SG ISSUER
AVVISO n.6565 | 22 Febbraio 2023 | MOT - EuroMOT |
Mittente del comunicato : BORSA ITALIANA
Societa' oggetto dell'Avviso
: SG ISSUER
Testo del comunicato
Oggetto : 'EuroMOT' - Inizio negoziazioni 'SG ISSUER'
Si veda allegato.
Disposizioni della Borsa
Società Emittente: SG ISSUER
Società Garante: Société Générale S.A.
Titolo: "Issue of EUR 50 000 000 Notes due 22/02/2033" (Codice ISIN XS2558195694)
Oggetto: INIZIO DELLE NEGOZIAZIONI IN BORSA
Data inizio negoziazioni: 23/02/2023
Mercato di negoziazione: Borsa - Mercato telematico delle obbligazioni (MOT),
segmento EuroMOT, 'classe euro-obbligazioni, ABS, titoli di emittenti esteri e altri titoli di debito'.
Clearing: CC&G
Sistemi di regolamento: Euroclear e Clearstream Banking Luxembourg Calendario di regolamento: Il calendario della valuta EUR tenuto altresì conto dei
giorni di chiusura dei sistemi di liquidazione interessati
Termini di liquidazione: Il secondo giorno successivo alla data di stipulazione dei
contratti di compravendita
EMS: 25.000
Operatore specialista: Société Générale S.A. (codice operatore IT0667)
CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE
"Issue of EUR 50 000 000 Notes due 22/02/2033"
Modalità di negoziazione: corso secco
dal secondo giorno di borsa aperta antecedente la data di pagamento della seconda cedola:
tel quel
N. obbligazioni in circolazione: 50.000
Valore nominale unitario: 1.000 EUR Valore nominale complessivo
delle obbligazioni in circolazione: 50.000.000 EUR
Interessi: le obbligazioni fruttano interessi annui lordi, pagabili in conformità a quanto specificato nei Final Terms del prestito
Modalità di calcolo dei ratei: 30/360 Godimento: 22/02/2023
Scadenza: 22/02/2033 (rimborso alla pari in un'unica soluzione alla scadenza)
Tagli: unico da nominali 1.000 EUR
Codice ISIN: XS2558195694
Codice Instrument Id: 970866
Descrizione: SG ISSUER MC FB33 EUR Importo minimo di negoziazione: 1.000 EUR
Obblighi operatore specialista: Société Générale S.A. (codice operatore IT0667) agirà
come operatore Specialista nel rispetto degli obblighi indicati nella “Guida ai Parametri”.
Disposizioni normative: Provvedimento n. LOL-004901 del 21/02/2023 di Borsa
Italiana
DISPOSIZIONI DELLA BORSA ITALIANA
Dal giorno 23/02/2023 il prestito "Issue of EUR 50 000 000 Notes due 22/02/2033" verrà iscritto nel Listino Ufficiale, comparto obbligazionario (MOT).
Allegati:
- Final Terms dei prestiti obbligazionari.
MIFID II product governance / Retail investors, professional investors and ECPs – Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended, MiFID II) MiFID II; (ii) all channels for distribution to eligible counterparties and professional clients are appropriate; and (iii) the determination of the appropriate channels for distribution of the Notes to retail clients has been made and is available on the website xxxxx://xxxxxxxxxx.xxxxxxxxx.xxx/#/xxxxx0/xxx, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable.
UK MIFIR 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 Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (UK MiFIR); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer’s target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer’s target market assessment) and determining appropriate distribution channels.
Dated 16/02/2023
PROHIBITION OF SALES TO UK RETAIL INVESTORS - The Notes 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 United Kingdom (UK). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); or (ii) a customer within the meaning of the provisions of the Financial Services and Xxxxxxx Xxx 0000, as amended (the FSMA) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of UK domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
SG Issuer
Legal entity identifier (LEI) : 549300QNMDBVTHX8H127
Issue of EUR 50 000 000 Notes due 22/02/2033 Unconditionally and irrevocably guaranteed by Société Générale
under the
Debt Instruments Issuance Programme PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth under the heading "General Terms and Conditions of the English Law Notes" in the Base Prospectus dated 1 June 2022 , which constitutes a base prospectus for the purposes of Regulation (EU) 2017/1129 (the Prospectus Regulation)
.This document constitutes the Final Terms of the Notes described herein for the purposes of Article 8(4) of the Prospectus Regulation and must be read in conjunction with the Base Prospectus and the supplement to such Base Prospectus dated 15 February 2023 and any supplement published prior to the Issue Date (as defined below) (the Supplement(s)); provided, however, that to the extent such Supplement (i) is published after these Final Terms have been signed or issued and (ii) provides for any change to the Conditions as set out under the heading "General Terms and Conditions of the English Law Notes" , such change shall have no effect with respect to the Conditions of the Notes to which these Final Terms relate. Full information on the Issuer , the Guarantor and the offer of the Notes is only available on the basis of the combination of these Final Terms, the Base Prospectus and any Supplement(s). Prior to acquiring an Interest in the Notes described herein, prospective investors should read and understand the information provided in these Final Terms, the Base Prospectus and
any Supplement(s) and be aware of the restrictions applicable to the offer and sale of such Notes in the United States or to, or for the account or benefit of, persons that are not Permitted Transferees. A summary of the issue of the Notes is annexed to these Final Terms. Copies of the Base Prospectus, any Supplement(s) and these Final Terms are available for inspection from the head office of the Issuer, the Guarantor, the specified offices of the Paying Agents and, in the case of Notes admitted to trading on the Regulated Market or on Euro MTF of the Luxembourg Stock Exchange, on the website of the Luxembourg Stock Exchange (xxx.xxxxxx.xx) and in the case of Non-Exempt Offers; on the website of the Issuer (xxxx://xxxxxxxxxx.xxxxxx.xxx).
1. (i) Series Number: 251393EN/23.2
(ii) Tranche Number: 1
(iii) Date on which the Notes become fungible:
Not Applicable
2. Specified Currency: EUR
3. Aggregate Nominal Amount:
(i) - Tranche: EUR 50 000 000
(ii) - Series: EUR 50 000 000
4. Issue Price: 100 % of the Aggregate Nominal Amount
5. Specified Denomination(s): EUR 1 000
6. (i) Issue Date:
(DD/MM/YYYY)
(ii) Interest Commencement Date:
7. Maturity Date: (DD/MM/YYYY)
22/02/2023
Issue Date 22/02/2033
8. Governing law: English law
9. (i) Status of the Notes: Unsecured
(ii) Date of corporate authorisation obtained for the issuance of Notes:
(iii) Type of Structured Notes:
Not Applicable
Reference Rate Linked Notes
The provisions of the following Additional Terms and Conditions apply:
Additional Terms and Conditions for Reference Rate Linked Notes
(iv) Reference of the Product
:
3.9.1 applicable, as described in the Additional Terms and Conditions relating to Formulae.
10. Interest Basis: See section “PROVISIONS RELATING TO INTEREST (IF ANY)
PAYABLE” below.
11. Redemption/Payment Basis: See section “PROVISIONS RELATING TO REDEMPTION” below.
12. Issuer’s/Noteholders’ redemption option:
See section “PROVISIONS RELATING TO REDEMPTION” below.
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13. Fixed Rate Note Provisions: Applicable as per Condition 4.1 of the General Terms and
Conditions
(i) Rate(s) of Interest: 10% per annum payable annually in arrear.
(ii) Specified Period(s) / Interest Payment Date(s):(DD/MM/YYYY)
(iii) Business Day Convention:
means the 22 February in each year from and including the 22 February 2024 to and including the 22 February 2025.
Following Business Day Convention (unadjusted)
(iv) Fixed Coupon Amount : Unless previously redeemed, on the Interest Payment Date, the
Issuer shall pay to the Noteholders, for each Note, an amount determined by the Calculation Agent as follows:
Rate of Interest x Specified Denomination x Day Count Fraction
(v) Day Count Fraction: 30/360 convention
(vi) Broken Amount (s): In case of a long or short Interest Period (with regard to paragraph
13(ii) “Specified Period(s)/Interest Payment Date(s)“ above), the amount of Interest will be calculated in accordance with the formula specified in paragraph 13(iv) “Fixed Coupon Amount” above.
(vii) Determination Date(s): Not Applicable
14. Floating Rate Note Provisions: Not Applicable
15. Structured Interest Note Provisions:
(i) Structured Interest Amount(s)
(ii) Specified
Period(s)/Interest Payment Date(s): (DD/MM/YYYY)
(iii) Business Day Convention :
Applicable as per Condition 4.3 of the General Terms and Conditions
Unless previously redeemed, on each Interest Payment Date(i) (i from 3 to 10), the Issuer shall pay to the Noteholders, for each Note, an amount determined by the Calculation Agent as follows:
Structured Interest Amount(i) = Specified Denomination x Max(0% ; 300% x SpreadFixing(i))
Definitions relating to the Structured Interest Amount are set out in paragraph 25(ii)”Definitions relating to the Product”.
