ISE - The Irish Stock Exchange plc

06/07/2019 | Press release | Distributed by Public on 06/07/2019 04:51

DEPFA ACS confirms buyback of covered bonds

Ad Hoc Announcement- For immediate release

RE: Confirmation by DEPFA ACS BANK DAC of the buyback and cancellation of certain covered bonds and the sale of assets

7 June 2019

Issued on behalf of DEPFA ACS BANK DAC ('DEPFA ACS' or the 'Issuer') 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 Issuer and the covered bonds.

Background:

On 15 May 2019, DEPFA ACS announced a transaction to buyback and cancel certain of their covered bonds (asset covered securities ('ACS') or 'covered bonds') from FMS Wertmanagement AöR ('FMS-WM') and then to sell to FMS-WM certain assets.

Confirmation of buyback of covered bonds:

With effect from today, DEPFA ACS confirms the purchase of approximately Euro 1.28bln (in total nominal amount) of ACS (which include global notes and registered notes). Details of the purchases of the global notes are set out in the table below:

Issuer: DEPFA ACS

ISIN / Common Code

Maturity Date

Issuance Currency

Amount Purchased
(issuance currency)

Principal Amount Outstanding
(issuance currency)

Listing

CH0026116084

31/07/2031

CHF

625,000

3,735,000

SWX Swiss

XS0217803914

25/04/2025

EUR

10,000,000

0.00

London

US249575AN19 / DE000A0LPMX0

16/03/2037

USD

10,150,000

17,240,000

Dublin

XS0259466695

06/07/2031

EUR

15,000,000

0.00

Dublin

XS0259885316

06/07/2036

EUR

15,000,000

0.00

Dublin

XS0258836914

30/06/2021

EUR

20,000,000

0.00

Luxembourg

Cancellation of covered bonds:

All the covered bonds being bought back by the Issuer will be cancelled where bought back in full or, where bought back in part, have the principal amount outstanding reduced accordingly.

Sale of assets:

With effect from today, following the cancellation of the covered bonds described above, FMS-WM will immediately complete the purchase from DEPFA ACS of approximately Euro 1.34bln (in nominal value) of public sector assets.

Purchase price:

The purchase price of the covered bonds has been conducted on an arm's length basis and assessed at fair market value. The purchase price for the public sector assets is also being conducted on an arm's length basis and assessed at fair market value.

FMS-WM and the wind down of the DEPFA group:

FMS-WM is the parent company of DEPFA BANK plc which is the parent of DEPFA ACS. FMS-WM was established in 2010 as a German state owned wind down agency in order to wind up risk positions and non-strategic operations in a manner aimed at maximizing the value of the relevant assets. FMS-WM took ownership of DEPFA BANK plc in December 2014. The strategy of DEPFA BANK plc is to continue to wind down its balance sheet and those of its subsidiaries in a manner designed to maintain value.

Completion of the transactions identified in this announcement is a further step in the wind down plan of the DEPFA BANK plc group which helps reduce the cover pool of DEPFA ACS. Following such completion the nominal amount of outstanding DEPFA ACS covered bonds will be approximately Euro 0.31bln.

Media Contacts for DEPFA and FMS-WM

For DEPFA:

Rachel Martin

Head of Communications

Tel.: +353 1 792 2144

[email protected]

For FMS-WM:

Frank Hessel

Communications Department

Tel.: +49-89- 9547627 647

[email protected]

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.