98/2014 Sb.
The COMMUNICATION FROM the
The Ministry of finance
on 2 December. may 2014,
which determine the conditions for State bond of the Czech Republic,
2014-2020, VAR,%
Ministry of Finance (hereinafter referred to as "the Ministry") is issued by book-entry
Government bonds in the range specified by special law, and specifies their
conditions in accordance with the provisions of section 26 of Act No. 190/2004 Coll., on
bonds, as amended, (hereinafter referred to as "the law of
Bonds '). These terms and conditions more fully delineate the rights and
the obligations of the issuer and of the owners of the bonds, as well as information on the issue
bond and Government bond of the Czech Republic, 2014-2020
VAR% (hereinafter referred to as "IOU", or "bonds").
1. Basic description of bonds:
Issuer: Czech Republic-Ministry of finance
Name: State Treasury bond of the Czech Republic, 2014-2020, VAR,%
Short name: the CZECH REPUBLIC, VAR% 20
Serial number: 91 emissions.
Nominal value: 10 000 € (in words: ten thousand Czech Crowns)
Emission rate: designed auctions
Form of a bond: book-entry securities to bearer
Type of bond: State Treasury bond
Currency in which the bonds are denominated: Czech koruna (CZK)
The date of commencement of the period for subscription of emissions: 4.6. 2014
The end date of the period for the subscription of emissions: 11 9. 2020
Issuing date: 9.6. 2014
Maturity date: 12/9. 2020
The yield of the bond: determined by the variable interest rate
Tax treatment of the proceeds of the bonds: according to the legislation of the Czech Republic
Isin: CZ0001004113
2. Bonds are within the meaning of the provisions of § 25 para. 2 of the law on
bonds issued on the basis of special legislation.
3. the bonds are issued as book-entry securities and to the date of the issue
are recorded in the central register of uncertificated securities,
in accordance with § 92 para. 2 Act No. 256/2004 Coll., on business
the capital market, as amended by later regulations, maintain a central
securities depository, a.s., registered office: 14, 110 05 Prague 1
Czech Republic, registered the municipal court in Prague, section B, file 4308,
Company registration number: 25081489, (hereinafter referred to as "CSD") and persons authorized to keep
building on the central register of dematerialized securities
led by the CSD. A person other than the CSD
who is entitled to keep a register of uncertificated securities, leads
records of bonds, if so decided by the issuer.
4. Bonds may acquire legal and natural persons established or
resident in the territory of the Czech Republic and abroad (hereinafter referred to as
"investor" or "investors"). 5. The right to payment of the proceeds
the bond has a person who is entitled to exercise the rights associated with the
the bond to the date 9. 11. in 2014 and to data 10. 5. and 9. 11. starting with the
the year 2015 and in the following years according to annex No 1 these emission
terms and conditions. The right to payment of the proceeds of the bond for the period from the date of issue
(including this day) to 9. 12.2014 (this day excluded) has the person who
It is entitled to exercise the rights associated with the bond to date 9. 11.2014.
The transferability of a bond is the date 9. 11.2020.
6. The yield of a bond is determined by the variable interest rate for the
each period provides for the Ministry on the day of the determination of the average
reference interest rate as the average reference rate minus
margin of 0.30% p.a. (per annum). Thus determined interest rate
shall be published on the day of the determination of the average reference rate of the
the Ministry's website. The minimum interest rate in each
výnosovém period is set at EUR 0.00% p. a. The average reference
the interest rate is calculated as the arithmetic mean of the reference
rates for five consecutive working days according to the annex No. 2
These emission conditions, where the last this day is the day of the determination of the
the average reference interest rate in accordance with section 7 of these terms and conditions of the emission,
to the extent the three decimal places; the average thus determined
the reference rate is rounded up to two decimal places.
The reference interest rate for purposes of these terms, in the emission
relation to the výnosovému period means the value 6 m PRIBOR, that
the reference value for the interest rate means the percentage of p. a. for
sale GBP deposits for a period of six months on the market of interbank
the deposit, which is published on the Internet pages of the Czech national
of the Bank. Bond yields determined on the basis of the relevant floating interest
rates are paid twice a year, always on the date 9. 6. and 9. 12.
of the relevant year. If the date falls in the yield of the bond on the day which is not
a working day, the yield of the bond shall be paid immediately following
a working day without the right to return for this postponement.