Interest Payment Date(i)(i from 3 to 10) : means the 22 February in each year from and including the 22 February 2026 to and including the Maturity Date.
Following Business Day Convention(unadjusted)
(iv) Day Count Fraction : Not Applicable
(v) Business Centre(s): Not Applicable
16. Zero Coupon Note Provisions: Not Applicable
PROVISIONS RELATING TO REDEMPTION
17. Redemption at the option of the Issuer:
18. Redemption at the option of the Noteholders:
Not Applicable Not Applicable
19. Automatic Early Redemption: Not Applicable
20. Final Redemption Amount : Unless previously redeemed, the Issuer shall redeem the Notes on
the Maturity Date, in accordance with the following provisions in respect of each Note:
Final Redemption Amount = Specified Denomination x 100%
21. Physical Delivery Provisions: Not Applicable
22. Trigger redemption at the option of the Issuer:
23. Redemption for Tax Event, Special Tax Event, Regulatory
Not Applicable Early Redemption
Event, Force Majeure Event or Event of Default:
Early Redemption Amount : Specified Denomination
PROVISIONS APPLICABLE TO THE UNDERLYING(S) IF ANY
24. (i) Underlying(s): The following Reference Rates (each an “Underlying(k)” and
together the “Basket”) as defined below:
k | Reference Rate | Relevant Screen Page | Specified Time |
1 | EUR CMS 30 years | Reuters page "ICESWAP2" | 11:00 am Frankfurt time |
2 | EUR CMS 5 years | Reuters page "ICESWAP2" | 11:00 am Frankfurt time |
(ii) Information relating to the past and future performances of the Underlying(s) and volatility:
(iii) Provisions relating, amongst others, to the Market Disruption Event(s) and/or Extraordinary Event(s) and/or any additional disruption event(s) as described in the relevant Additional Terms and Conditions:
(iv) Credit Linked Notes Provisions:
(v) Bond Linked Notes Provisions:
The information relating to the past and future performances of the Underlying(s) and volatility are available on the source specified in the table above.
The provisions of the following Additional Terms and Conditions apply :
Additional Terms and Conditions for Reference Rate Linked Notes
The provisions relating to the Increased Cost of Hedging are not applicable
Not Applicable Not Applicable
DEFINITIONS APPLICABLE TO INTEREST (IF ANY), REDEMPTION AND THE UNDERLYING(S) IF ANY
25. (i) Definitions relating to
date(s):
Applicable
Valuation Date(i) (i from 3 5 Business Days prior to the corresponding Interest Payment
to 10) : Date(i).
(ii) Definitions relating to the Applicable, subject to the provisions of Condition 4 of the Additional
Product:
SpreadFixing(i) (i from 3 to 10)
S(i, k)
(i from 3 to 10)
(k from 1 to 2)
Fixing(i, k)
(i from 3 to 10)
(k from 1 to 2)
Terms and Conditions relating to Formulae
means in respect of Underlying(1) and Underlying(2) which are Reference Rate, the Difference between Fixing(i,1) and Fixing(i,2).
means in respect of any Valuation Date(i), the Reference Rate Fixing of Underlying(k).
means S(i,k)
Reference Rate Fixing Means, in respect of a Reference Rate, the fixing of such Reference Rate published on the Interest Determination Date or Valuation Date, as the case may be, on the Relevant Screen Page at the Specified Time.
PROVISIONS RELATING TO SECURED NOTES
26. Secured Notes Provisions: Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
27. Provisions applicable to payment date(s):
- Payment Business Day: Following Payment Business Day
- Financial Centre(s): Not Applicable
28. Form of the Notes:
(i) Form: Non-US Registered Global Note registered in the name of a nominee for a common depositary for Euroclear and Clearstream
(ii) New Global Note (NGN – No bearer notes) / New Safekeeping Structure
(NSS – registered notes):
29. Redenomination: Not Applicable
30. Consolidation: Applicable as per Condition 14.2 of the General Terms and
Conditions
31. Partly Paid Notes Provisions: Not Applicable
32. Instalment Notes Provisions: Not Applicable
33. Masse: Not Applicable
34. Dual Currency Note Provisions:
35. Additional Amount Provisions for Italian Certificates:
36. Interest Amount and/or the Redemption Amount switch at the option of the Issuer:
37. Portfolio Linked Notes Provisions:
THIRD PARTY INFORMATION
Not Applicable Not Applicable Not Applicable
Not Applicable
Information or summaries of information included herein with respect to
the Reference Rate has been extracted from general databases released publicly or by any other available information.
Each of the Issuer and the Guarantor confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published, no facts have been omitted which would render the reproduced information inaccurate or misleading.
PART B – OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
(i) Listing: Application will be made for the Notes to be listed on MOT–
EuroMOT segment, a regulated market organized and managed by Borsa Italiana S.p.A.
(ii) Admission to trading: Application will be made for the Notes to be listed on MOT–
EuroMOT segment, a regulated market organized and managed by Borsa Italiana S.p.A.
There can be no assurance that the listing and trading of the Notes will be approved with effect on the Issue Date or at all.
(iii) Estimate of total expenses related to admission to trading:
(iv) Information required for Notes to be listed on SIX Swiss Exchange:
2. RATINGS
Not Applicable
Not Applicable
The Notes to be issued have not been rated.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
Save for fees, if any, payable to the Dealer, and so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer.
The Dealer and its 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 its affiliates in the ordinary course of business. Société Générale will ensure the roles of provider of hedging instruments to the Issuer of the Notes and Calculation Agent of the Notes.
The possibility of conflicts of interest between the different roles of Société Générale on one hand, and between those of Société Générale in these roles and those of the Note holders on the other hand cannot be excluded.
Furthermore, given the banking activities of Société Générale, conflicts may arise between the interests of Société Générale acting in these capacities (including business relationship with the issuers of the financial instruments being underlyings of the Notes or possession of non public information in relation with them) and those of the
Noteholders. Finally, the activities of Société Générale on the underlying financial instrument(s), on its proprietary account or on behalf of its customers, or the establishment of hedging transactions, may also have an impact on the price of these instruments and their liquidity, and thus may be in conflict with the interests of the Noteholders.
4. REASONS FOR THE OFFER AND USE OF PROCEEDS
(i) Reasons for the offer and The net proceeds from each issue of Notes will be applied for the
use of proceeds:
general financing purposes of the Société Générale Group, which include making a profit.
(ii) Estimated net proceeds: Not Applicable
(iii) Estimated total expenses:
Not Applicable
5. INDICATION OF YIELD (Fixed Rate Notes only)
Not Applicable
6. HISTORIC INTEREST RATES (Floating Rate Notes only) Not Applicable
7. PERFORMANCE AND EFFECT ON VALUE OF INVESTMENT
(i) PERFORMANCE OF FORMULA, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT
(Structured Notes only)
The value of the Notes and the payment of a coupon amount on a relevant interest payment date to a Noteholder will depend on the performance of the underlying asset(s), on the relevant valuation date(s).
The value of the Notes is linked to reference rates.
During the lifetime of the Notes, the market value of these Notes may be lower than the invested capital. Furthermore, an insolvency of the Issuer and/or the Guarantor may cause a total loss of the invested capital. The attention of the investors is drawn to the fact that they could sustain an entire or a partial loss of their investment.
(ii) PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT (Dual Currency Notes only)
Not Applicable
8. OPERATIONAL INFORMATION
(i) Security identification code(s):
- ISIN Code: XS2558195694
- Common Code: 255819569
(ii) Clearing System(s): Euroclear Bank S.A/N.V. (Euroclear) / Clearstream Banking société
anonyme (Clearstream)
(iii) Delivery of the Notes: Delivery against payment
(iv) Calculation Agent: Société Générale
Tour Société Générale 17 Cours Valmy 00000 Xxxxx Xx Xxxxxxx Xxxxx Xxxxxx
(v) Paying Agent(s): Société Générale Luxembourg SA
00, xxxxxx Xxxxx Xxxxxx 0000 Xxxxxxxxxx Xxxxxxxxxx
(xx) Eurosystem eligibility of the Notes:
No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper (and registered in the name of a nominee of one of the ICSDs acting as common safekeeper). Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intraday credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.
(vii) Address and contact details of Société Générale for all administrative communications relating to the Notes:
9. DISTRIBUTION
Société Générale Tour Société Générale 17, Cours Valmy
92987 Paris La Défense Cedex
FranceName: Sales Support Services - Derivatives Tel: x00 0 00 00 00 00 (Hotline)
Email: xxxxxxxxxxxxx-xxxx@xxxxx.xxx
(i) Method of distribution: Non-syndicated
- Dealer(s): Société Générale Tour Société Générale 00, Xxxxx Xxxxx
00000 Xxxxx xx Xxxxxxx Xxxxx Xxxxxx
(ii) Total commission and concession:
There is no commission and/or concession paid by the Issuer to the Dealer or the Managers.
(iii) TEFRA Rules: Not Applicable
(iv) Non-exempt Offer Consent of the Issuer to use the Base Prospectus during the Offer Period:
- Individual Consent / Name(s) and address(es) of any Initial Authorised Offeror:
- General Consent/ Other conditions to consent:
(v) U.S. federal income tax considerations:
(vi) - Prohibition of Sales to EEA Retail Investors:
- Prohibition of Sales to EEA Non Retail Investors:
(vii) - Prohibition of Sales to UK Retail Investors:
- Prohibition of Sales to UK Non Retail Investors:
(viii) Prohibition of Sales to Swiss Non Retail Investors:
A Non-exempt offer of the Notes may be made by the Dealer and any financial intermediaries to whom the Issuer gives a General Consent (the General Authorised Offerors) in the Non-exempt Offer jurisdiction(s) (Non-exempt Offer Jurisdiction(s)) during the offer period (Offer Period) as specified in the paragraph “ Terms and Conditions of the Offer” below.
Not Applicable
Applicable
The Notes are not Specified Notes for purposes of Section 871(m) Regulations.
Not Applicable Not Applicable
Applicable
Not Applicable Not Applicable
10. TERMS AND CONDITIONS OF THE OFFER
- Non-Exempt Offer Jurisdiction(s):
Italy
- Offer Period: From 22/02/2023 to 31/03/2023, save in case of early termination.
-Offer Price:
The Certificates will be offered at the prices which will be determined by the Dealer on a continuous basis in accordance with the market conditions from time to time prevailing.
Depending on market conditions, the offer price shall be equal, higher or lower than the Issue Price of the Certificates. The Dealer will publish the prices at which the Certificates are offered as ask quotes on EuroTLX and, for information purposes only, on xxx.xxxxxxxx.xxxxxxxxxxxxxxx.xx.
- Conditions to which the offer is subject:
The Issuer reserves the right to close the Offer Period prior to its stated expiry for any reason. A notice on the early termination will be published on the website of the Issuer (xxx.xxxxxxxx.xxxxxxxxxxxxxxx.xx).
- Description of the application The distribution activity will be carried out in accordance with the
process:
- Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:
- Details of the minimum and/or maximum amount of application:
financial intermediary’s usual procedures. Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the purchase of the Notes.
Not Applicable
Minimum amount of application : EUR 1 000 (i.e. 1 Note)
- Details of the method and time limits for paying up and delivering the Notes:
- Manner and date in which results of the offer are to be made public:
The Notes will be delivered on any day during the Offer Period by payment of the purchase price by the Noteholders to the relevant financial intermediary.
The settlement and the delivery of the securities will be executed through the Dealer mentioned above only for technical reasons. However, the Issuer will be the only offeror and as such will assume all the responsibilities in connection with the information contained in the Final Terms together with the Base Prospectus.
Not Applicable
- Procedure for exercise of any Not Applicable
right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:
- Whether tranche(s) has/have been reserved for certain countries:
- Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made:
- Amount of any expenses and taxes specifically charged to the subscriber or purchaser:
11. ADDITIONAL INFORMATION
- Minimum investment in the Notes:
Not Applicable
Not Applicable
Taxes charged in connection with the subscription, transfer, purchase or holding of the Notes must be paid by the Noteholders and neither the Issuer nor the Guarantor shall have any obligation in relation thereto; in that respect, Noteholders shall consult professional tax advisers to determine the tax regime applicable to their own situation.
Punctual costs (entry costs), recurrent costs and potential anticipated exit penalties may have an impact on the return the investor may obtain from his investment
Punctual costs (entry costs), recurrent costs and potential anticipated exit penalties may have an impact on the return the investor may obtain from his investment.
EUR 1 000 (i.e. 1 Note)
- Minimum Trading Lot: EUR 1 000 (i.e. 1 Note)
- Location where the Prospectus, any Supplements thereto and the Final Terms can be collected or inspected free of charge in Italy:
Société Générale, Xxx Xxxxx x.0, 00000 Xxxxxx Xxxxx
12. PUBLIC OFFERS IN SWITZERLAND
Not Applicable
13. EU BENCHMARKS REGULATION Benchmark: Applicable
Amounts payable under the Notes will be calculated by reference to the relevant Benchmark which is provided by the relevant Administrator, as specified in the table below.
As at the date of these Final Terms, the relevant Administrator appears/does not appear, as the case may be, on the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority pursuant to Article 36 of
the Benchmark Regulation (Regulation (EU) 2016/1011) (the EU Benchmarks Regulation), as specified in the table below.
If “Does not appear and exempted” is specified in the table below, it means that the relevant Administrator does not fall within the scope of the EU Benchmarks Regulation by virtue of Article 2 of that regulation.
If “Does not appear and non-exempted” is specified in the table below, it means that, as far as the Issuer is aware, the transitional provisions in Article 51 of the EU Benchmarks Regulation apply, such that the relevant Administrator is not currently required to obtain authorisation or registration.
Benchmark | Administrator | Register |
EUR CMS 30 ans | ICE Benchmark Administration Limited | Does not appear and non-exempted |
EUR CMS 5 ans | ICE Benchmark Administration Limited | Does not appear and non-exempted |
ISSUE SPECIFIC SUMMARY SECTION A – INTRODUCTION INCLUDING WARNINGS
ISIN code : XS2558195694
Issuer : SG Issuer
Domicile: 00, xxxxxxxxx Xxxxx, X-0000 Xxxxxxxxxx Telephone number : + 000 00 00 00 00
Legal entity identifier (LEI) : 549300QNMDBVTHX8H127
Offeror and/or entity requesting the admission to trading :
Société Générale
Tour Société Générale - 17 Cours Valmy 00000 Xxxxx Xx Xxxxxxx Xxxxx, Xxxxxx
Domicile : 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxx, Xxxxxx.
Legal entity identifier (LEI) : O2RNE8IBXP4R0TD8PU41
Identity and contact details of the competent authority approving the prospectus:
Approved by the Commission de Surveillance du Secteur Financier (CSSF) 000, xxxxx x'Xxxxx X-0000, Xxxxxxxxxx
Telephone number: (352) 26 25 11 E-Mail : xxxxxxxxx@xxxx.xx
Date of approval of the prospectus: 01/06/2022
WARNINGS
This summary must be read as an introduction to the base prospectus (the Base Prospectus).
Any decision to invest in the Notes (the Notes) should be based on a consideration of the Base Prospectus as a whole by the investor.
Where a claim relating to the information contained in the Base Prospectus and the applicable Final Terms is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Base Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled this summary, including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in the Notes.
You are about to buy a product which is not simple and which may be difficult to understand. SECTION B – KEY INFORMATION ON THE ISSUER
WHO IS THE ISSUER OF THE SECURITIES?
Issuer : SG Issuer (or the Issuer)
Domicile: 00, xxxxxxxxx Xxxxx, X-0000 Xxxxxxxxxx
Legal form: Public limited liability company (société anonyme). Legal entity identifier (LEI) : 549300QNMDBVTHX8H127 Legislation under which the Issuer operates: Luxembourg law. Country of incorporation: Luxembourg.
Statutory auditors : Xxxxx & Xxxxx S.A.
The principal activity of SG Issuer is raising finance by the issuance of warrants as well as debt securities designed to be placed to institutional customers or retail customers through the distributors associated with Société Générale. The financing obtained through the issuance of such debt securities is then lent to Société Générale and to other members of the Group.
Shares of SG Issuer are held at 99.8 per cent. by Societe Generale Luxembourg and at 0.2 per cent. by Societe Generale. It is a fully consolidated company.
In accordance with it bylaws, the Issuer is managed by an Executive Board under the supervision of a Supervisory Board.
The members of the board of directors are Xxxxxxx Xxxxxxx, Xxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxx, Xxxxxxx Xxxxxxx Xxxxxxx and Xxxxxxxx Xxxxxx (individually a "Director" and collectively the Board of Directors).
Xxxxxxx Xxxxxxx, Xxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxx, Xxxxxxx Xxxxxxx Xxxxxxx and Xxxxxxxx Xxxxxx hold full-time management positions within the Societe Generale group.
The members of the supervisory board are Xxxxxxx Xxxxxxx, Xxxxxx Xxxxxxx, Xxxxxxx Xxxxx, Xxxxxxx Xxxx and Xxxxxxx Xxxxxx (the "Supervisory Board").
Xxxxxxx Xxxxxxx, Xxxxxx Xxxxxxx, Xxxxxxx Xxxxx and Xxxxxxx Xxxx currently hold full-time management positions within the Societe Generale group.
WHAT IS THE KEY FINANCIAL INFORMATION REGARDING THE ISSUER?
Income statement
(en K€) | 31 December 2021 (audited) | 31 December 2020 (audited) |
Operating profit/loss | (215) | 274 |
Balance sheet
(en K€) | 31 December 2021 (audited) | 31 December 2020 (audited) |
Net financial debt (long term debt plus short term debt minus cash) * | 11 616 | 3 707 |
Current ratio (current assets/current liabilities) | N/A | N/A |
Debt to equity ratio (total liabilities/total shareholder equity) | N/A | N/A |
Interest cover ratio (operating income/interest expense) | N/A | N/A |
*the Net financial debt is calculated on the basis of the following elements :
Net financial debt | 31/12/2021 | 31/12/2020 |
Convertible Bond into Share (0) | 00 000 | 00 000 |
Cash and cash equivalents (2) | -36 384 | -44 293 |
Total | 11 616 | 3 707 |
(1) classified within the line Financial liabilities at amortized cost, see note 4.3 in the 2021 financial statements and in the 2021 condensed interim financial statements
(2) classified in the Balance Sheet.
Cash flow
(en K€) | 31 December 2021(audited) | 31 December 2020(audited) |
Net cash flows from operating activities | 9 216 | 13 446 |
Net cash flows used in financing activities | (17 125) | (35 129) |
Net cash flows from investing activities | 0 | 0 |
WHAT ARE THE KEY RISKS THAT ARE SPECIFIC TO THE ISSUER?
In the event of default or bankruptcy of the Issuer, the investor has recourse only against Société Générale and there is a risk of total or partial loss of the amount invested or conversion into securities (equity or debt) or postponement of maturity, in the event of bail-in affecting the Issuer's securities or Société Générale’s structured Notes, without any guarantee or compensation.
SECTION C. KEY INFORMATION ON THE SECURITIES
WHAT ARE THE MAIN FEATURES OF THE SECURITIES?
ISIN Code : XS2558195694 Number of Notes : 50 000
Product Currency | EUR | Settlement Currency | EUR |
Listing | Borsa Italiana – MOT – EuroMOT | Nominal Value | EUR 1,000 per note |
Minimum Investment | EUR 1,000 | Issue Price | 100% of the Nominal Value |
Maturity Date | 22/02/2033 | Minimum Reimbursement | 100% of the Nominal Value at maturity only |
Fixed Coupon (year 1 - 2) | 10.00% | Variable Coupon (year 3 -10) | Equal to 3 times the Differential between the two reference rates (with a minimum of 0) |
k | Reference Rate | Reference Page | Fixing Time |
1 | EUR CMS 30 years | Reuters page "ICESWAP2" | 11:00 AM Frankfurt Time |
2 | EUR CMS 5 years | Reuters page "ICESWAP2" | 11:00 AM Frankfurt Time |
This product is an unsecured debt instrument governed by English law.
The product is a fixed maturity investment designed to pay, at maturity, a reimbursement equal to the Nominal Value. The product also pays two Fixed Coupons at the end of years 1 to 2 and eight Variable Coupons at the end of years 3 to 10 linked to the Underlying. The Underlying is composed of the 30-year EUR CMS rate and the 5-year EUR CMS rate above. The product provides full capital protection only at maturity in the product currency. Fixed Coupons:
On each Fixed Coupon Payment Date, you will receive the Fixed Coupon. The 30/360 calculation convention applies
Variable Coupons:
On each Variable Coupon Payment Date, you will receive the Variable Coupon, corresponding to 3 times the Differential (if positive) between the two reference rates(k) above, with a minimum value of 0%.
Final Redemption:
On the Maturity Date, you will receive 100% of the Nominal Value. Additional Information:
- For the purpose of determining each Variable Coupon, the reference rates(k) are taken five business days prior to the payment date of the corresponding variable coupon
- The Differential between the two reference rates(k) is the difference between the 30-year EUR CMS rate and the 5-year EUR CMS rate, taken five business days before the payment date of the corresponding variable coupon.
- Coupons are expressed as a percentage of the Nominal Value.
- The occurrence of extraordinary events could cause changes in the terms of the product or its early redemption. This could result in losses on the invested capital.
- The product is available through a public offering during the applicable offering period in the following jurisdictions: Italy.
Issue Date | 22/02/2023 | |||||
Maturity Date | 22/02/2033 | |||||
Fixed Coupon Payment Date | 22/02/2024; 22/02/2025 | |||||
Variable Payment Date | Coupon | 22/02/2026; 22/02/2027; 22/02/2032; 22/02/2033 | 22/02/2028; | 22/02/2029; | 22/02/2030; | 22/02/2031; |
Waiver of Set-off rights
The Noteholders waive any right of set-off, compensation and retention in relation to the Notes, to the extent permitted by law.
Submission to jurisdiction:
The Issuer accepts the competence of the courts of England in relation to any dispute against the Issuer, but accepts that such Noteholders may bring their action before any other competent court.
The Notes will be direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank at least pari passu with all other outstanding direct, unconditional, unsecured and unsubordinated obligations of the Issuer, present and future.
The Noteholder acknowledge that in case of resolutions pursuant to Directive 2014/59/UE in relation to the Issuer’s liabilities or the non subordinated, senior preferred, structured and LMEE ratio eligible liabilities of Société Générale, the Notes may be subject to the reduction of all, or a portion, of the amounts due, on a permanent basis, a conversion of all, or a portion, of the amounts due into shares or other securities of the Issuer or the Guarantor or another person; cancellation; and/or the amendment on maturity of the Notes or amendment on the calendar or the amount of the interests.
RESTRICTIONS ON THE FREE TRANSFERABILITY OF THE SECURITIES :
Not Applicable. There is no restriction on the free transferability of the Notes, subject to selling and transfer restrictions which may apply in certain jurisdictions including restrictions applicable to the offer and sale to, or for the account or benefit of, persons other than Permitted Transferees.
A Permitted Transferee means any person who (i) is not a U.S. person as defined pursuant to Regulation S; (ii) is not a person who comes within any definition of U.S. person for the purposes of the CEA or any CFTC Rule,
guidance or order proposed or issued under the CEA (for the avoidance of doubt, any person who is not a "Non- United States person" defined under CFTC Rule 4.7(a)(1)(iv), but excluding, for purposes of subsection (D) thereof, the exception for any qualified eligible person who is not a "Non-United States person," shall be considered a U.S. person); and (iii) is not a "U.S. Person" for purposes of the final rules implementing the credit risk retention requirements of Section 15G of the U.S. Securities Exchange Act of 1934, as amended (the U.S. Risk Retention Rules) (a Risk Retention U.S. Person).
WHERE THE SECURITIES WILL BE TRADED?
Admission to trading:
Application will be made for the Notes to be admitted to trading on MOT– EuroMOT segment, a regulated market organized and managed by Borsa Italiana S.p.A.
There can be no assurance that the listing and trading of the Notes will be approved with effect on the Issue Date or at all.
IS THERE A GUARANTEE ATTACHED TO THE SECURITIES?
Nature and scope of the guarantee:
The Notes are unconditionally and irrevocably guaranteed by Société Générale (the Guarantor) pursuant to the guarantee governed by French law made as of 01/06/2022 (the Guarantee).
The Guarantee obligations constitutes a direct, unconditional, unsecured and unsubordinated obligations of the Guarantor ranking as senior preferred obligations, as provided for in Article L. 613-30-3-I-3° of the French Code "monétaire et financier" and will rank at least pari passu with all other existing and future direct, unconditional, unsecured senior preferred obligations of the Guarantor, including those in respect of deposits.
Any references to sums or amounts payable by the Issuer which are guaranteed by the Guarantor under the Guarantee shall be to such sums and/or amounts as directly reduced, and/or in the case of conversion into equity, as reduced by the amount of such conversion, and/or otherwise modified from time to time resulting from the application of a bail-in power by any relevant authority pursuant to directive 2014/59/EU of the European Parliament and of the Council of the European Union.
Description of the Guarantor:
The Guarantor, Société Générale is the parent company of the Société Générale Group. Domicile: 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxx, Xxxxxx.
Legal form: Public limited liability company (société anonyme). Country of incorporation: France.
Legal entity identifier (LEI) : O2RNE8IBXP4R0TD8PU41
The Guarantor may on a regular basis, as defined in the conditions set by the French Banking and Financial Regulation Committee, engage in all transactions other than those mentioned above, including in particular insurance brokerage.
Generally speaking, the Guarantor may carry out, on its own behalf, on behalf of third parties or jointly, all financial, commercial, industrial, agricultural, personal property or real property, directly or indirectly related to the above-mentioned activities or likely to facilitate the accomplishment of such activities.
Key financial information on the Guarantor:
Income statement
In millions of euros | First Quarter 2022 (unaudited) | 31.12.2021 (audited) | First Quarter 2021 (unaudited) | 31.12.2020 (audited) |
Net interest income (or equivalent)(Total interest income and expense)*** | N/A | 10,718 | N/A | 10,473 |
Net fee and commission income(Total Fee income and expense) | N/A | 5,320 | N/A | 4,917 |
Net impairment loss on financial assets(Cost of risk) | (561) | (700) | (276) | (3,306) |
Net trading income(Net gains and losses on financial transactions) | N/A | 5,723 | N/A | 2,851 |
Measure of financial performance used by the issuer in the financial statements such as operating profit(Gross operating income) | 1,952 | 8,208 | 1,497 | 5,399 |
Net profit or loss (for consolidated financial statements net profit or loss attributable to | 842 | 5,641 | 814 | (258) |
equity holders of the parent)(Net income, Group share) |
Balance sheet
In billions of euros | First Quarter 2022 (unaudited) | 31.12.2021 (audited) | First Quarter 2021(unaudited) | 31.12.2020 (audited) | #Value as outcome from the most recent supervisory review and evaluation process (SREP) |
Total assets(Total Assets) | 1,609.2 | 1,464.4 | 1,503.0 | 1,444.4 | N/A |
Senior debt(Debt securities issued) | 135.4 | 135.3 | 137.2 | 139.0 | N/A |
Subordinated debt (Subordinated debts) | 16.1 | 16.0 | 16.2 | 15.4 | N/A |
Loans and receivables to customers(Customer loans at amortised cost) | 501.5 | 497.2 | 456.5 | 448.8 | N/A |
Deposits from customers(Customer deposits) | 528.6 | 509.1 | 467.7 | 456.1 | N/A |
Total equity(Shareholders’ equity, subtotal Equity, Group share) | 65.9 | 65.1 | 62.9 | 61.7 | N/A |
Non-performing loans (based on net carrying amount) / Loans and receivables)(Doubtful loans) | 16.9 | 16.5 | 17.4 | 17.0 | N/A |
Common Equity Tier 1 capital (CET1) ratio (or other relevant prudential capital adequacy ratio depending on the issuance)(Common Equity Tier 1 ratio) | 12.9%(1) | 13.71%(1) | 13.5%(1) | 13.44%(1) | 9.23% ** |
Total capital ratio(Total capital ratio) | 17.9%(1) | 18.85%(1) | 19.1%(1) | 19.21%(1) | N/A |
Leverage ratio calculated under applicable regulatory framework | 4.3%(1) | 4.9%(1) | 4.5%(1) | 4.8%(1) | N/A |
** Taking into account the combined regulatory buffers, the CET1 ratio level that would trigger the Maximum Distributable Amount mechanism would be 9.23% as of 1st March 2022
*** Titled in italics refer to titled used in the financial statements.
(1) Phased-in ratio.
The audit report does not contain any qualification.
Key risks that are specific to the guarantor :
Due to Société Générale’s role as guarantor and counterparty to the Issuer's hedging transactions, investors are essentially exposed to Société Générale's credit risk and have no recourse against the Issuer in the event of the Issuer's default.
WHAT ARE THE KEY RISKS THAT ARE SPECIFIC TO THE SECURITIES?
Any sale of the Notes prior to the scheduled maturity date will result in the loss of the full protection of the amount invested.
Although it is subject to market making agreement, the liquidity of the product may be affected by exceptional circumstances that make it difficult to sell the product or at a price that results in a total or partial loss of the amount invested.
The market value of the Notes depends on the evolution of market parameters at the time of exit (price level of the Underlying(s), interest rates, volatility and credit spreads) and may therefore result in a risk of total or partial loss on the amount initially invested.
Events unrelated to the Underlying(s) (e.g. change in law, including tax law, force majeure, number of securities in circulation) may lead to early redemption of the Notes and thus to total or partial loss of the amount invested.
Events affecting the Underlying(s) or hedging transactions may lead to adjustments, de-indexation, substitution of the Underlying(s), or early redemption of the Notes and consequently to losses on the amount invested, including in the case of capital protection.
If the currency of the investor's main activities is different from that of the product, the investor is exposed to currency risk, especially in the event of exchange controls, which may reduce the amount invested.
The performance of the reference rate(s) is dependent on economic and political factors. Such factors could have a negative impact on the performance of the reference rate(s) and consequently on the value of the Notes. These factors can be expected to intensify in periods of financial turmoil.
SECTION D - KEY INFORMATION ON THE OFFER OF SECURITIES TO THE PUBLIC AND/OR ADMISSION TO TRADING ON A REGULATED MARKET
UNDER WHICH CONDITIONS AND TIMETABLE CAN I INVEST IN THIS SECURITIES ? DESCRIPTION OF THE TERMS AND CONDITIONS OF THE OFFER :
Non Exempted Offer Jurisdiction(s): Italy
Offer Period: From 22/02/2023 to 31/03/2023, save in case of early termination.
Offer Price: The Certificates will be offered at the prices which will be determined by the Dealer on a continuous basis in accordance with the market conditions from time to time prevailing.
Depending on market conditions, the offer price shall be equal, higher or lower than the Issue Price of the Certificates. The Dealer will publish the prices at which the Certificates are offered as ask quotes on EuroTLX and, for information purposes only, on xxx.xxxxxxxx.xxxxxxxxxxxxxxx.xx.
Conditions to which the offer is subject: The Issuer reserves the right to close the Offer Period prior to its stated expiry for any reason. A notice on the early termination will be published on the website of the Issuer (xxx.xxxxxxxx.xxxxxxxxxxxxxxx.xx).
Issue Price: 100 % of the Aggregate Nominal Amount
Estimate of total expenses related to the issuance or the offer, including estimated expenses charged to the investor by the Issuer or the offeror:
Punctual costs (entry costs), recurrent costs and potential anticipated exit penalties may have an impact on the return the investor may obtain from his investment.
WHO IS THE OFFEROR AND/OR THE PERSON ASKING FOR THE ADMISSION TO TRADING ?
Société Générale as Dealer
Tour Société Générale - 17 Cours Valmy 00000 Xxxxx Xx Xxxxxxx Xxxxx, Xxxxxx
Domicile : 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxx, Xxxxxx. Legal form : Public limited liability company (société anonyme). Applicable law : French law.
Country of incorporation : France
WHY IS THIS PROSPECTUS BEING PRODUCED ?
This prospectus is drawn up for the purposes of the public offer of the Notes.
Reasons for the offer and use of proceeds : The net proceeds from each issue of Notes will be applied for the general financing purposes of the Société Générale Group, which include making a profit.
Estimated net proceeds : Not Applicable
Underwriting: There is an underwriting agreement on a firm commitment basis with: Société Générale
Interests of the individual and natural persons of the issuance/offer :
Save for fees, if any, payable to the Dealer, and so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer.
The Dealer and its 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 its affiliates in the ordinary course of business. Société Générale will ensure the roles of provider of hedging instruments to the Issuer of the Notes and Calculation Agent of the Notes.
The possibility of conflicts of interest between the different roles of Société Générale on one hand, and between those of Société Générale in these roles and those of the Note holders on the other hand cannot be excluded.
Furthermore, given the banking activities of Société Générale, conflicts may arise between the interests of Société Générale acting in these capacities (including business relationship with the issuers of the financial instruments being underlyings of the Notes or possession of non public information in relation with them) and those of the Noteholders. Finally, the activities of Société Générale on the underlying financial instrument(s), on its proprietary account or on behalf of its customers, or the establishment of hedging transactions, may also have an impact on the price of these instruments and their liquidity, and thus may be in conflict with the interests of the Noteholders.
NOTA DI SINTESI DELL’EMISSIONE SEZIONE A – INTRODUZIONE COMPRENSIVA DELLE AVVERTENZE Codice ISIN : XS2558195694
Emittente : SG Issuer
Domicilio : 00, xxxxxxxxx Xxxxx, X-0000 Xxxxxxxxxx Numero di telefono : + 000 00 00 00 00
Legal entity identifier (LEI) : 549300QNMDBVTHX8H127
Offerente e/o soggetto che richiede l’ammissione alle negoziazioni :
Societe Generale
Tour Société Générale - 17 Cours Valmy 00000 Xxxxx Xx Xxxxxxx Xxxxx, Xxxxxx
Sede legale : 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxx, Xxxxxx.
Legal entity identifier (LEI) : O2RNE8IBXP4R0TD8PU41
Individuazione e contatti dell’autorità competente per l’approvazione del prospetto:
Approvato dalla Commission de Surveillance du Secteur Financier (CSSF) 000, xxxxx x'Xxxxx X-0000, Xxxxxxxxxx
Data di approvazione del prospetto: 01/06/2022
AVVERTENZE
La presente nota di sintesi deve essere letta come un’introduzione al prospetto di base (il Prospectus).
