Prospectus Summary
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PROSPECTUS SUMMARY :::5..w. l..g 9 '-JI.. !J bï..11. Attijariwafa bank ATTIJARIW AFA BANK S.A ISSUE OF SUBORDINATED BONDS FOR A TOTAL AMOUNT OF MAD 1,000,000,000 . Tranche C Truuche Il . Tra11l'l1t· F I ranche .\ (LiskdJ I ranche B (f.1,tl'd) .,. ., ,. 1 ranrhc I·. (L.1s1nl) x (, nt 1. ISll'u) (. ol 1. ,qt•t)1 (. ol 1. l~lrd) Ceiling MAD 1,000,000,000 MAD 1 ,000,000,000 MAD 1,000,000.000 MAD 1,000,000,000 MAD 1,000,000,000 MAD 1 ,000,000,000 Number of 10,000 subordinated 10,000 subordinated 10,000 subordinated 10,000 subordinated 10,000 subordinated 10,000 subordinated securities bonds bonds bonds bonds bonds bonds Nominal value MAD 100,000 MAD 100,000 MAD 100,000 MAD 100,000 MAD 100,000 MAD 100,000 Maturity 7 years 7 years 7 years 7 years 7 years 7 years Revisable on an Revisable on an annual basis, the annual basis, the Fixed, the reference refcrence rate for the Fixed, the reference reference rate for the Fixed, the refercnce Fixed, the reference to the nominal rate is nominal interest rate to the nominal rate is nominal interest rate to the nominal rate is to the nominal rate is the 7-year Treasury is the 52-week the 7-year Treasury is the 52-week the 7-year Treasury the 7-year Treasury Bonds rate computed Treasury Bills rate Bonds rate computed Treasury Bills rate Bonds rate computed Bonds rate computed on the secondary (monetary rate) as on the secondary ( monetary rate) as on the secondary on the secondary market yield curve, as computed on the market yield curve, as computed on the market yield curve, as market yield curve, as Face interest rate published by Bank secondary yield curve published by Bank secondary yield curve published by Bank published by Bank Al-Maghrib on as published by Bank Al-Maghrib on as published by Bank Al-Maghrib on Al-Maghrib on December 9, 2019, Al-Maghrib on December 9, 2019, Al-Maghrib on December 9, 2019, December 9, 2019, i.e. 2.54% increased December9, 2019, i.e, 2.54% increased December 9, 2019, i.e. 2.47% increased i.e. 2.47% increased by a risk premium, i.e. 2.32%, increased by a risk premium, i.e. 2.32%, increased by a risk premium, by a risk prernium, i.e. between 3.14% by a risk premium, i.e. between 3.14% by a risk premium, i.e. between 2.97% i.e. between 2.97% and3.24%. i.e. betwcen 2.87% and3.24%. i.e. between 2.87% and3.07%. and3.07%. and 2.97% for the and 2.97% for the first year. first year. Constant linear Constant linear 'rinciple ln fine ln fine In fine ln fine annual amortization, annual amortization, ·epayment with a 2-year grace with a 2-year grace period period Bctween 60 and 70 Between 55 and 65 Between 60 and 70 tisk premium Between 55 and 65 Berween 50 and 60 Between 50 and 60 bps bps bps bps bps bps tepayment None None .uarantee None None None None dlocation French Auction with a priority for tranche E and F (fixed rate, arnortizable), then for tranches A and C (fixed rate), rethod and thcn for tranches Band D (annually revisable rate) Tradable in the Tradable in the 'radability of Tradable in the Casablanca Stock ecurities Casablanca Stock Over-the-counter Over-the-counter Casablanca Stock Over-the-counter Ex change Ex change Exchan_g_e Subscription period: from December 20 to 24, 2019 included Issue reserved to qualified investors under Moroccan Law as defined in this prospectus Advicing Agency Agency in charge of the placement Attijari Finances Corp. Attljarlwafa bank CORPORAlE FINANCE APPROVAL OF THE MOROCCAN CAPITAL MARKET AUTHORITY (AMMC) I accordance with the provisions of the AMMC circular, issued pursuant to Article 5 of the Dahir Law No. 1 -12-55 dated December 28, 2012, promulgating Law No. 4-12 on public offerings and information required oflegal entities and savings organizations, this prospectus has been approved by the AMMC on December 12, 2019 nder reference Vl/EM/033/2019. ~ll,9'"-;!1.Jl::µll ,NV. Attljariwafab,;r,, DISCLAIMER The Moroccan Capital Market Authority (AMMC) approved, on December 12, 2019 a prospectus summary related to the issue of subordinated bonds by Attijariwafa bank The subordinated bond differs from the conventional bond because of the rank of claims contractually defined by the subordination clause. The effect of the subordination clause is to condition, in the event of liquidation of the issuer, the repayment of the loan to the disinvestment of ail the secured or unsecured creditors The AMMC-approved prospectus is available at any time at the following places: • Attijariwafa bank headquarters: 2, boulevard Moulay Youssef -Casablanca. Phone: 05.22.29.88.88, and on its website: http://ir.attijariwafabank.com; • Attijari Finances Corp.: 163, avenue Hassan Il - Casablanca. Phone: 05.22.47.64.35. The prospectus is available to the public on AMMC website (www.ammc.ma). This summary bas been translated by LISSANIAT SARL under the joint responsibility of the said translater and Attijariwafa bank. In the event of any discrepancy between the contents of this summary and the AMMC-approved prospectus, only the approved prospectus will prevail. ..... ..,·· :::::... U9~Jl::µJI Attijariwafa 11.,nl.: PART 1: PRESENTATION OF THE OPERATION 1. OBJECTIVES OF THE OPERATION The main objective ofthis issue is to: • strengthen the current regulatory capital and, consequently, strengthen the solvency ratio of Attijariwafa bank; • finance the bank's organic development in Morocco and abroad; • anticipate the various regulatory changes in the countries of presence. In accordance with Bank Al-Maghrib's Circular 14/G/2013 on the calculation of the regulatory capital requirements of credit institutions, as amended and supplemented, funds collected through this operation will be classified as additional Tier 2 capital. Il. STRUCTURE OF THE OFFER Attijariwafa bank intends to issue 10,000 subordinated bonds with a nominal value of MAD 100,000. The total amount of the operation amounts to MAD l,000,000,000 divided as follow: • tranche "A" with a 7-year maturity and a fixed rate, listed on the Casablanca Stock Exchange, ceiled at MAD 1,000,000,000 and with a MAD 100,000 nominal value (repayment of the principal in fine); • tranche "B" with a 7-year maturity and an annually revisable rate, listed on the Casablanca Stock Exchange, ceiled at MAD l,000,000,000 and with a MAD 100,000 nominal value (repayment of the principal in fine); • tranche "C" with a 7-year maturity and a fixed rate, not listed on the Casablanca Stock Exchange, ceiled at MAD l,000,000,000 and with a MAD 100,000 nominal value (repayment of the principal in fine); • tranche "D" with a 7-year maturity and an annually revisable rate, not Jisted on the Casablanca Stock Exchange, ceiled at MAD l,000,000,000 and with a MAD 100,000 nominal value (repayment of the principal in fine) ; • tranche "E" with a 7-year maturity and a fixed rate, listed on the Casablanca Stock Exchange, ceiled at MAD l,000,000,000 and with a MAD 100,000 nominal value (repayment of principal by constant Iinear annual amortization beyond the 2nd year); • tranche "F with a 7-year maturity and a fixed rate, not listed on the Casablanca Stock Exchange, ceiled at MAD l,000,000,000 and with a MAD 100,000 nominal value (repayment of principal by constant linear annual amortization beyond the 2nct year). The total amount allotted over the six tranches shall in no case exceed the amount of MAD 1,000,000,000. =:i.:... lil9"-;!'Ji::µJI AtUjariwafa 11:1:11. Ill. INFORMATION RELATED TO ATTIJARIWAFA BANK'S SUBORDINATED BONDS Dise/aimer: The subordinated bond is distinguished from the classical bond by the rank of loans contractually defined by the subordination clause. The effect of the subordination clause is to condition, in case of liquidation of the issuer, the repayment of the funds borroweâ to ail secured or unsecured creditors. Churacrcrisncs 01 .runche 1\ (Frxed race, 7-Year maturitv and listed 011 the C usablanca Stock ~\Chang1·) Nature of securities Subordinated bonds listed on the Casablanca Stock Exchange, dematerialized by registration with the central securities depositary (Maroclear) and entered into account at the chartered financial intermediaries. Legal form Bearerbond Tranche ceiling MAD 1,000,000,000 Maximum number of securities to be 10,000 subordinated bonds issued Nominal value MAD 100,000 Issue price 100%, i.e. MAD 100,000 Loan maturity 7 years Subscription period From December 20 to 24, 2019 included Possession date December 31, 2019 Maturity date Decernber 31, 2026 Allocation method French Auction with a priority for tranche E and F (fixed rate), then for tranches A and C (fixed rate, amotizable), and then for tranches Band D (annually revisable rate) Face interest rate Fixed rate The face interest rate is detennined in reference to the 7-year Treasury Bonds rate computed on the secondary market yield curve as published by Bank Al-Maghrib on December 9, 2019, i.e. 2.54%. A risk premium ranging from 60 to 70 bps will be added, i.e. between 3.14% and 3.24%. The rate is determined through linear interpolation using the two points framing the full 7-year maturity (actuarial basis). The selected face interest rate will be published in an Official Gazette by Attijariwafa bank and on its website, no later than December 31, 2019.