will be consolidated and form a single Series with: |
Not Applicable | |
| (d) | Date on which the Covered Bonds will be consolidated and form a single Series with the Series specified above: |
Not Applicable | |
| 3. | Specified Currency or Currencies: | Euro ("EUR" or "€") | |
| 4. | Money Market Covered Bonds: | No | |
| 5. | Do the Covered Bonds have the benefit of remarketing arrangements: |
No | |
| 6. | Aggregate Nominal Amount of Covered Bonds admitted to trading: |
||
| (a) | Series: | €1,000,000,000 | |
| (b) | Tranche: | €1,000,000,000 | |
| 7. | Issue Price: | 99.970 per cent. of the aggregate nominal amount |
|
| 8. | (a) | Specified Denominations: | €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000. No Covered Bonds in definitive form will be issued with a denomination above €199,000 |
| (b) | Calculation Amount: | €1,000 | |
| 9. | (a) | Issue Date: | 14 May 2019 |
| (b) | Interest Commencement Date: | Issue Date | |
|---|---|---|---|
| 10. | (a) | Final Maturity Date: | 12 May 2024 |
| (b) | Extended Due for Payment Date of Guaranteed Amounts corresponding to the Final Redemption Amount under the Covered Bond Guarantee: |
12 May 2025 | |
| 11. | Interest Basis: | 0.100 per cent. Fixed Rate from and including the Interest Commencement Date to but excluding the Final Maturity Date (further particulars specified in paragraph 17 below) |
|
| 12. | Redemption/Payment Basis: | Redemption at par | |
| 13. | Change | of Interest Basis or Redemption/Payment Basis: |
From and including the Final Maturity Date to but excluding the Extended Due for Payment Date the following Interest provisions apply: |
| Interest Basis: 1 month EURIBOR + 0.1 per cent. per month Floating Rate |
|||
| Interest Payment Dates: Monthly, on 12th day of each month commencing on 12 June 2024 and including the Extended Due for Payment Date |
|||
| Interest Period: The period from and including the Final Maturity Date, or as the case may be an Interest Payment Date, to but excluding the next following Interest Payment Date |
|||
| Following Business Day Convention | |||
| Business Days: London, a day on which TARGET 2 System is open |
|||
| Day Count Fraction: Actual/Actual (ICMA), unadjusted |
|||
| Interest Determination Dates: the second day on which the TARGET 2 system is open prior to the start of each Interest Period |
|||
| Screen Rate Determination Relevant Screen Page: Reuters EURIBOR01 |
||||
|---|---|---|---|---|
| 14. | Put/Call Options: | Not Applicable | ||
| 15. | (a) | Status of the Covered Bonds: | Senior | |
| (b) | Status of the Guarantees: | Senior | ||
| 16. | Method of distribution: | Syndicated |
| 17. | Fixed Rate Covered Bond Provisions: Final Maturity Date |
Applicable from and including the Interest Commencement Date to but excluding the |
|
|---|---|---|---|
| (a) | Rate(s) of Interest: in arrear |
0.100 per cent. per annum payable annually | |
| (b) | Interest Payment Date(s): Maturity Date |
12 May in each year, commencing on 12 May 2020 up to and including the Final |
|
| Short Coupon") | There will be a short first coupon in respect of if the first Interest Period, from and including the Interest Commencement Date to, but excluding, 12 May 2020 (the "First |
||
| (c) | Business Day Convention: Following Business Day Convention |
||
| (d) | Business Day(s): London |
||
| Additional Business Centre(s): | A day on which TARGET2 System is open | ||
| (e) | Fixed Coupon Amount(s): the First Short Coupon |
€1.00 per Calculation Amount except for | |
| (f) | Broken Amount(s): Short Coupon |
€0.99 per Calculation Amount for the First | |
| (g) | Day Count Fraction: Actual/Actual (ICMA) (not adjusted) |
||
| (h) | Determination Date(s): 12 May in each year |
||
| 18. | Floating Provisions: |
Rate Covered Bond Not Applicable |
|
| 19. | Zero Provisions: |
Coupon Covered Bond Not Applicable |
| 20. | Issuer Call: | Not Applicable | |
|---|---|---|---|
| 21. | Investor Put: | Not Applicable | |
| 22. | Final Redemption Amount of each Covered Bond: |
€1,000 per Calculation Amount | |
| 23. | Early Redemption Amount of each Covered Bond payable on redemption for taxation reasons or on event of default, etc. and/or the method of calculating the same (if required): |
As set out in Condition 6.8(a) | |
| GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS | |||
| 24. | Form of Covered Bonds: | Bearer Covered Bonds: | |
| Temporary Global Covered Bond exchangeable for a Permanent Global Covered Bond which is exchangeable for Bearer Definitive Covered Bonds only upon an Exchange Event |
|||
| 25. | New Global Covered Bond: | Yes | |
| 26. | Financial Centre(s): | Not Applicable | |
| 27. | Talons for future Coupons or Receipts to be attached to Bearer Definitive Covered Bonds (and dates on which such Talons mature): |
No | |
| 28. | Details relating to Partly Paid Covered Bonds: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Covered Bonds and interest due on late payment: |
Not Applicable | |
| 29. | Details relating to Instalment Covered Bonds: |
Not Applicable | |
| 30. | Redenomination renominalisation and reconventioning provisions: |
Not Applicable | |
| 31. | Post-perfection SVR-LIBOR Margin: | 2.95 per cent. |
This Final Terms Document comprises the final terms required for issue and admission to trading on the London Stock Exchange's Regulated Market of the Covered Bonds described herein pursuant to the €35 billion Global Covered Bond Programme of Santander UK plc.
Ratings: The Covered Bonds to be issued have been rated:
S & P: AAA
Moody's: Aaa
Fitch: AAA
Covered Bond Swap Provider: Santander UK plc
Nature of Covered Bond Swap: Not Applicable
Save as discussed in Subscription and Sale and Transfer and Selling Restrictions, so far as the Issuer and the LLP are aware, no person involved in the offer of the Covered Bonds has an interest material to the offer. The Managers and their affiliates have engaged and may in the future engage in investment banking and/or commercial banking transactions with and may perform other services for the Issuer and/or the LLP and/or their affiliates in the ordinary course of business.
Indication of yield: 0.146 per cent. calculated on an annual basis. The yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.
So long as the Covered Bonds are represented by a Global Covered Bond and Euroclear Bank SA/NV and Clearstream Banking, S.A. so permit, the Global Covered Bond shall be tradable in minimum principal amounts of €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000 (the Tradable Amount) in addition thereto.
| (a) | ISIN Code: | XS1995645287 |
|---|---|---|
| (b) | Common Code: | 199564528 |
| (c) | CFI Code: | DTFXFB |
| (d) | FISN: | SANTANDER UK PL/1 MTN 20240513 |
| (e) | Delivery: | Delivery against payment |
| Agent(s): | Name and address of Initial Paying | Deutsche Bank AG, London Branch Winchester House 1 Great Winchester Street London EC2N 2DB |
| Names | and addresses of additional Paying Agent(s) (if any): |
Not Applicable |
| Intended to be held in a manner which would allow Eurosystem eligibility: |
Yes. Note that the designation "yes" means that the Covered Bonds are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Covered Bonds 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. |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.