Euro 25,000,000,000 Debt Issuance Programme - Münchener ...

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6 Teil II – Zusätz zu den Grundbedingungen A. Targeted Redemption-Schuldverschreibungen (“TARN-Schuldverschreibungen“)...... 145 B. Inflationbezogene Schuldverschreibungen ................................................................... 150 C. Now or Later Schuldverschreibungen .......................................................... 154 D. Daily Range Accrual Schuldverschreibungen .......................................................... 157 E. Basis Plus Schuldverschreibungen .......................................................... 161 F. Basis Plus Korridor Schuldverschreibungen ................................................................. 165 Form of Final Terms .................................................................................................................. 169 Taxation...................................................................................................................................... 194 Selling Restriction ..................................................................................................................... 199 General Information Pfandbriefe............................................................................................................................ 202 Use of Proceeds.................................................................................................................... 205 Post-issuance Information .................................................................................................... 205 Listing Information................................................................................................................. 205 Authorisation ......................................................................................................................... 205 Documents Incorporated by Reference .................................................................................. 206 Names and Addresses .............................................................................................................. 208
I. General GENERAL DESCRIPTION OF THE PROGRAMME Under this € 25,000,000,000 Debt Issuance Programme, the Issuer may from time to time issue Notes to one or more of the following Dealers: ABN AMRO Bank N.V., Barclays Bank PLC, Bayerische Hypo- und Vereinsbank AG, Citigroup Global Markets Limited, Commerzbank Aktiengesellschaft, Deutsche Bank Aktiengesellschaft, Dresdner Bank Aktiengesellschaft, DZ BANK AG Deutsche Zentral- Genossenschaftsbank, Frankfurt am Main, IXIS Corporate and Investment Bank, J.P. Morgan Securities Ltd., Lehman Brothers International (Europe), Morgan Stanley & Co. International Limited, Münchener Hypothekenbank eG, UBS Limited, WestLB AG, WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. The maximum aggregate principal amount of all Notes at any one time outstanding under the Programme will not exceed € 25,000,000,000 (or its equivalent in any other currency). The Issuer may increase the amount of the Programme in accordance with the terms of the Dealer Agreement from time to time. The Notes may be issued on a continuing basis to one or more of the Dealers. Notes may be distributed by way of public or private placements and, in each case, on a syndicated or nonsyndicated basis. The method of distribution of each tranche (each a “Tranche”) will be stated in the relevant Final Terms. Notes will be issued in Tranches, each Tranche consisting of Notes which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a series (“Series”) of Notes. Further Notes may be issued as part of an existing Series. The specific terms of each Tranche will be set forth in the Final Terms. Subject to any applicable legal or regulatory restrictions and requirements of relevant central banks, the Issuer may issue Notes in euro or in any other currency as agreed by the relevant Issuer and the relevant Dealer(s). Notes will be issued in such denominations as may be agreed between the Issuer and the relevant Dealer(s) and as indicated in the Final Terms save that the minimum denomination of the Notes will be, if in euro, Euro 1,000, and if in any currency other than Euro, in an amount in such other currency equal to or exceeding the equivalent of Euro 1,000 at the time of the issue of the Notes. Notes may be issued at an issue price which is at par or at a discount to, or premium over, par as stated in the Final Terms. Under the Programme, MünchenerHyp will not issue Notes where the redemption amount is determined by reference to an underlying (including an underlying in the form of a security, an index, an interest rate or a basket of underlyings). Notes issued pursuant to the Programme may be rated or unrated. A rating is not a recommendation to buy, sell or hold Notes issued under the Programme and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of the rating assigned to the Notes issued under the Programme may adversely affect the market price of the Notes issued under the Programme. Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg” The Programme provides that Notes may be listed on other or further stock exchanges including, but not limited to, the Munich Stock Exchange, as may be agreed between the Issuer and the relevant Dealer(s) in relation to each Series/Tranche. Notes may further be issued under the Programme without being listed on any stock exchange. Notes will be accepted for clearance through one or more clearing systems as specified in the Final Terms. These systems will include those operated by Clearstream Banking AG, Frankfurt am Main (“CBF”), Clearstream Banking, société anonyme, Luxembourg (“CBL”) and/or Euroclear Bank S.A./N.V., Brussels (“Euroclear”). MünchenerHyp itself will act as fiscal agent (the “German Fiscal Agent”) in relation to Notes that will initially be deposited (in global form) with CBF. 7
Page 1 and 2: This document constitutes two base
Page 3 and 4: RESPONSIBILITY STATEMENT Münchener
Page 5: TABLE OF CONTENTS General Descripti
Page 9 and 10: - all instructions and explanatory
Page 11 and 12: Risk Factors regarding the Notes No
Page 13 and 14: Summary regarding MünchenerHyp Leg
Page 15 and 16: Major members Approximately 35.0 pe
Page 17 and 18: Statutory Auditors, Auditing of His
Page 19 and 20: Interest periods for Floating Rate
Page 21 and 22: equired from time to time by the re
Page 23 and 24: Operationelles Risiko Unter Operati
Page 25 and 26: Zusammenfassung in Bezug auf die M
Page 27 and 28: Bedeutende Anteilseigner Cirka 35,0
Page 29 and 30: Gerichts- und Schiedsverfahren Die
Page 31 and 32: - der dem variablen Zinssatz einer
Page 33 and 34: Referenzsatz innerhalb einer festge
Page 35 and 36: Risk Factors regarding MünchenerHy
Page 37 and 38: fair market prices. The possibility
Page 39 and 40: Daily Range Accrual Notes Daily Ran
Page 41 and 42: Direct Business Direct business in
Page 43 and 44: Michael Glos Deputy Chairman of the
