AVVISO n Febbraio 2006 MOT DomesticMOT

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1 AVVISO n Febbraio 2006 MOT DomesticMOT Mittente del comunicato : Borsa Italiana Societa' oggetto : Repubblica Austriaca dell'avviso Oggetto : DomesticMOT Inizio negoziazione obbligazioni "Republic of Austria" Testo del comunicato Si veda allegato. Disposizioni della Borsa

2 Emittente: Republic of Austria Titolo: The Republic of Austria Euro 75,000,000 Fixed and CMS-Linked Notes due 24 October 2035 (ISIN XS ) Rating Emittente: Società Long di Rating Term Moody s Aaa Standard & Poor s AAA Fitch AAA Oggetto: INIZIO DELLE NEGOZIAZIONI IN BORSA Data inizio negoziazioni: 9 febbraio 2006 Mercato di negoziazione: Borsa - Mercato telematico delle obbligazioni (MOT), segmento DomesticMOT, classe titoli di debito in euro ed in valuta diversa dall euro Disposizioni normative: Provv. n del 1 febbraio 2006 della Borsa Italiana CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE The Republic of Austria Euro 75,000,000 Fixed and CMS-Linked Notes due 24 October 2035 Modalità di negoziazione: corso secco (componente interessi) tel quel (componente premio) Poiché la determinazione delle cedole avviene, come previsto dal Pricing Supplement del prestito, il secondo giorno lavorativo antecedente il primo giorno di godimento della cedola stessa, sarà cura dell operatore inserire i compensi relativi ai contratti da liquidare il primo e il secondo giorno di godimento della nuova

3 cedola dal momento in cui è noto al mercato il tasso della cedola in corso. N. obbligazioni in circolazione: Valore nominale unitario: Euro Valore nominale complessivo delle obbligazioni in circolazione: Euro Interessi : le obbligazioni frutteranno interessi annuali, pagabili posticipatamente il 24 ottobre di ciascun anno, in conformità a quanto specificato nel Pricing Supplement del prestito Opzione modifica interessi: a partire dall Interest Period 24/02/ /02/2011, e sino a scadenza del prestito l emittente si riserva, con un preavviso di 10 giorni lavorativi, la facoltà di modificare la metodologia di determinazione del tasso, in conformità a quanto indicato nel Pricing Supplement Premio a scadenza: è previsto un premio a scadenza in conformità a quanto specificato nel Pricing Supplement del prestito Modalità di calcolo dei ratei: ACT/ACT Godimento: 24 ottobre 2005 Scadenza: 24 ottobre 2035 (rimborso alla pari in unica soluzione alla scadenza) Tagli: unico da nominali Euro Codice ISIN: XS Codice SIA:

4 Importo minimo di negoziazione: Euro DISPOSIZIONI DELLA BORSA ITALIANA Dal giorno 9 febbraio 2006 il prestito obbligazionario The Republic of Austria Euro 75,000,000 Fixed and CMS-Linked Notes due 24 October 2035 emesso dalla Republic of Austria verrà iscritto nel Listino Ufficiale, comparto obbligazionario (MOT). Allegati: - Provv. n del 1 febbraio 2006 della Borsa Italiana - Pricing Supplement del prestito obbligazionario

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6 PRICING SUPPLEMENT REPUBLIC OF AUSTRIA Euro 30,000,000,000 Medium-Term Note Programme Series No: 120 Tranche No: 1 Euro 75,000,000 Fixed and CMS-Linked Notes due 24 October 2035 issued by The Republic of Austria Issue Price: 100 per cent. The date of this Pricing Supplement is 20 October 2005

7 This Pricing Supplement is issued to give details of a Tranche of medium-term notes (the Notes ) to be issued by the Republic of Austria (the Republic ), pursuant to its euro 30,000,000,000 Medium-Term Note Programme (the Programme ). It is supplementary to, and should be read in conjunction with, the Offering Circular dated 16 September 2003 (including any amendments or supplements thereto (other than other Pricing Supplements), the Offering Circular ) issued in relation to the Programme. Terms defined in the Offering Circular have the same meanings in this Pricing Supplement. This Pricing Supplement does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation, and no action is being taken to permit an offering of the Notes or the distribution of this Pricing Supplement in any jurisdiction where such action is required. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE SECURITIES ACT ) AND THE NOTES COMPRISE BEARER NOTES THAT ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. SUBJECT TO CERTAIN EXCEPTIONS, THE NOTES MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ( REGULATION S )). THIS PRICING SUPPLEMENT HAS BEEN PREPARED BY THE REPUBLIC FOR USE IN CONNECTION WITH THE OFFER AND SALE OF THE NOTES OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN RELIANCE ON REGULATION S AND FOR LISTING OF THE NOTES ON THE LUXEMBOURG STOCK EXCHANGE, EURONEXT AMSTERDAM AND THE MERCATO OBBLIGAZIONARIO TITOLI (ITALIAN STOCK EXCHANGE). FOR A DESCRIPTION OF THESE AND CERTAIN FURTHER RESTRICTIONS ON OFFERS AND SALES OF THE NOTES AND DISTRIBUTION OF THIS PRICING SUPPLEMENT AND OFFERING CIRCULAR, SEE SUBSCRIPTION AND SALE CONTAINED IN THE OFFERING CIRCULAR. The issue of the Notes has been authorised by Article II of the Federal Budget Act 2005 in connection with Section 65(b)(1) of the Federal Budget Accounting Act 1986, as amended. The net proceeds of any issue of Notes will be used by the Republic of Austria for financing and debt management purposes of the federal state and/or its provincial states and/or for public infrastructure measures of legal entities owned by the Republic of Austria. -1-

8 Terms and Conditions The following items under this heading Terms and Conditions are the particular terms which relate to the Tranche of the Notes the subject of this Pricing Supplement. 1 Issuer: Republic of Austria 2 (i) Series Number: 120 (ii) Tranche Number: 1 3 Specified Currency or Currencies: Euro ( EUR ) 4 Aggregate Nominal Amount: (i) Series: EUR 75,000,000 (ii) Tranche: EUR 75,000,000 5 (i) Issue Price: 100 per cent. of the Aggregate Nominal Amount (ii) Net Proceeds: EUR 75,000,000 6 Specified Denominations: EUR 1,000 7 (i) Issue Date: 24 October 2005 (ii) Interest Commencement Date: 24 October Maturity Date: 24 October Interest Basis: Fixed Rate for the period commencing on the Issue Date and ending on 24 October 2010 and (i) Index Linked Interest or (ii) upon exercise of the Issuer Conversion Option (as further described in paragraph 32 below), Floating Rate, for the period commencing on 24 October 2010 and ending on the Maturity Date (further particulars specified below) 10 Redemption/Payment Basis: Redemption at par 11 Change of Interest or Redemption/Payment Basis: See paragraph 9 12 Put/Call Options: 13 Status of the Notes: Senior 14 Listing: Application will be made to list the Notes on the Luxembourg Stock Exchange and the Mercato Obbligazionario Titoli 15 Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 16 Fixed Rate Note Provisions: Applicable for the period commencing on the Issue Date and ending on 24 October 2010 (i) Rate(s) of Interest: (i) 8.0 per cent. per annum for the period from (and including) the Issue Date to (but excluding) 24 October 2006, (ii) 6.0 per cent. per annum for the period from -2-

9 (and including) 24 October 2006 to (but excluding) 24 October 2007, and (iii) 5.0 per cent. per annum for each period from (and including) 24 October 2007 and each subsequent Interest Payment Date to (but excluding) each next following Interest Payment Date ending on 24 October 2010 (ii) Interest Payment Date(s): 24 October in each year commencing on 24 October 2006 and ending on 24 October 2010 (iii) Fixed Coupon Amount(s): (iv) Broken Amount: (v) (vi) (vii) Day Count Fraction (Condition 5(k)): Determination Date(s) (Condition 5(k)): Other terms relation to the method of calculating interest for Fixed Rate Notes: Actual/Actual -ISMA Each Interest Payment Date 17 Floating Rate Provisions: Applicable upon exercise of Issuer Conversion Option in which case the Floating Rate basis of interest will apply until the Maturity Date (i) