Communication from the Ministry of Finance No 23 / 2012 Coll.
Communication from the Ministry of Finance determining the emission conditions of the Czech Debt, 2012- 2017, VAR%
Valid
23
COMMUNICATION
Ministry of Finance
of 13 December 2011
determining the emission conditions of the Czech Debt, 2012- 2017, VAR%
The Ministry of Finance issues government bonds in accordance with the provisions of § 25 of Act No. 190 / 2004 Coll., on Bonds, as amended, (hereinafter referred to as "the Act on Bonds") and determines the emission conditions of the Bonds of the Czech Republic, 2012-2017, VAR%:
1. Basic characteristics of bonds:
Issuing: Czech Republic - Ministry of Finance
Name: Bonds of the Czech Republic, 2012- 2017, VAR%
Short name: Czech Republic, VAR%, 17
Issuing serial number: 67.
Nominal value: CZK 10 000
Form of the bond: bearer security
Debt form: book-entry security
Issuing date: 23 January 2012
Date of due date: 23 July 2017
Interest income: floating rate coupon
Taxation of interest income: according to Czech legislation
ISIN: CZ0001003438
2. In accordance with Section 25 (2) of the bond law, bonds are issued on the basis of special laws allowing the issue of government bonds.
3. The bonds are referred to the bearer and are issued in a book form. The CSD (hereinafter referred to as "the CSD ') shall keep records of owners.
4. Bonds may be acquired by legal and natural persons with their registered office or residence in the Czech Republic and abroad. Repatriation of income and paid-up nominal value abroad will be carried out according to Czech legislation.
5. The issuer will submit a proposal for the admission of bonds to trading on the main market of the Prague Stock Exchange, a. s. and the RM-SYSTEM, Czech Stock Exchange a.s.
6. The bonds are remunerated at a floating interest rate. The interest rate for one yield period is 6M PRIBOR increased by a spread of 85 basis points. Interest income shall be paid twice a year on 23 July and 23 January of the year concerned. If the date of payment of the proceeds is not the working day, the payment shall be made on the first following working day without entitlement to the proceeds for such deferral.
7. For the first yield period, the interest rate will be set on the auction date. For the subsequent yield periods, the interest rate shall be set 2 working days before the start of the new yield period and shall be published on the date of establishment.
8. The operative date for the payment of the bond yield shall be one month before the maturity date of the bond yield. The date of the ex- coupon shall be the day following the operative date and shall be 24 June and 24 December. Interest income shall always be received by the investor who owns the bond on 23 June and 23 December of each year.
9. The transfer of bonds in the Central Depository shall begin on the date on which the bonds are credited to the accounts of the first owners. The last day of the transfer of bonds in the central depository accounts is June 23, 2017.
10. The calculation of the proportion of interest is based on one year of 360 days and the actual number of days in the period (BCK - standard act / 360). The proportion of interest income is included in the price of the bond from the issue date.
11. Bonds will be issued in different parts (tranches). The primary sale of the 1st tranche will be made in the form of an American auction organised by the Czech National Bank for a group of direct participants in government bond auctions on 18 January 2012. Other investors may participate in the auction through primary government bond dealers. The auction notice will be published in advance. The primary sale of further tranches will be carried out under the same conditions. The emission period shall expire on 23 June 2017.
12. Individual orders submitted to the auction by primary government bond dealers are satisfied gradually from the highest price offered. If, in order to gradually satisfy orders with a certain price offered, the satisfied volume of orders would exceed the volume of bonds sold by the issuer, orders with this price offered would be satisfied only partially. Bonds are sold at offered prices.
13. The total estimated volume of bond issuance is CZK 50 000 000 000. In accordance with Section 11 of the bond law, bonds may be issued in less than or equal to the expected nominal value of the bond issue.
14. The valid assessment of the financial capacity (rating) of long-term Crown liabilities at the date of issue of these emission conditions by Standard & Poor's is at AA level, Moody's at A1 level and Fitch Ratings at AA- level.
15. The separation of the bond yield right under the provisions of Section 18 of the bond law is not allowed.
16. The Ministry of Finance declares that it owes each bond holder the nominal value of the bond. The bonds will be repaid at nominal value on 23 July 2017. From this day on, bond interest ends. The nominal value of the bond together with the last interest income will be paid to the investor who owns the bond on 23 June 2017. If the date of repayment of principal is not the working day, the payment shall be made on the first following working day without entitlement to the proceeds for such deferral.
17. All rights attached to bonds and coupons issued to them under the provisions of Section 42 of the bond law shall be limited by a period of 10 years from the date on which they could be applied for the first time.
18. The Ministry of Finance undertakes to secure the payment of interest income on bonds and to repay the nominal value of bonds to their owners under these emission conditions. The paying place is the Czech National Bank. Coupons and bond principal are paid by cash transfer or cash, according to the instructions of the bond holder. The Czech National Bank will publish the way in which coupon payments and repayment of nominal value will be made.
19. Bonds are direct, unconditional and unsubordinated liabilities of the Czech Republic, which are at the same level with all other existing and future direct, unconditional and unsubordinated liabilities of the Czech Republic.
20. These emission conditions are announced in the Collection of Laws. The notice to the public concerning these bonds shall be published on the website of the Ministry of Finance and other means of remote access.
21. These emission conditions may be translated into foreign languages. If there is a conflict between different language versions of emission conditions, the Czech version will be decisive.
Minister:
Ing. Kalousek v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Communication from the Ministry of Finance No. 23 / 2012 Coll., determining the emission conditions of the Czech Debt, 2012- 2017, VAR% |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 20.01.2012 |
|---|---|
| Effective from | - |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0