Communication from the Ministry of Finance No 9 / 2003 Coll.
Communication from the Ministry of Finance determining the emission conditions of the Czech Debt, 2003 - 2006, 3.00%
Valid
9
COMMUNICATION
Ministry of Finance
of 19 December 2002
determining the issue terms of the Czech Debt, 2003 - 2006, 3,00%
The Ministry of Finance in accordance with § 19 of Act No. 530 / 1990 Coll., on Bonds, as amended, and § 1 of Act No. 259 / 2001 Coll., on the State Debt Scheme to Repayment of the Loss of the Consolidated Bank of Prague, the State Money Institute, 1999 and amending Act No. 591 / 1992 Coll., on Securities, as amended, determines the emission conditions of the Czech Republic Debt, 2003-2006, 3,00%:
1. Basic characteristics of bonds:
Issue: Czech Republic represented by Ministry of Finance
Name: Bonds of the Czech Republic, 2003 - 2006, 3.00%
Short name: Czech Republic, 3.00%, 06
Issuing serial number: 38
Nominal value: CZK 10 000
Form of the bond: bearer security
Debt form: book-entry security
Issuing date: 20 January 2003
Date of due date: 20 January 2006
Interest income: coupon at a fixed interest rate of 3,00% p.a.
Taxation of interest income: according to Czech legislation
ISIN: CZ 0001000780.
2. The bonds are issued in accordance with Section 1 of Act No. 259 / 2001 Coll., on a state bond programme to cover the loss of the Consolidated Bank of Prague, the State Money Institute, 1999 and amending Act No. 591 / 1992 Coll., on securities, as amended.
3. The bonds are referred to the bearer and are issued in a book form. Owners' records are kept by the Securities Centre.
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 shall submit a proposal for the registration of bonds in the main market of the Prague Stock Exchange, a. s. Transferability of bonds in the Securities Centre begins with the date of the deposit of bonds into the accounts of the first owners. The last day of transfers of securities on the account of the holders of the securities centre shall be 20 December 2005.
6. Bonds shall be remunerated at a fixed interest rate of 3,00% p.a. Interest income shall be paid once a year on 20 January of the year in question. If the day of payment of the income per day of work is the day of work, the payment shall be made on the first following working day without entitlement to the income for such deferral.
7. 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 is the day following the operative day and is set at 21 December. Interest income shall always be received by the investor who holds the bond on 20 December of each year. Interest income for the first year shall be received by the investor who holds the bond on 20 December 2003.
8. The calculation of the proportion of interest is based on one year of 360 days and 12 months after 30 days (BCK - standard 30E / 360). The proportion of interest income is included in the price of the bond from the issue date.
9. Bonds will be issued by individual parts (tranches). The primary sale of the 1st tranche will take the form of a yield auction organised by the Czech National Bank for a group of direct participants on 15 January 2003. The primary sale of further tranches will be carried out under the same conditions. The emission period shall expire on 31 December 2004. Other investors may participate in the auction through direct participants. The auction notice and the list of direct participants will be published in advance.
10. The total estimated volume of bond issuance is CZK 30 000 000 000.
11. The separation of the right to the yield of the bond pursuant to § 11 of Act No. 530 / 1990 Coll., on bonds, as amended, is not possible.
12. 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 20 January 2006. This day also ends the interest on bonds. The nominal value of the bond, together with the last interest income, will be paid to the investor who holds the bond on 20 December 2005. If the repayment of principal is due on the day of work, the payment shall be made on the first following working day without entitlement to the proceeds for such deferral.
13. All rights deriving from the bonds shall be limited within 10 years of the due date (Section 23 of Act No. 530 / 1990 Coll., on bonds, as amended).
14. 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 payment point is the Czechoslovak Commercial Bank, a. s. The payment point will publish the way in which payment of the coupon and repayment of the nominal value will be made.
15. Bonds are direct, unconditional and unsubordinated liabilities of the Czech Republic which are at the same level as all other existing and future direct, unconditional and unsubordinated liabilities of the Czech Republic.
16. The announcement to the public concerning these bonds will be published in the Economic Newspapers or other similarly targeted daily newspapers, commonly available in the Czech Republic.
17. 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:
Sobotka v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Communication from the Ministry of Finance No. 9 / 2003 Coll., determining the emission conditions of the Czech Debt, 2003 - 2006, 3.00% |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 15.01.2003 |
|---|---|
| Effective from | - |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0