7. the date of the determination of the average reference rates for the purposes of these
emission conditions in relation to the výnosovému period shall mean the
working day on the two days preceding the first day of the
revenue for the period. For the purposes of the first revenue period is the day
the average reference rate of the auction date for the first tranche
bond issue. If it is not in one of the five working days according to the
Annex No 2 of these emission conditions published reference interest
rate of 6 m PRIBOR, in such a day for the purpose of determining the average
the reference interest rate laid down the reference interest rate the issuer
as the arithmetic average of the rounded to two decimal places, quotations
the interest rates on interbank deposits market sales CZK for the period of six
months obtained in such a day after 11:00 (the eleventh) hour
Prague's time from at least five banks operating on the GBP interbank
Depending on the choice of the issuer, market. If it is not possible in such a day to provide the appropriate
the reference interest rate or in this way, it shall apply for the purposes of
determining the average of the reference rate and the determination of the yield of a bond
for the corresponding period last known interest rate of 6 m PRIBOR,
that is such a day.
8. for the avoidance of doubt, in the case that as a result of
the transition of the Czech Republic to another legal currency of reference interest
rate of 6 m PRIBOR ceases to exist or becomes generally on the market of interbank
deposit use, it shall apply for the purposes of determining the average reference
interest rates according to sections 6 and 7 of these terms and conditions of the emission rate,
that is, instead of 6 m PRIBOR commonly used on the market of interbank
deposits in the Czech Republic. Change of the reference rate will be
carried out in accordance with the relevant legislation in force at the date of
the transition of the Czech Republic in another legal currency. The provisions in clause 7
These emission conditions for the reference interest rate laid down in the
compliance with this point shall apply mutatis mutandis.
9. The yield shall be determined as the six-month period, from 9. 6.
(including this day) to 9. 12. (this day excluded) that year, and
9. 12. (including this day) in the year to 9. 6. (this day
except Auto) the year following according to annex No 1 these emission conditions.
The first period for the payment of yield shall be determined from the 9. 6.2014
(including this day) to 9. 12.2014 (this day excluded). Other revenue
the period for the payment of yield shall be determined from the 9. 12.2014 (including this
the day) to 9. 6.2015 (this day excluded). The calculation of the yield and the relative
the yield of a bond for a period of less than one year is based on the conventions of the
one year on the 360 (in words: three hundred sixty) days and the actual number of
the past few days in the period for which the yield or relative yield of a bond
calculated (standard "ACT/360"). The relative yield of a bond to the prices
counted from the date of issue of a bond, or from the start date of the relevant
the revenue of the period to the date of calculation of the relative yield of the bond.
10. the issue of bonds will be issued within the time limits for the emission of subscription
increments (in tranches).
11. the emission rate of the bond of the relevant tranche of the bond issue will be determined
rate achieved at auction.
12. the bonds offered for subscription to the public in the Czech Republic and according to § 26
paragraph. 4 of the Act on the sale of bonds on the primary market
through the Czech National Bank. The primary sale of bonds, the way
and instead of underwriting bonds, method and period of transfer of the bonds
individual subscribers and how and where repayment of the emission rate
the subscribed bonds is governed by the applicable rules for the primary sale
Government bonds organised the Czech National Bank, which
be published on the website of the Czech National Bank and
of the Ministry. The primary sale of the bonds shall be carried out by means of auctions.
The auction is the Czech National Bank. To participate in an auction may only
the person designated by the issuer (hereinafter referred to as "primary dealer") or the issuer. For more
investors may participate in the auction of the bonds only indirectly
through primary dealers, or by the issuer.
The issuer is entitled to write bonds when they are released first on the
the issuer's securities account according to the provisions of § 15 para. 4 of the law on
bonds and the acquisition of bonds before their maturity date, including
sale of bonds at any time after the issue date at any price and under
other conditions specified by the Department. Own bonds acquired
by the issuer before the date of maturity, including the bonds purchased
by the issuer, do not expire, and is at the discretion of the issuer, whether it is in
the assets of the issuer and, where appropriate, is sold, or whether it decides otherwise.
13. The primary sale of bonds of the first tranche of the bond issue will be
made in the form of American auction organized by day 4. 6. Czech national 2014
by the Bank. On the issue of the primary sale of bonds and additional tranches of emissions
bonds following the first tranche of the bond issue will decide
the issuer shall determine the date and the relevant auctions. Notice of the auction shall be published
in sufficient time prior to the date of the auction on
the Ministry's website.
14. The estimated total nominal value of the bond issue is 50 000
000 000 € (in words: fifty billion Czech Crowns). Bonds may be
in accordance with the provisions of section 7 of the Act on bonds issued in smaller or
in a larger volume than the estimated the total nominal
the value of the bond issue. The possible range of magnification of the volume of bond issues
shall be 30 000 000 000 € (in words: thirty billion Czech Crowns).
15. Bonds will be redeemed at their nominal value at the date of 9. 12.2020.
To this date, ending the remuneration on bonds. The nominal value of the bonds will be
repaid along with the payment of the proceeds of the bonds, the last person that is
the owner of the bonds to the date 9. 11.2020. If the date falls
the nominal value of the bonds and the payment of revenue bonds on the last
day that is not a business day, the payment will be made
immediately following the working day without the right to return for this
the postponement.