Page 45 and 46: MünchenerHyp does not produce cons
Page 47 and 48: Prospects Business Development Comp
Page 49 and 50: Supplemental Information Cash flow
Page 51 and 52: Our responsibility is to express an
Page 53 and 54: PART I - BASIC TERMS A. TERMS AND C
Page 55 and 56: (3) Calculation of Interest for Par
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[in the case of [include relevant n
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[if 30/360, 360/360 or Bond Basis i
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[ ] [ ] [lf Notes are subject to Ea
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The Issuer shall at all times maint
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then on be deemed to refer to the c
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B. TERMS AND CONDITIONS OF PFANDBRI
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(2) Accrual of Interest. The Pfandb
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displayed [if Margin insert: [plus]
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[if Actual/Actual insert: [(ICMA Ru
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§ 6 FISCAL AGENT [,] [AND] PAYiNG
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on the fourth [TARGET] [London] [in
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(5) Holder of Pfandbriefe. “Holde
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[(5)] Payment Business Day. If the
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on the fourth [TARGET] [London] [in
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(b) Determination of Floating Rate
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Amounts paid on the Interest Paymen
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B.Inflation-related [Notes][Pfandbr
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order to correct a manifest error (
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C. Now or Later [Notes] [Pfandbrief
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(5) Accrual of Interest. The [Notes
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of [11:00 a.m.] [insert other relev
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[If Actual/Actual insert: [(ICMA Ru
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● per cent. per annum, if the [of
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(6) Accrual of Interest. The [Notes
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cent.] [[plus] [minus] ● per cent
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maturity until the expiry of the da
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Emissionsbedingungen gestrichen; s
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[Falls die Globalurkunde eine NGN i
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[(i)][im Fall von variabel verzinsl
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kann, ist der Zinssatz der [10-][an
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Die Zahlung von Zinsen auf Schuldve
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(ii) eine Erklärung, ob diese Seri
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Die Emissionsstelle [[,] [und] die
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verpflichtet zu sein, jeweils in de
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[Falls die Emissionsbedingungen in
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der Angebotssatz (ausgedrückt als
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die [10-][andere Zahl von Jahren ei
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Währung, die am entsprechenden Fä
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D-60272 Frankfurt am Main]] [Münch
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die Depotbank gegenüber dem Cleari
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(2) Zahlungsweise. Vorbehaltlich ge
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[andere Zeitungen mit allgemeiner V
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TEIL II - ZUSÄTZE ZU DEN GRUNDBEDI
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Prozent, wobei 0,000005] aufgerunde
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[Falls Actual/Actual (ISDA) gilt, e
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„Index(i)“ ist der „tägliche
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is zum Ablauf des Tages, der dem Ta
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Angebotssätze [im Fall einer Marge
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D. Daily Range Accrual - [Schuldver
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Marge als für die unmittelbar vorh
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E. Basis-plus - [Schuldverschreibun
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Referenzbanken der Berechnungsstell
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F. Basis-plus Korridor - [Schuldver
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Einlagen in der festgelegten Währu
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In case of Notes listed on the offi
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Terms used herein shall be deemed t
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Sonstige (angeben) STATUS (§ 2) ST
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Margin Marge � ��plus plus
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Verzinsungsbeginn Rate of Interest
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(set forth details in full here (in
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Amortisationsrendite FISCAL AGENT [
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ISIN Code [ ] ISIN Code German Secu
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[insert details here] [Einzelheiten
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[not applicable] [specify details]
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E. ADMISSION TO TRADING AND DEALING
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Yield on issue price 1 [ ] Emission
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Rating 1 Rating Listing and Admissi
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Capital gains derived by German-res
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(including accrued but unpaid inter
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1. General SELLING RESTRICTIONS Eac
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(ii) at any time to legal entities
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In this summary, banks authorized t
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administration of the assets includ
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Availability of Documents Copies of
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Fiscal Agent, Principal Paying Agen
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