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Abanca Corporación Bancaria, S.A

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Abanca Corporación Bancaria, S.A ABANCA CORPORACIÓN BANCARIA, S.A. (incorporated as a limited liability company (sociedad anónima) under the laws of the Kingdom of Spain) €300,000,000 Fixed Rate Reset Subordinated Notes due 7 April 2030 The issue price of the €300,000,000 Fixed Rate Reset Subordinated Notes due 7 April 2030 (the "Notes") of ABANCA Corporación Bancaria, S.A. (the "Bank" or "ABANCA") is 100 per cent. of their principal amount. The Notes have been issued in denominations of €100,000. The Notes were issued on 7 October 2019 (the "Issue Date"). The Bank and its consolidated subsidiaries are referred to herein as the "ABANCA Group", and its parent company, ABANCA Holding Financiero, S.A. ("ABANCA Holding"), together with its consolidated subsidiaries are referred to herein as the "ABANCA Holding Group". As described in the terms and conditions of the Notes (the "Conditions"), unless previously redeemed, the Notes will be redeemed at their principal amount on 7 April 2030. The Notes may be redeemed at the option of the Bank in whole, but not in part, at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption, subject to the conditions set out in Condition 4.2 including, without limitation, obtaining prior Supervisory Permission, if a Tax Event or a Capital Event occurs (as such terms are defined in the Conditions). See Conditions 4.4 and 4.5 in "Conditions of the Notes". In addition, the Bank may at its option, subject to the conditions set out in Condition 4.2 including, without limitation, obtaining prior Supervisory Permission, redeem all, but not some only, of the Notes on the Reset Date, at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption. See Condition 4.3 in "Conditions of the Notes". The Notes bear interest on their outstanding principal amount (i) at a fixed rate of 4.625 per cent. per annum from (and including) the Issue Date to (but excluding) the Reset Date (as defined in the Conditions) payable annually (except for the first Interest Period (as defined in the Conditions)) in arrear on 7 April in each year, with the first Interest Payment Date on 7 April 2020 (short coupon), and (ii) from (and including) the Reset Date (as defined in the Conditions), at the Reset Rate of Interest (as defined in the Conditions) plus 5.014 per cent. per annum (the "Margin"), as determined by the Bank, payable annually in arrear on 7 April in each year, with the first Interest Payment Date after the Reset Date on 7 April 2026 (see Condition 3 in "Conditions of the Notes"). Payments on the Notes will be made in Euro without deduction for or on account of taxes imposed or levied by the Kingdom of Spain to the extent described under Condition 7 in "Conditions of the Notes". The payment obligations of the Bank under the Notes on account of principal constitute direct, unconditional, unsecured and subordinated obligations (créditos subordinados) of the Bank, as more fully described in Condition 2 in "Conditions of the Notes". The Notes are expected to qualify as Tier 2 Capital (as defined in the Conditions) of the Bank and the ABANCA Holding Group. Subject to the prior Supervisory Permission and to compliance with the Applicable Banking Regulations, if a Capital Event or Tax Event has occurred and is continuing, the Bank may substitute all (but not some only) of the Notes or vary the terms of all (but not some only) of the Notes, without the consent of the Holders (as defined below), so that they become or remain Qualifying Tier 2 Notes (as defined in the Conditions). The Notes are rated "BB+" by Fitch Ratings España, S.A. Unipersonal ("Fitch") and "Ba3" by Moody's Investors Service España, S.A. ("Moody's"). Fitch and Moody's are established in the European Union ("EU") and are registered under Regulation (EC) No 1060/2009 (as amended) on credit rating agencies (the "CRA Regulation"). Fitch and Moody's appear on the latest update of the list of registered credit rating agencies (as of 5 July 2019) on the European Securities and Markets Authority ("ESMA") website. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension, reduction or withdrawal at any time by the assigning rating agency. This document (together with the information incorporated by reference) constitutes a listing prospectus (the "Prospectus") for the purposes of Article 3 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of the EU of 14 June 2017 (the "Prospectus Regulation") and has been prepared in accordance with, and including the information required by Annexes 7 and 15 of Delegated Regulation (EU) 2019/980 of 14 March 2019. This Prospectus has been approved by the Comisión Nacional de Mercado de Valores (the "CNMV") as competent authority under the Prospectus Regulation. The CNMV has only approved this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such an approval should not be considered as an endorsement of the Issuer or the quality of the Notes that are the subject of this Prospectus. Investors should make their own assessment as to the suitability of investing in the Notes. Application has been made for the Notes to be admitted to trading on the Spanish AIAF Fixed Income Securities Market ("AIAF"). AIAF is a regulated market for the purposes of Directive 2014/65/EU on markets in financial instruments directive (as amended, "MiFID II"). Amounts payable under the Notes from and including the Reset Date are calculated by reference to the 5-year Mid-Swap Rate which appears on the "ICESWAP2" screen, which is provided by ICE Benchmark Administration Limited or by reference to EURIBOR 6- month (as defined in the Conditions) which appears on the "EURIBOR01" screen, which is provided by the European Money Markets Institute. As at the date of this Prospectus, both ICE Benchmark Administration Limited and European Money Markets Institute appear on the register of administrators and benchmarks established and maintained by ESMA pursuant to article 36 of the Regulation (EU) No 2016/1011 (the "Benchmark Regulation"). - 1- Title to the Notes is evidenced by book entries, and each person shown in the central registry of the Spanish settlement system managed by Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal ("Iberclear") and in the registries maintained by the participating entities (entidades participantes) in Iberclear ("Iberclear Members") as having an interest in the Notes shall be (except as otherwise required by Spanish law) considered the holder of the principal amount of the Notes recorded therein (a "Holder"). The Notes are complex financial instruments and are not a suitable or appropriate investment for all investors. Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their exposure to risks and that they consider the suitability of the Notes as an investment in the light of their own circumstances and financial condition. An investment in the Notes involves certain risks. For a discussion of these risks see "Risk Factors" beginning on page 11. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and are subject to United States tax law requirements. The Notes are being offered outside the United States in accordance with Regulation S under the U.S. Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Joint Lead Managers Banco Bilbao Vizcaya Argentaria, S.A. BNP PARIBAS BofA Merrill Lynch Nomura [Prospectus date] - 2- IMPORTANT NOTICES ABANCA has not authorised the making or provision of any representation or information regarding ABANCA or the ABANCA Group or the ABANCA Holding Group or the Notes other than as contained in this Prospectus or as approved for such purpose by ABANCA. Any such representation or information should not be relied upon as having been authorised by ABANCA or the joint lead managers named under "Subscription and Sale" below (the "Joint Lead Managers"). None of the Joint Lead Managers, nor any of their respective affiliates, has separately verified the information contained or incorporated by reference in this Prospectus. Neither the Joint Lead Managers nor any of their respective affiliates have authorised the whole or any part of this Prospectus and none of them makes any representation or warranty or accepts any responsibility as to the accuracy or completeness of the information contained or incorporated by reference in this Prospectus or any other information supplied by ABANCA in connection with the Notes. Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes shall in any circumstances create any implication that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of ABANCA, the ABANCA Group or the ABANCA Holding Group since the date of this Prospectus or that any other information supplied in connection with the Notes is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. The Joint Lead Managers shall not be responsible for, or for investigating, any matter which is the subject of, any statement, representation, warranty or covenant of ABANCA, the ABANCA Group or the ABANCA Holding Group contained in the Prospectus, or any other agreement or document relating to the Notes, or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence thereof.
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