16. the issuer undertakes to ensure, according to these issue conditions
payment of the proceeds of the bonds and the repayment of the nominal value of the bonds
persons who are at the date provided for in these conditions
entitled to exercise the rights associated with the bond, exclusively in CZK
Czech or any other currency that will be on the date of execution of the payment
the legal currency of the United States. On the security of repayment of the bonds and
payment of the proceeds of the bonds involved in the Czech National Bank and
by the Ministry. The nominal value of the bonds will be repaid and revenue
the bonds will be paid by bank transfer, or in
cash, according to the instructions of the people that are to the date set by the
conditions authorised to exercise the rights associated with the bond.
Payment is the Czech National Bank, which will publish the way
the repayment will be made to the nominal value of bonds and the payment of the proceeds
bonds.
17. Valid assessment of financial eligibility (rating) of long-term
on CZK-denominated liabilities at the date of the determination of the issue conditions made
by Standard Poor's & is a level AA, Moody's on
level A1 and by Fitch Ratings to AA-level.
18. Bonds are direct, unconditional and nepodřízenými debts the United
States that are on the same level with all the other existing
and future direct, unconditional and nepodřízenými debts the United
of the Republic.
19. All the rights associated with the bonds in accordance with the provisions of section 42
the Act on the bonds expire ten years from the end of the day when she could
be applied for the first time.
20. these terms and conditions announced by the Ministry in the collection of laws.
Any notice to the owners of the bonds and the notification to the public
on these bonds shall be published in the Czech language to the
the Ministry's website in the section in which the issuer publishes
information about government bonds issued by him.
21. these terms and conditions may be translated into foreign languages. If there is a
a conflict between the different language versions, the issue conditions, is
Czech version.
Minister:
Ing. Sport in r.
Annex 1
An overview of the revenue of the period and of the individual with the payment-related data
the yield of the bond
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The order of the day of the determination of the period for the date of lodgment Day yield
the income of the average yield of the bond payment reference
term interest rates from * to ** bond
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1.4.6.2014 9.6.2014 9.12.2014 9.11.2014 9.12.2014
2.5.12.2014 9.12.2014 9.6.2015 10.5.2015 9.6.2015
3.5.6.2015 9.6.2015 9.12.2015 9.11.2015 9.12.2015
4.7.12.2015 9.12.2015 30.3.2016 May 30.3.2016
5.7.6.2016 30.3.2016 9.12.2016 9.11.2016 9.12.2016
6.7.12.2016 9.12.2016 9.6.2017 10.5.2017 9.6.2017
7.7.6.2017 9.6.2017 9.12.2017 9.11.2017 9.12.2017
8.7.12.2017 9.12.2017 9.6.2018 10.5.2018 9.6.2018
9.7.6.2018 9.6.2018 9.12.2018 9.11.2018 9.12.2018
10.6.12.2018 9.12.2018 9.6.2019 10.5.2019 9.6.2019
11.6.6.2019 9.6.2019 9.12.2019 9.11.2019 9.12.2019
12.5.12.2019 9.12.2019 9.6.2020 10.5.2020 9.6.2020
13.5.6.2020 9.6.2020 9.12.2020 9.11.2020 9.12.2020
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including this day
** This day except
Annex 2
An overview of data publication 6 m PRIBOR for the calculation of the average reference
interest rates
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The order of the day of the date of publication of the reference interest
the income of the average reference rate of 6 m PRIBOR
term interest rates
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1.4.6.2014 29. 5., 30. 5., 2. 6., 3. 6., 4. 6.
2.5.12.2014 1. 12., 2. 12., 3. 12., 4. 12., 5. 12.
3.5.6.2015 1. 6., 2. 6., 3. 6., 4. 6., 5. 6.
4 Monday 7th December 2015 1. 12., 2. 12., 3. 12., 4. 12., 7. 12.
5.7.6.2016 1. 6., 2. 6., 3. 6., 6. 6., 7. 6.
6.7.12.2016 1. 12., 2. 12., 5. 12., 6. 12., 7. 12.
7.7.6.2017 1. 6., 2. 6., 5. 6., 6. 6., 7. 6.
8.7.12.2017 1. 12., 4. 12., 5. 12., 6. 12., 7. 12.
9.7.6.2018 1. 6., 4. 6., 5. 6., 6. 6., 7. 6.
10.6.12.2018 30. 11., 3. 12., 4. 12., 5. 12., 6. 12.
11.6.6.2019 31. 5., 3. 6., 4. 6., 5. 6., 6. 6.
12.5.12.2019 29. 11., 2. 12., 3. 12., 4. 12., 5. 12.
13.5.6.2020 1. 6., 2. 6., 3. 6., 4. 6., 5. 6.
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