PROSPECTUS Dated February 22, 2024
PROSPECTUS SUPPLEMENT
Dated November 16, 2023
|
Pricing Supplement No. 1,469 to
Registration Statement No. 333-275587
Dated March 18, 2024
Rule 424(b)(2)
|
Floating Rate Notes Due 2027
|
|
Principal Amount:
|
€1,500,000,000
|
Maturity Date:
|
March 19, 2027
|
Settlement Date
(Original Issue Date):
|
March 21, 2024 (T+3)
|
Interest Accrual Date:
|
March 21, 2024
|
Issue Price:
|
100.000%
|
Specified Currency:
|
Euro (“€”)
|
Redemption Percentage
at Maturity:
|
100%
|
Base Rate:
|
EURIBOR
|
Spread (Plus or Minus):
|
Plus 0.650%
|
Index Maturity:
|
Three months
|
Initial Interest Rate:
|
The Base Rate plus 0.650%; to be determined by the Calculation Agent on the second TARGET Settlement Day immediately preceding the Original Issue Date
|
Interest Payment Period:
|
Quarterly
|
Interest Payment Dates:
|
Each March 19, June 19, September 19 and December 19, commencing June 19, 2024
|
Interest Reset Period:
|
Quarterly
|
Interest Reset Dates:
|
Each Interest Payment Date
|
Interest Determination Dates:
|
The second TARGET Settlement Day immediately preceding each Interest Reset Date |
Business Days:
|
London, TARGET Settlement Day and New York
|
Tax Redemption and
Payment of Additional
Amounts:
|
Yes
|
Minimum Denominations:
|
€100,000 and integral multiples of €1,000 in excess thereof
|
Reporting Service:
|
Page EURIBOR01
|
Calculation Agent:
|
The Bank of New York Mellon, London Branch (as successor Calculation Agent to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank))
|
ISIN:
|
XS2790333616
|
Common Code:
|
279033361
|
Form of Notes:
|
Global note registered in the name of a nominee of a common safekeeper for Euroclear and Clearstream, Luxembourg; issued under the New Safekeeping Structure
|
Eurosystem Eligibility:
|
Intended to be Eurosystem eligible, which means that the floating rate notes due 2027 are intended upon issue to be deposited with an international central securities depository (“ICSD”) as
common safekeeper, and registered in the name of a nominee of an ICSD acting as common safekeeper, and does not necessarily mean that the floating rate notes due 2027 will be recognized 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 the European Central Bank being satisfied that Eurosystem eligibility criteria have been met.
|
Other Provisions:
|
See “Optional Redemption” below. |
Fixed/Floating Rate Notes Due 2030
|
|
Principal Amount:
|
€1,500,000,000
|
Maturity Date:
|
March 21, 2030
|
Settlement Date
(Original Issue Date):
|
March 21, 2024 (T+3)
|
Interest Accrual Date:
|
March 21, 2024
|
Issue Price:
|
100.000%
|
Specified Currency:
|
Euro (“€”)
|
Redemption Percentage
at Maturity:
|
100%
|
Fixed Rate Period:
|
The period from and including the Settlement Date to but excluding March 21, 2029
|
Floating Rate Period:
|
The period from and including March 21, 2029 to but excluding the Maturity Date
|
Interest Rate:
|
During the Fixed Rate Period, 3.790% per annum (calculated on an actual/actual (ICMA) day count basis); during the Floating Rate Period, the Base Rate plus 1.037% (to be determined by the Calculation Agent on
the second TARGET Settlement Day immediately preceding each Interest Reset Date, calculated on an Actual/360 day count basis)
|
Base Rate:
|
EURIBOR
|
Spread (Plus or Minus):
|
Plus 1.037%
|
Index Maturity:
|
Three months
|
Interest Reset Period:
|
Quarterly
|
Interest Reset Dates:
|
Each Interest Payment Date commencing March 21, 2029, provided that the March 21, 2029 Interest Reset Date shall not be adjusted for a non-Business Day
|
Interest Determination
Dates:
|
The second TARGET Settlement Day immediately preceding each Interest Reset Date
|
Reporting Service:
|
Page EURIBOR01
|
Calculation Agent:
|
The Bank of New York Mellon, London Branch (as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank))
|
Interest Payment Periods:
|
During the Fixed Rate Period, annual; during the Floating Rate Period, quarterly
|
Interest Payment Dates:
|
With respect to the Fixed Rate Period, each March 21, commencing March 21, 2025 to and including March 21, 2029; with respect to the Floating Rate Period, each March 21, June 21, September 21 and December 21,
commencing June 21, 2029 to and including the Maturity Date
|
Business Days:
|
London, TARGET Settlement Day and New York
|
Tax Redemption and
Payment of Additional
Amounts:
|
Yes
|
Minimum Denominations:
|
€100,000 and integral multiples of €1,000 in excess thereof
|
ISIN:
|
XS2790333707
|
Common Code:
|
279033370
|
Form of Notes:
|
Global note registered in the name of a nominee of a common safekeeper for Euroclear and Clearstream, Luxembourg; issued under the New Safekeeping Structure
|
Eurosystem Eligibility:
|
Intended to be Eurosystem eligible, which means that the fixed/floating rate notes due 2030 are intended upon issue to be deposited with an international central securities depository
(“ICSD”) as common safekeeper, and registered in the name of a nominee of an ICSD acting as common safekeeper, and does not necessarily mean that the fixed/floating rate notes due 2030 will be recognized 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 the European Central Bank being satisfied that Eurosystem eligibility
criteria have been met.
|
Other Provisions:
|
Optional make-whole redemption on or after September 21, 2024 and prior to March 21, 2029, on at least 5 but not more than 30 days’ prior notice, as described in the accompanying prospectus
under the heading “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-whole Redemption of Debt Securities,” provided that, for purposes of the fixed/floating rate notes due 2030, the make-whole
redemption price shall be equal to the greater of: (i) 100% of the principal amount of such notes to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such fixed/floating rate notes due 2030 to be redeemed
and (b) the present values of the scheduled payments of interest on such fixed/floating rate notes due 2030 to be redeemed that would have been payable from the date of redemption to March 21, 2029 (not including any portion of such
payments of interest accrued to the date of redemption), each discounted to the date of redemption on an annual basis (actual/actual (ICMA)) at the reinvestment rate plus 25 basis points, as calculated by the premium calculation agent
specified below; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date.
|
“Reinvestment rate” means the mid-market annual yield on the reference security (or if the reference security is no longer outstanding, a similar security). The reinvestment rate will be
calculated on the third business day preceding the redemption date.
|
|
“Reference security” means the German government bond bearing interest at a rate of 0.25 per cent per annum and maturing on 15 February 2029 with ISIN DE0001102465.
|
|
“Similar security” means the reference bond or reference bonds issued by the German Federal Government having an actual or interpolated maturity of March 21, 2029 that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issuances of corporate debt securities maturing on March 21, 2029.
|
|
Notwithstanding the terms set forth under “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-whole Redemption of Debt Securities” in the accompanying
prospectus, “premium calculation agent” means Morgan Stanley & Co. International plc (“MSIP”). Because MSIP is an affiliate of the issuer, the economic interests of MSIP may be adverse to your interests as an owner of the notes subject
to the issuer’s redemption, including with respect to certain determinations and judgments that it must make as premium calculation agent in the event the issuer redeems the notes before their maturity. MSIP is obligated to carry out its
duties and functions as premium calculation agent in good faith and using its reasonable judgment.
|
|
See also “Optional Redemption” below.
|
Fixed/Floating Rate Notes Due 2035
|
|
Principal Amount:
|
€2,000,000,000
|
Maturity Date:
|
March 21, 2035
|
Settlement Date
(Original Issue Date):
|
March 21, 2024 (T+3)
|
Interest Accrual Date:
|
March 21, 2024
|
Issue Price:
|
100.000%
|
Specified Currency:
|
Euro (“€”)
|
Redemption Percentage
at Maturity:
|
100%
|
Fixed Rate Period:
|
The period from and including the Settlement Date to but excluding March 21, 2034
|
Floating Rate Period:
|
The period from and including March 21, 2034 to but excluding the Maturity Date
|
Interest Rate:
|
During the Fixed Rate Period, 3.955% per annum (calculated on an actual/actual (ICMA) day count basis); during the Floating Rate Period, the Base Rate plus 1.242% (to be determined by the
Calculation Agent on the second TARGET Settlement Day immediately preceding each Interest Reset Date, calculated on an Actual/360 day count basis)
|
Base Rate:
|
EURIBOR
|
Spread (Plus or Minus):
|
Plus 1.242%
|
Index Maturity:
|
Three months
|
Interest Reset Period:
|
Quarterly
|
Interest Reset Dates:
|
Each Interest Payment Date commencing March 21, 2034, provided that the March 21, 2034 Interest Reset Date shall not be adjusted for a non-Business Day
|
Interest Determination
Dates:
|
The second TARGET Settlement Day immediately preceding each Interest Reset Date
|
Reporting Service:
|
Page EURIBOR01
|
Calculation Agent:
|
The Bank of New York Mellon, London Branch (as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank))
|
Interest Payment Periods:
|
During the Fixed Rate Period, annual; during the Floating Rate Period, quarterly
|
Interest Payment Dates:
|
With respect to the Fixed Rate Period, each March 21, commencing March 21, 2025 to and including March 21, 2034; with respect to the Floating Rate Period, each March 21, June 21, September 21 and December
21, commencing June 21, 2034 to and including the Maturity Date
|
Business Days:
|
London, TARGET Settlement Day and New York
|
Tax Redemption and
Payment of Additional
Amounts:
|
Yes |
Minimum Denominations:
|
€100,000 and integral multiples of €1,000 in excess thereof
|
ISIN:
|
XS2790333889
|
Common Code:
|
279033388
|
Form of Notes:
|
Global note registered in the name of a nominee of a common safekeeper for Euroclear and Clearstream, Luxembourg; issued under the New Safekeeping Structure
|
Eurosystem Eligibility:
|
Intended to be Eurosystem eligible, which means that the fixed/floating rate notes due 2035 are intended upon issue to be deposited with an international central securities depository
(“ICSD”) as common safekeeper, and registered in the name of a nominee of an ICSD acting as common safekeeper, and does not necessarily mean that the fixed/floating rate notes due 2035 will be recognized 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 the European Central Bank being satisfied that Eurosystem
eligibility criteria have been met.
