Republic of San Marino, zero coupon, 29 December 2023

Issue Regulation: Delegated Decree no. 173 of 18 December 2013 (only in Italian)
Features of the security

  • Type of debt security: "zero coupon", no interest paid in the form of periodic coupons; its yield is represented only by the difference between the redemption value and the issue price
  • Issuer: Most Excellent Chamber of the Republic of San Marino
  • Aggregate nominal value of the issue: 98,000,000.00
  • Currency of denomination: Euro
  • Non-divisible unit value of the security: 500,000.00
  • Maximum number of securities of the issue: 196
  • Initial accrual date: 30 December 2013
  • Maturity date: 29 December 2023
  • Duration: 10 years
  • Settlement date of the subscriptions: 30 December 2013
  • Issue price: 86.735 percent of the unit face value
  • Redemption price at maturity: 100 percent of the unit face value
  • Gross annual rate of return: 1.433%
  • Early redemption price (if any): issue price increased by the interest accrued until the redemption date calculated based on the gross annual rate of return
  • Method of calculation: Act/Act.

Placement period

From 9:00 AM on Friday 20 December 2013 to 1:00PM of Monday 23 December 2013.

Subscription procedures

Transmission, in writing, of the subscription applications, according to the enclosed form duly filled out in its entirety. The subscription form must be anticipated by fax at the number 0549882922 and sent, by means of registered letter with Acknowledgement of Receipt or equivalent service, to the registered office of the Central Bank of the Republic of San Marino, Via del Voltone 120, 47890, San Marino. The envelope must clearly bear the following wording "Application for the subscription of Republic of San Marino, zero coupon, 29 December 2023". Fax and letter must be received at the Central Bank only during the placement period, on pain of invalidity of the application.

Allotment procedure

The securities will be allotted in chronological order of receipt of valid subscription applications. For the purposes of the allotment the date and time of receipt of the fax by the Central Bank of the Republic of San Marino shall apply, provided that the fax is confirmed in writing, and that both the fax and the form are received within the placement period.
The placement may be closed earlier and, in any case, once the subscription amount is equal to the aggregate maximum face value of the issue. In the event that, during the processing in chronological order, of the applications for subscription such applications fully cover the amount of securities available, any applications received afterwards shall be rejected. In case of exhaustion of the securities available, the last application accepted may receive a partial allotment rather than the entire amount requested.

The allotment is notified only to the allottees of the securities by 6:00PM on Monday 23 December 2013. The notice of allotment specifies the number of securities allotted and the corresponding economic value (i.e. the product of the issue price and the face value allotted). The notice of allotment is anticipated by fax by the Central Bank of the Republic of San Marino, and a hard copy of it is sent to the investor using the contact details specified by the latter in the subscription form. The date and time of receipt of the fax transmitted by the Central Bank of the Republic of San Marino shall apply. Failure to receive a notice from the Central Bank of the Republic of San Marino within the deadline specified above, implies that no securities have been allotted.

Settlement of subscription transactions

The settlement of subscription transactions is made by debiting the amount, calculated as the product of the issue price times the face value allotted, with value date 30 December 2013, to the subscription account opened with the paying agent.