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CREDITO VALTELLINESE S.P.A

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CREDITO VALTELLINESE S.P.A BASE PROSPECTUS CREDITO VALTELLINESE S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) €5,000,000,000 Euro Medium Term Note Programme Under the €5,000,000,000 Euro Medium Term Note Programme (the "Programme") described in this Base Prospectus, Credito Valtellinese S.p.A. ("Credito Valtellinese" or the "Issuer") may from time to time issue certain non-equity securities in bearer form, denominated in any currency and governed by English Law (the "English Law Notes") or by Italian Law (the "Italian Law Notes", and together with the English Law Notes, the "Notes"), as described in further detail herein. The terms and conditions for the English Law Notes are set out herein in “Terms and Conditions for the English Law Notes” and the terms and conditions for the Italian Law Notes are set out herein in “Terms and Conditions for the Italian Law Notes”. References to the “Notes” shall be to the English Law Notes and/or the Italian Law Notes, as appropriate and references to the “Terms and Conditions” or the “Conditions” shall be to the Terms and Conditions for the English Law Notes and/or the Terms and Conditions for the Italian Law Notes, as appropriate. For the avoidance of doubt, in “Terms and Conditions for the English Law Notes”, references to the “Notes” shall be to the English Law Notes, and in “Terms and Conditions for the Italian Law Notes”, references to the “Notes” shall be to the Italian Law Notes. This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority in Luxembourg as a base prospectus under article 8 of Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"). Application has been made for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be listed on the Official List and admitted to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market for the purposes of the Markets in Financial Instruments Directive 2014/65/EU. The Programme also allows for Notes to be unlisted or to be admitted to listing, trading and/or quotation by such other or further listing authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer. The CSSF only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Approval by the CSSF should not be considered as an endorsement of the Issuer. This Base Prospectus is valid for 12 months from its date in relation to Notes which are to be admitted to trading on a regulated market in the European Economic Area (the EEA). The obligation to supplement this Base Prospectus in the event of a significant new factor, material mistake or material inaccuracy does not apply when this Base Prospectus is no longer valid. The Programme has been rated “(P)B2” (Senior Unsecured Debt), “(P)B2” (Subordinated Debt), “(P)NP” (Short Term Debt) by Moody’s France SAS (“Moody’s”) and “BB (high)” with Stable Trend (Long Term Debt), “BB (low)” with Stable Trend (Subordinated Debt), “R-3” with Stable Trend (Short Term Debt) by DBRS Ratings GmbH (“DBRS”). Each of Moody’s and DBRS is established in the European Union and registered under Regulation (EC) No 1060/2009, as amended (the "CRA Regulation"). As such, each of Moody’s and DBRS is included in the list of credit rating agencies published by the European Securities and Market Authority on its website (at https://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. Notes issued under the Programme may be rated or unrated. Where an issue of Notes is rated, its rating will be specified in the Final Terms and will not necessarily be the same as the rating assigned to the Programme by the relevant rating agency. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Amounts payable on Floating Rate Notes and/or Reset Notes will be calculated by reference to one of LIBOR, EURIBOR or CMS, as specified in the relevant Final Terms. As at the date of this Base Prospectus, the EMMI (European Money Market Institute), as administrator of EURIBOR, and the ICE Benchmark Administration, as administrator of LIBOR and CMS, are included in the register of administrators maintained by the European Securities and Markets Authority (ESMA) under Article 36 of the Regulation (EU) No. 2016/1011 (the "Benchmarks Regulation"). An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks, see "Risk Factors" on page 4. Other than in relation to the documents which are deemed to be incorporated by reference (see “Information Incorporated by Reference”), the information on the websites to which this Base Prospectus refers does not form part of this Base Prospectus and has not been scrutinised or approved by the CSSF. Arranger BofA Merrill Lynch Dealers BofA Merrill Lynch Mediobanca – Banca di Credito Finanziario S.p.A. UniCredit Bank Dated 22 October 2019 - ii- CONTENTS Page IMPORTANT NOTICES ................................................................................................. 1 RISK FACTORS .............................................................................................................. 4 GENERAL DESCRIPTION OF THE PROGRAMME ................................................. 31 ALTERNATIVE PERFORMANCE MEASURES ....................................................... 39 INFORMATION INCORPORATED BY REFERENCE .............................................. 46 FURTHER PROSPECTUSES ....................................................................................... 48 FORMS OF THE NOTES .............................................................................................. 49 TERMS AND CONDITIONS FOR THE ENGLISH LAW NOTES ............................ 54 TERMS AND CONDITIONS FOR THE ITALIAN LAW NOTES ........................... 100 FORM OF FINAL TERMS .......................................................................................... 152 OVERVIEW OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ........................................................................................................................... 171 DESCRIPTION OF THE ISSUER .............................................................................. 175 TAXATION ................................................................................................................. 205 SUBSCRIPTION AND SALE ..................................................................................... 215 GENERAL INFORMATION ...................................................................................... 221 IMPORTANT NOTICES The Issuer accepts responsibility for the information contained in this document and the Final Terms for each Tranche of Notes issued under the Programme and, to the best of its knowledge (having taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. This Base Prospectus should be read and construed together with any supplements hereto and with any other information incorporated by reference herein and, in relation to any Tranche (as defined herein) of Notes, should be read and construed together with the relevant Final Terms (as defined herein). The Issuer has confirmed to the Dealers named under "Subscription and Sale" below that this Base Prospectus (including, for this purpose, each relevant Final Terms) contains all information which is (in the context of the Programme and the issue, offering and sale of the Notes) material; that such information is true and accurate in all material respects and is not misleading in any material respect; that any opinions, predictions or intentions expressed herein are honestly held or made and are not misleading in any material respect; that this Base Prospectus does not omit to state any material fact necessary to make such information, opinions, predictions or intentions (in the context of the Programme and the issue, offering and sale of the Notes) not misleading in any material respect; and that all proper enquiries have been made to verify the foregoing. No person has been authorised to give any information or to make any representation not contained in or not consistent with this Base Prospectus or any other document entered into in relation to the Programme or any information supplied by the Issuer or such other information as is in the public domain and, if given or made, such information or representation should not be relied upon as having been authorised by the Issuer or any Dealer. No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither the Dealers nor any of their respective affiliates have authorised the whole or any part of this Base Prospectus and none of them makes any representation or warranty or accepts any responsibility as to the accuracy or completeness of the information contained in this Base Prospectus. Neither the delivery of this Base Prospectus or any Final Terms nor the offering, sale or delivery of any Note shall, in any circumstances, create any implication that the information contained in this Base Prospectus is true subsequent to the date hereof or
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