Qualsiasi decisione di investire nelle obbligazioni (le Obbligazioni) emesse sulla base Prospetto deve basarsi su una valutazione complessiva del Prospetto da parte dell’investitore.
I potenziali investitori devono essere consapevoli del fatto che queste Obbligazioni potrebbero essere volatili e che potrebbero non ricevere alcun interesse e potrebbero perdere tutto o una parte sostanziale del loro investimento.
Qualora sia proposto un ricorso dinanzi all'autorità giudiziaria in merito alle informazioni contenute nel Prospetto e nelle relative Condizioni Definitive, il ricorrente potrebbe essere tenuto a sostenere i costi della traduzione del Prospetto di Base prima dell’inizio del procedimento, ai sensi della legislazione nazionale degli Stati Membri.
Nessun soggetto che ha provveduto alla predisposizione della presente nota di sintesi, compresa l’eventuale traduzione, potrà essere ritenuto responsabile civilmente, salvo che questa risulti fuorviante, imprecisa o incoerente se letta congiuntamente alle altre parti del Prospetto, o non offra, se letta congiuntamente alle altre parti del Prospetto, informazioni essenziali volte ad agevolare la decisione dell'investitore di investire nelle Obbligazioni.
State per acquistare un prodotto che non è semplice e può essere di difficile comprensione. SEZIONE B – INFORMAZIONI CHIAVE SULL’EMITTENTE
CHI È L’EMITTENTE DEI TITOLI?
Emittente : SG Issuer (o l’Emittente)
Domicilio: 00, xxxxxxxxx Xxxxx, X-0000 Xxxxxxxxxx Legal entity identifier (LEI) : 549300QNMDBVTHX8H127 Giurisdizione di riferimento: diritto lussemburghese.
Paese di costituzione: Lussemburgo.
Società di revisione : Xxxxx & Young S.A.
Le attività principali di SG Issuer sono rappresentate dalla raccolta di fondi tramite l'emissione di warrant e titoli di debito destinati al collocamento presso clienti istituzionali o retail tramite collocatori associati a Société Générale. I fondi derivanti all'emissione di tali titoli di debito vengono quindi concessi in prestito a Société Générale ed altri membri del Gruppo.
Le azioni di SG Issuer sono detenute al 99,8 per cento. da Société Générale Luxembourg e allo 0,2 per cento. di Société Générale. È una società completamente consolidata.
In conformità allo statuto, l'Emittente è gestita da un Consiglio Direttivo sotto la supervisione di un Consiglio di Sorveglianza. I membri del Consiglio Direttivo sono Xxxxxxx Xxxx, Xxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxx, Xxxxxxx Xxxxxxx Xxxxxxx e Xxxxxxxxx Xxxxxxx (ciascuno individualmente un Amministratore e collettivamente il Consiglio di Amministrazione). Xxxxxxx Xxxx, Xxxxxxx Xxxxxx, Xxxxxx Xxxxx, Xxxx Xxxxxxx, Xxxxxxxxx Xxxxxxxx, Xxxxxxx Xxxxxxx Xxxxxxx e Xxxxxxxxx Xxxxxxx esercitano la loro attività di management a tempo pieno all'interno del Gruppo Societe Generale
QUALI SONO LE INFORMAZIONI FINANZIARIE CHIAVE RELATIVE ALL’EMITTENTE?
Conto economico
(in migliaia di €) | 31 dicembre 2021 (soggetto a revisione) | 31 dicembre 2020 (soggetto a revisione) |
Utile/perdita operativa | (215) | 274 |
Stato patrimoniale
(in migliaia di €) | 31 dicembre 2021 (soggetto a revisione) | 31 dicembre 2020 (soggetto a revisione) |
Debito finanziario netto (debiti a lungo termine meno debiti a breve termine meno disponibilità liquide) * | 11 616 | 3 707 |
Rapporto corrente (attività correnti /passività correnti) | N/A | N/A |
Rapporto debito e capitale (passività totali /capitale azionario totale) | N/A | N/A |
Tasso di copertura degli interessi (reddito operativo/spesa per interessi) | N/A | N/A |
* il debito finanziario netto è calcolato sulla base dei seguenti elementi:
Debito finanziario netto | 31/12/2021 | 31/12/2020 |
Obbligazioni convertibili in azioni (0) | 00 000 | 00 000 |
Disponibilità liquide e mezzi equivalenti (2) | -36 384 | -44 293 |
Totale | 11 616 | 3 707 |
(1) classificato nella voce Passività finanziarie a costo ammortizzato, si veda nota 4.3 nel bilancio 2021 e nel bilancio periodico abbreviato del 2021
(2) classificato nello Stato Patrimoniale.
Flussi di cassa
(in migliaia di €) | 31 dicembre 2021 (soggetto a revisione | 31 dicembre 2020 (soggetto a revisione) |
Flussi di cassa netti da attività operative | 9 216 | 13 446 |
Flussi di cassa netti da attività finanziarie | (17 125) | (35 129) |
Flussi di cassa netti da attività di investimento | 0 | 0 |
QUALI SONO I RISCHI CHIAVE SPECIFICI DELL’EMITTENTE?
In caso di inadempimento o fallimento dell’Emittente, l’investitore ha diritto di ricorso soltanto nei confronti di Société Générale e, in caso di bail-in applicato ai titoli dell’emittente o ai prodotti strutturati di Société Générale, è esposto al rischio di perdita totale o parziale dell’importo investito o di sua conversione in titoli (di capitale o di debito) o di spostamento della scadenza, senza alcuna garanzia o compensazione.
SEZIONE C. INFORMAZIONI CHIAVE SUI TITOLI
QUALI SONO LE CARATTERISTICHE PRINCIPALI DEI TITOLI?
Codice ISIN: XS2558195694 Numero di Obbligazioni: 50000
Valuta Prodotto | del | EUR | Valuta di Regolamento | EUR | ||
Sede negoziazione | di | Borsa Italiana – MOT – EuroMOT | Valore Nominale | 1 000 Obbligazione | EUR | per |
Investimento Minimo | 1 000 EUR | Prezzo di Emissione | 100% del Valore Nominale | |||
Data di Scadenza | 22/02/2033 | Rimborso minimo | 100% del Valore Nominale solo alla scadenza | |||
Cedola Fissa (anni 1 - 2) | 10.00% | Cedola Variabile (anni 3 -10) | pari a 3 volte il Differenziale tra i due tassi di riferimento (con un minimo di 0) | |||
k | Tassi di Riferimento | Pagina di Riferimento | Orario di Valutazione |
1 | EUR CMS 30 years | Reuters page "ICESWAP2" | 11:00 AM Orario di Francoforte |
2 | EUR CMS 5 years | Reuters page "ICESWAP2" | 11:00 AM Orario di Francoforte |
Questo prodotto è uno strumento di debito non collateralizzato regolato dalla legge inglese. Il prodotto ha una durata predeterminata pari a 10 anni.
Il prodotto è un investimento a scadenza prefissata concepito per pagare, a scadenza, un rimborso pari al Valore Nominale. Il prodotto paga inoltre due Cedole Fisse al termine degli anni da 1 a 2 e xxxx Xxxxxx Xxxxxxxxx al termine degli anni da 3 a 10 legate al Sottostante. Il Sottostante é composto dal tasso EUR CMS a 30 anni e dal tasso EUR CMS a 5 anni suindicati. Il prodotto assicura una protezione totale del capitale solo a scadenza nella valuta del prodotto.
Cedole Fisse:
Ad ogni Data di Pagamento della Cedola Fissa, si riceverà la Cedola Fissa. Si applica la convenzione di calcolo Actual/360.
Cedole Variabili:
Ad ogni Data di Pagamento della Cedola Variabile, si riceverà la Cedola Variabile, corrispondente a 3 volte il Differenziale (se positivo) tra i due tassi di riferimento(k) suindicati, con un valore minimo pari allo 0%.
Rimborso Finale:
Alla Data di Scadenza, si riceverà 100% del Valore Nominale. Ulteriori informazioni:
- Ai fini della determinazione di ciascuna Cedola Variabile, i tassi di riferimento(k) sono rilevati cinque giorni lavorativi prima della data di pagamento della cedola variabile corrispondente
- Il Differenziale tra i due tassi di riferimento(k) è la differenza tra il tasso EUR CMS a 30 anni ed il tasso EUR CMS a 5 anni, rilevati cinque giorni
lavorativi prima della data di pagamento della cedola variabile corrispondente.
- Le Cedole sono espresse come percentuale del Valore Nominale.
- Il verificarsi di eventi straordinari potrebbe causare modifiche dei termini del prodotto o il suo rimborso anticipato. Ciò potrebbe comportare perdite sul capitale investito.
- Il prodotto è disponibile mediante un'offerta pubblica durante il periodo di offerta applicabile nelle seguenti giurisdizioni: Italia.
Data di Emissione | 22/02/2023 | |||||
Data di Scadenza | 22/02/2033 | |||||
Date di pagamento delle Cedole Fisse | 22/02/2024; 22/02/2025 | |||||
Date di pagamento delle Cedole Variabili | 22/02/2026; 22/02/2027; 22/02/2032; 22/02/2033 | 22/02/2028; | 22/02/2029; | 22/02/2030; | 22/02/2031; | |
Rinuncia ai diritti di compensazione
I Portatori delle Obbligazioni rinunciano a qualsiasi diritto di compensazione e ritenzione con riferimento alle Obbligazioni, nella misura consentita dalla legge.
Giurisdizione applicabile
L'Emittente accetta la competenza dei tribunali inglesi in relazione a qualunque controversia nei confronti dell'Emittente, e che i Portatori delle Obbligazioni possano promuovere un'azione legale innanzi a qualunque altro tribunale competente.
Priorità:
Le Obbligazioni sono obbligazioni dirette, incondizionate, non garantite e non subordinate dell'Emittente e saranno pari passu rispetto a tutte le altre obbligazioni dirette, incondizionate, non garantite e non subordinate dell'Emittente, presenti e future, in circolazione.
Il Portatore dell’obbligazione prende atto e accetta che in caso di risoluzione ai sensi della Direttiva 2014/59/UE che riguardi le passività dell’Emittente ovvero le passività di Societe Generale non subordinate, di tipo senior preferred, strutturate e rilevanti ai fini del rapporto LMEE, le Obbligazioni possono essere oggetto di riduzione totale o parziale degli importi in relazione ad esse dovuti, su base permanente; di conversione in tutto o in parte degli import dovuti in azioni o altri titoli dell’Emittente o del Garante o di altro soggetto; di cancellazione; e/o di modifica della scadenza delle Obbligazioni ovvero modifica del calendario o dell’importo degli interessi.
RESTRIZIONI ALLA LIBERA TRASFERIBILITÀ DEI OBBLIGAZIONI
Non Applicabile. Non sussiste alcuna limitazione alla libera trasferibilità delle Obbligazioni, ferme restando le restrizioni di vendita e trasferimento eventualmente in vigore in talune giurisdizioni, incluse le restrizioni applicabili all’offerta e alla vendita a, o per conto o a beneficio di, Cessionari Autorizzati
Un Cessionario Consentito indica qualsiasi soggetto che (i) non è una U.S. person secondo la definizione di cui al Regulation S; e (ii) non è un soggetto che rientra in una qualsiasi definizione di soggetto U.S. ai fini di qualsivoglia regola CEA o CFTC, o linee guida o ordinanze proposte o emesse da CEA (per fini di chiarezza, qualsiasi soggetto che non sia un "soggetto non statunitense" ai sensi della norma CFTC 4.7(a)(1)(iv), ma escludendo, ai fini della sottosezione (D), l'eccezione riferita a qualsiasi soggetto qualificato ed idoneo che non sia un "soggetto non statunitense", sarà considerato un soggetto U.S.); e (iii) non è “soggetto U.S.” ai sensi delle norme definitive di
attuazione dei requisiti di mantenimento del rischio di credito di cui alla Sezione 15G del U.S. Securities Exchange Act del 1934 e successive modifiche (le Regole U.S. di Mantenimento del Rischio) (un Soggetto U.S. al Mantenimento del Rischio).
DOVE SARANNO NEGOZIATI I TITOLI?
Ammissione alle negoziazioni:
Sarà presentata domanda di ammissione alla negoziazione delle Obbligazioni sul MOT– segmento EuroMOT un mercato regolamentato organizzato e gestito da Borsa Italiana S.p.A.
Non vi è alcuna certezza che la negoziazione delle Obbligazioni sia approvata a partire dalla Data di Emissione,
I TITOLI SONO ASSISTITI DA UNA GARANZIA?
Natura e scopo della garanzia
LeObbligazioni sono incondizionatamente e irrevocabilmente garantiti da Société Générale (il Garante) ai sensi della garanzia regolata dal diritto francese stipulata in data 01/06/2022 (la Garanzia).
La Garanzia costituisce un'obbligazione diretta, incondizionata, non garantita e non subordinata del Garante, con il rango di obbligazione senior preferred di cui all’articolo L. 613-30-3-I-3° del Codice e sarà almeno pari passu rispetto a tutte le altre obbligazioni, esistenti e future, dirette, incondizionate, non garantite e senior preferred del Garante, ivi comprese quelle relative ai depositi.
Qualsiasi riferimento a somme o importi pagabili dall’Emittente, garantiti dal Garante ai sensi della Garanzia, dovrà essere rivolto a somme e/o importi direttamente ridotti, e/o in caso di conversione in equity, ridotte dell’importo di tale conversione, e/o altrimenti modificati di volta in volta in seguito all’applicazione del potere di bail-in di qualsivoglia autorità pertinente ai sensi della direttiva 2014/59/UE del Parlamento Europeo e del Consiglio dell’Unione Europea.
Descrizione del Garante
Il Garante, Société Générale è la società controllante del Gruppo Société Générale. Sede legale: 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxxx, Xxxxxxx.
Forma giuridica: Società per azioni a responsabilità limitata pubblica (société anonyme). Legislazione di riferimento dell'Emittente: diritto francese.
Paese di costituzione: Francia
Legal entity identifier (LEI) : O2RNE8IBXP4R0TD8PU41
Il Garante può intraprendere su base regolare, come ciò è definito nelle condizioni fissate dal French Banking and Financial Regulation Committee, tutte le operazioni salvo quelle sopra menzionate, ivi inclusa in particolare l’attività di brokeraggio assicurativo.
In generale, il Garante può svolgere, per conto proprio, per conto di terzi o congiuntamente, tutte le attività finanziarie, commerciali, industriali, relative all’agricoltura, alla proprietà personale o immobiliare, direttamente o indirettamente legate alle attività sopra menzionate o che possono facilitare lo svolgimento di tali attività.
Informazioni finanziarie chiave del Garante:
Conto economico
In miliardi di euro | Primo Trimestre 2022 (non soggetto a revisione) | 31.12.2021 (soggetto a revisione) | Primo Trimestre 2021 (non soggetto a revisione) | 31.12.2020 (soggetto a revisione) |
Reddito netto da interessi (o equivalente) (Totale interessi attivi e passivi)*** | N/A | 10.718 | N/A | 10.473 |
Reddito netto da fee e commissioni (Fee Totali e spese) | N/A | 5.320 | N/A | 4.917 |
Perdita netta da riduzione durevole di valore delle attività finanziarie (Costo del rischio) | (561) | (700) | (276) | (3,306) |
Reddito netto da trading (Utili e perdite nette su transazioni finanziarie) | N/A | 5.723 | N/A | 2.851 |
Misura della performance finanziaria utilizzata dall’emittente nel bilancio quale l’utile operativo (Margine operativo lordo) | 1.952 | 8.208 | 1.497 | 5.399 |
Utile o perdita netta (per il bilancio consolidato utile o perdita netta attribuibile ai possessori di strumenti di capitale della capogruppo) (Utile netto,quota del gruppo) | 842 | 5.641 | 814 | (258) |
Stato patrimoniale
In miliardi di euro | Primo Trimestre 2022 (non soggetto a revisione) | 31.12.2021 (soggetto a revisione) | Primo Trimestre 2021 (non soggetto a revisione) | 31.12.2020 (soggetto a revisione) | #Valore risultante dal più recente processo di revisione e valutazione prudenziale (SREP) |
Totale attività (Totale Attività) | 1.609,2 | 1.464,4 | 1.503,0 | 1.444,4 | N/A |
Xxxxxx xxxxxx (Titoli di debito emessi) | 135,4 | 135,3 | 137,2 | 139,0 | N/A |
Debiti subordinati (Debiti Subordinati) | 16,1 | 16,0 | 16,2 | 15,4 | N/A |
Prestiti e crediti dalla clientela (Prestiti ai clienti e costi ammortizzati) | 501,5 | 497,2 | 456,5 | 448,8 | N/A |
Depositi dalla clientela (Depositi dalla clientela) | 528,6 | 509,1 | 467,7 | 456,1 | N/A |
Totale capitale (Patrimoni netto, subtotale equity, quota del gruppo) | 65,9 | 65,1 | 62,9 | 61,7 | N/A |
Prestiti non performing (sulla base di importo netto iscritto in bilancio / prestiti e crediti) (Prestiti dubbi) | 16,9 | 16,5 | 17,4 | 17,0 | N/A |
Rapporto di Common Equity Tier 1 capital (CET1) (o altro rapporto di capitale di adeguatezza prudenziale a seconda dell’emissione) (Rapporto di Common Equity Tier 1) | 12,9%(1) | 13,71%(1) | 13,5%(1) | 13,44%(1) | 9,23% ** |
Rapporto di capitale totale (Rapporto di capitale totale) | 17,9%(1) | 18,85%(1) | 19,1%(1) | 19,21%(1) | N/A |
Rapporto di leva calcolato secondo il quadro regolamentare applicabile (Rapporto di leva CRR a pieno carico) | 4,3%(1) | 4,9%(1) | 4,5%(1) | 4,8%(1) | N/A |
**Considerando i buffers regolamentari combinati, il livello del rapporto CET1 che attiverebbe il meccanismo dell’Importo Massimo Distribuibile sarebbe pari a 9,23% al 1 marzo 2022.
*** I titoli in corsivo si riferiscono ai titoli utilizzati nel bilancio
(1) Phased-in ratio
Rischi chiave specifici del garante
Considerando che Société Générale è garante e controparte delle operazioni di copertura dell’Emittente, gli investitori sono essenzialmente esposti al rischio di credito di Société Générale e non hanno ricorso nei confronti dell’Emittente in caso di inadempimento dell’Emittente.
QUALI SONO I RISCHI CHIAVE SPECIFICI DEI TITOLI?
La vendita delle Obbligazioni prima della prevista data di scadenza determinerà la perdita della protezione totale dell’importo investito.
Benché sia oggetto di impegni di market making, la liquidità del prodotto può essere influenzata dal verificarsi di circostanze eccezionali che potrebbero rendere difficile vendere il prodotto o comunque ad un prezzo che produce la perdita totale o parziale dell’importo investito.
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Il valore di mercato delle Obbligazioni dipende dall'evoluzione dei parametri di mercato al momento dell'uscita (livello dei prezzi dei Sottostanti, tassi di interesse, volatilità e credit spreads) e può pertanto comportare un rischio di perdita totale o parziale dell'importo inizialmente investito
Il verificarsi di eventi non legati al Sottostante (quali la modifica di previsioni di legge, inclusa la normativa fiscale, eventi di forza maggiore) possono determinare il rimborso anticipato delle Obbligazioni e quindi la perdita totale o parziale dell’importo investito.
Il verificarsi di eventi relativi al Sottostante ovvero a operazioni di copertura può determinare la necessità di rettifiche, de-indicizzazioni, sostituzione del Sottostante, e di conseguenza a perdite del capitale investito, anche in caso di prodotti a capitale protetto.
Se la valuta di riferimento delle attività principali dell’investitore è diversa da quella del prodotto, l’investitore è esposto al rischio di cambio, in particolare in caso di controlli sul cambio, che potrebbero ridurre l’importo investito.
La performance del/i tasso/i di riferimento dipende da fattori economici e politici. Tali fattori potrebbero avere un impatto negativo sull’andamento del/dei tasso/i di riferimento e conseguentemente sul valore delle Obbligazioni. Ci si può aspettare che questi fattori si intensifichino nei periodi di turbolenza finanziaria. SEZIONE D – INFORMAZIONI CHIAVE SULL’OFFERTA AL PUBBLICO DEI TITOLI E/O SULL’AMMISSIONE ALLE NEGOZIAZIONI SU DI UN MERCATO REGOLAMENTATO
IN BASE A QUALI CONDIZIONI E ORIZZONTE TEMPORALE POSSO INVESTIRE IN QUESTI TITOLI? DESCRIZIONE DELLE MODALITÀ DELL’OFFERTA:
Giurisdizione dell’offerta al pubblico non esente: Italia
Periodo di Offerta:
Dal 22/02/2023 al 31/03/2023,salvo chiusura anticipata del Periodo di Offerta.
Prezzo di Offerta: : I Certificati saranno offerti al prezzo che sarà determinato dal Dealer su base continuativa secondo le condizioni di mercato via via prevalenti.
Condizioni a cui è soggetta l'offerta:
L'Emittente si riserva il diritto di chiudere il Periodo di Offerta prima della scadenza inizialmente stabilita per qualunque motivo.
L'avviso agli investitori relativo alla chiusura anticipata, sarà pubblicato sul sito web dell'Emittente (xxx.xxxxxxxx.xxxxxxxxxxxxxxx.xx).
Prezzo di Emissione: 100% dell’Importo Nominale Totale
Stima delle spese totali relative all’emissione o all’offerta, includendo la stima di eventuali spese applicate all’investitore dall’Emittente o dall’offerente:
I potenziali costi (i costi ricorrenti) ricorrenti e le potenziali penali di uscita anticipata possono avere un impatto sul rendimento che l’investitore può ottenere dall’investimento
Piano di distribuzione: Il prodotto è destinato ad investitori al dettaglio e sarà offerto in Italia
CHI è L’OFFERENTE E/O IL SOGGETTO CHE CHIEDE L’AMMISSIONE ALLE NEGOZIAZIONI ?
Societe Generale in quanto Dealer
Tour Société Générale - 17 Cours Valmy 00000 Xxxxx Xx Xxxxxxx Xxxxx, Xxxxxx
Sede legale : 00, xxxxxxxxx Xxxxxxxxx, 00000 Xxxxx, Xxxxxx.
Forma giuridica: Società per azioni a responsabilità limitata pubblica (société anonyme). Legislazione di riferimento: diritto francese.
Paese di costituzione: Francia
PERCHÈ QUESTO PROSPETTO VIENE PRODOTTO?
Questo prospetto è stato predisposto in relazione all’offerta al pubblico delle Obbligazioni.
Ragioni dell’offerta o dell’ammissione alle negoziazioni: i proventi netti dell’emissione delle Obbligazioni saranno utilizzati per le finalità generali di finanziamento del Gruppo Société Générale, che comprende il generare profitti.
Uso dei proventi e importo stimato dei proventi: I proventi netti dell’emissione delle Obbligazioni saranno utilizzati per le finalità generali di finanziamento del Gruppo Société Générale, che comprende il generare profitti.
Impegno di sottoscrizione: E’ in essere un impegno di sottoscrizione a fermo con: Societe Generale.
Interessi delle persone fisiche e giuridiche coinvolte nell’emissione/offerta :
Ad eccezione delle eventuali commissioni dovute al Dealer,e per quanto l’Emittente ne sa, nessuna persona coinvolta nell'emissione delle Obbligazioni ha un interesse rilevante nell'Offerta.
Il Dealer e le sue affiliate si sono impegnate, e potrebbero in futuro impegnarsi, in operazioni di investment banking e/o commercial banking transactions, e potrebbero nel corso ordinario del business eseguire altri servizi per l’Emittente e le sue affiliate.
Société Générale ricoprirà i ruoli di fornitore di strumenti di copertura a favore dell’Emittente e di Agente di Calcolo delle Obbligazioni.
La possibilità di conflitti di interesse tra i vari ruoli di Société Générale, da un lato, e, d’altro lato, tra quelli di Société Générale nello svolgimento di questi ruoli e quelli dei Portatori delle Obbligazioni, non può escludersi.
Inoltre, considerata l’attività bancaria di Société Générale, conflitti di interesse potrebbero sorgere tra gli interessi di Société Générale nello svolgimento di tali attività (inclusa la detenzione di informazioni non pubbliche in relazione ai sottostanti delle Obbligazioni) e quelli dei Portatori delle Obbligazioni. Infine, le attività di Société Générale sullo/sugli strumento/i finanziario/i sottostante/i, per conto della proprietà ovvero per conto dei propri clienti, oppure il porre in essere transazioni di copertura, può anche avere un impatto sul prezzo di questi strumenti e sulla loro liquidità, e ciò potrebbe configgere con gli interessi dei Portatori delle Obbligazioni.
Société Générale ricoprirà i ruoli di fornitore di strumenti di copertura a favore dell’Emittente e di Agente di Calcolo delle Obbligazioni.
La possibilità di conflitti di interesse tra i vari ruoli di Société Générale, da un lato, e, d’altro lato, tra quelli di Société Générale nello svolgimento di questi ruoli e quelli dei Portatori delle Obbligazioni, non può escludersi.
Inoltre, considerata l’attività bancaria di Société Générale, conflitti di interesse potrebbero sorgere tra gli interessi di Société Générale nello svolgimento di tali attività (incluse le relazioni di affari con gli emittenti degli strumenti finanziari che sono i sottostanti delle Obbligazioni ovvero la detenzione di informazioni non pubbliche in relazione ad essi) e quelli dei Portatori delle obbligazioni. Infine, le attività di Société Générale sullo/sugli strumento/i finanziario/i sottostante/i, per conto della proprietà ovvero per conto dei propri clienti, oppure il porre in essere transazioni di copertura, può anche avere un impatto sul prezzo di questi strumenti e sulla loro liquidità, e ciò potrebbe configgere con gli interessi dei Portatori delle obbligazioni.