REG - QNB Finance Ltd - Publication of Final Terms (ISIN: XS2115361870)

Bank Of New York MellonAnnouncement

18/02/2020 14:05

RNS Number : 1321D
QNB Finance Ltd
18 February 2020
 


 PROHIBITION OF SALES TO EEA RETAIL INVESTORS - The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive 2016/97/EU (as amended or superseded, the "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC, as amended or superseded (the "Prospectus Directive"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Final Terms dated 18 February 2020
 
QNB Finance Ltd

(LEI: 549300MY0DXTHQEX5O57)


Issue of EUR 20,000,000 Floating Rate Notes

Guaranteed by Qatar National Bank (Q.P.S.C.)

under the U.S.$17,500,000,000

Medium Term Note Programme
MiFID II product governance / Professional investors and ECPs only target market - Solely for the purposes of themanufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions (the "Conditions") set forth in the prospectus dated 17 July 2019 and the supplement(s) thereto dated 10 October 2019, 9 January 2020 and 17 January 2020, which together constitute a base prospectus (the "Prospectus") for the purposes of the Prospectus Directive. This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Prospectus. Full information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus. The Prospectus and the supplement(s) thereto [are available for viewing at the market news section of the London Stock Exchange website (www.londonstockexchange.com/exchange/news/market-news/market-news-home.html) and during normal business hours at the registered offices of the Issuer at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, and copies may be obtained from the registered offices of the Fiscal Agent at One Canada Square, London E14 5AL, United Kingdom.
 




1


(a) Issuer:


QNB Finance Ltd




 


(b) Guarantor:


Qatar National Bank (Q.P.S.C.)




2


(a) Series Number:


253




 


(b) Tranche Number:


1




3


Specified Currency or Currencies:


Euro (EUR)




4


Aggregate Nominal Amount of Notes:


EUR 20,000,000




 


(a) Series:


EUR 20,000,000




 


(b) Tranche:


EUR 20,000,000




5


Issue Price:


100.00 per cent. of the Aggregate Nominal Amount




6


(a) Specified Denominations:


EUR 100,000




 


(b) Calculation Amount:


EUR 100,000




7


(a) Issue Date:


18 February 2020




 


(b) Interest Commencement Date:


Issue Date




8


Maturity Date:


18 February 2022




9


Interest Basis:


3-month EURIBOR + 0.780 per cent. per annum Floating Rate




10


Redemption/Payment Basis:


Redemption at par




11


Change of Interest or Redemption/Payment Basis:


Not Applicable




12


Put/Call Options:


Not Applicable




13


(a) Status of the Notes:


Senior




 


(b) Status of the Guarantee:


Senior




 


(c) Date Board approval for issuance of Notes and Guarantee obtained:


Not Applicable




 
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE




14


Fixed Rate Note Provisions:


Not Applicable


 




15


Floating Rate Note Provisions:


Applicable




 


(a)   Interest Period(s):


As specified in Condition 5




 


(b)  Specified Interest Payment Dates:


Quarterly on 18 February, 18 May, 18 August and 18 November, commencing from 18 May 2020, up to and including the Maturity Date




 


(c)   First Interest Payment Date:


18 May 2020




 


(d)  Interest Period Date:


Not Applicable




 


(e)   Business Day Convention:


Modified Following Business Day Convention




 


(f)   Business Centre(s):


London, New York City and TARGET2




 


(g)  Manner in which the Rate(s) of Interest is/are to be determined:


Screen Rate Determination




 


(h)  Party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) (if not the [Fiscal Agent]):


Not Applicable




 


(i)    Screen Rate Determination:


Applicable - Term Rate




 


- Reference Rate:


3-month EURIBOR is provided by the European Money Markets Institute .As at the date hereof, the European Money Markets Institute appears in the register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 (Register of administrators and benchmarks) of Regulation (EU) 2016/1011, as amended.




 


- Interest Determination Date(s):


Two (2) TARGET Business Days before the beginning of the Interet Period




 


- Relevant Time:


11.00 a.m. CET




 


- Relevant Screen Page:


Reuters Screen EURIBOR01 page




 


- Relevant Financial Centre:


TARGET2




 


- Observation Method:


Not Applicable




 


- Shift/Look-back Period


Not Applicable




 


- Rate Cut-Off Period


Not Applicable




 


- Day Count Fraction


ACT/360, Adjusted




 


(j)    ISDA Determination:


Not Applicable




 


(k)   Linear Interpolation:


Not applicable
 




 


(l)    Margin(s):


+ (plus) 0.780 per cent. per annum




 


(m)  Minimum Rate of Interest:


0.00 per cent. per annum




 


(n)  Maximum Rate of Interest:


Not Applicable




 


(o)  Day Count Fraction:


ACT/360, Adjusted




 


(p)  Fall back provisions, rounding provisions, denominator and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the Conditions:


Not Applicable




 


(q)  ISDA Definitions:


Not Applicable




16


Zero Coupon Note Provisions:


Not Applicable




PROVISIONS RELATING TO REDEMPTION




17


Call Option:


Not Applicable




18


Put Option:


Not Applicable




19


Change of Control Put:


Not Applicable




20


Final Redemption Amount of each Note:


EUR 100,000 per Calculation Amount




21


Early Redemption Amount:


Not Applicable




 
GENERAL PROVISIONS APPLICABLE TO THE NOTES




22


Form of Notes:


Bearer Notes:
Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note




23


Financial Centre(s) or other special provisions relating to payment dates:


London, New York City and TARGET2




24


Talons for future Coupons to be attached to Definitive Notes (and dates on which such Talons mature):


No




25


Prohibition of Sales to EEA Retail Investors:


Applicable/Not Applicable




 
Signed on behalf of QNB Finance Ltd:
By: ...........................................................
Duly authorised
 
Signed on behalf of Qatar National Bank (Q.P.S.C.):
By: ...........................................................
Duly authorised
 
PART B - OTHER INFORMATION




1


Listing


 




 


(a)   Listing:


London




 


(b)  Admission to trading:


Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange's Regulated Market with effect from the Issue Date.




 


(c)   Estimate of total expenses related to admission to trading:


GBP 600.00




2


Ratings:


Not Applicable




3


Reasons for the Offer, Estimated Net Proceeds and Total Expenses




 


       Reasons for the offer:


Not Applicable




4


Operational Information


 




 


ISIN:


XS2115361870




 


Common Code:


211536187




 


CFI:


DTVUFB




 


FISN:


QNB FINANCE LIM/VAREMTN 20220218




 


Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):


Not Applicable




 


Names and addresses of initial Paying Agent(s):


The Bank of New York Mellon, acting through its London Branch, One Canada Square, London E14 5AL, United Kingdom




 


Names and addresses of additional Paying Agent(s) (if any):


Not Applicable




 
5


 
Distribution


 




 


(a)   Method of distribution:


Non-syndicated




 


(b)   If syndicated, names of Managers:


Not Applicable




 


(c)   Stabilising Manager(s) (if any):


Not Applicable




 


(d)   If non-syndicated, name of Dealer:


Crédit Agricole Corporate and Investment Bank




 


(e)   US Selling Restrictions:


Reg. S Compliance Category 2
TEFRA D




 




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