|
Other Provisions:
|
Optional make-whole redemption on or after September 21, 2024 and prior to March 21, 2034, on at least 5 but not more than 30 days’ prior notice, as described in the accompanying
prospectus under the heading “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-whole Redemption of Debt Securities,” provided that, for purposes of the fixed/floating rate notes due 2035, the
make-whole redemption price shall be equal to the greater of: (i) 100% of the principal amount of such notes to be redeemed and (ii) the sum of (a) the present value of the payment of principal on such fixed/floating rate notes due 2035
to be redeemed and (b) the present values of the scheduled payments of interest on such fixed/floating rate notes due 2035 to be redeemed that would have been payable from the date of redemption to March 21, 2034 (not including any
portion of such payments of interest accrued to the date of redemption), each discounted to the date of redemption on an annual basis (actual/actual (ICMA)) at the reinvestment rate plus 25 basis points, as calculated by the premium
calculation agent specified below; plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the redemption date.
|
“Reinvestment rate” means the mid-market annual yield on the reference security (or if the reference security is no longer outstanding, a similar security). The reinvestment rate will be
calculated on the third business day preceding the redemption date.
|
|
“Reference security” means the German government bond bearing interest at a rate of 2.20 per cent per annum and maturing on 15 February 2034 with ISIN DE000BU2Z023.
|
|
“Similar security” means the reference bond or reference bonds issued by the German Federal Government having an actual or interpolated maturity of March 21, 2034 that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issuances of corporate debt securities maturing on March 21, 2034.
|
|
Notwithstanding the terms set forth under “Description of Debt Securities—Redemption and Repurchase of Debt Securities—Optional Make-whole Redemption of Debt Securities” in the
accompanying prospectus, “premium calculation agent” means Morgan Stanley & Co. International plc (“MSIP”). Because MSIP is an affiliate of the issuer, the economic interests of MSIP may be adverse to your interests as an owner of the
notes subject to the issuer’s redemption, including with respect to certain determinations and judgments that it must make as premium calculation agent in the event the issuer redeems the notes before their maturity. MSIP is obligated to
carry out its duties and functions as premium calculation agent in good faith and using its reasonable judgment.
|
|
See also “Optional Redemption” below.
|
Name
|
Principal Amount of
Floating Rate Notes
Due 2027
|
Principal Amount of
Fixed/Floating Rate
Notes Due 2030
|
Principal Amount of
Fixed/Floating Rate
Notes Due 2035
|
||
Morgan Stanley & Co. International plc
|
€1,050,000,000
|
€1,050,000,000
|
€1,400,000,000
|
||
MUFG Securities EMEA plc
|
150,000,000
|
150,000,000
|
200,000,000
|
||
ABN AMRO Bank N.V.
|
—
|
—
|
50,000,000
|
||
Alpha Bank S.A
|
37,500,000
|
—
|
—
|
||
Banco Bilbao Vizcaya Argentaria, S.A.
|
—
|
—
|
50,000,000
|
||
Banco de Sabadell, S.A.
|
37,500,000
|
—
|
—
|
||
Banco Santander, S.A.
|
—
|
—
|
50,000,000
|
||
Coöperatieve Rabobank U.A.
|
—
|
—
|
50,000,000
|
||
Danske Bank A/S
|
37,500,000
|
—
|
—
|
||
ING Bank N.V., Belgian Branch
|
37,500,000
|
—
|
—
|
||
Intesa Sanpaolo IMI Securities Corp.
|
37,500,000
|
—
|
50,000,000
|
||
KBC Bank NV
|
—
|
37,500,000
|
—
|
||
La Banque Postale
|
—
|
—
|
50,000,000
|
||
Lloyds Bank Corporate Markets plc
|
—
|
37,500,000
|
50,000,000
|
||
Mediobanca - Banca di Credito Finanziario S.p.A.
|
37,500,000
|
—
|
—
|
||
Natixis
|
—
|
37,500,000
|
—
|
||
NatWest Markets Plc
|
—
|
37,500,000
|
—
|
||
Nordea Bank Abp
|
—
|
37,500,000
|
—
|
||
Nykredit Bank A/S
|
37,500,000
|
—
|
—
|
||
Raiffeisen Bank International AG
|
—
|
37,500,000
|
—
|
||
Skandinaviska Enskilda Banken AB (publ)
|
37,500,000
|
—
|
—
|
||
Société Générale
|
—
|
37,500,000
|
—
|
||
Standard Chartered Bank
|
—
|
—
|
50,000,000
|
||
UniCredit Bank GmbH
|
—
|
37,500,000
|
—
|
||
Total
|
€1,500,000,000
|
€1,500,000,000
|
€2,000,000,000
|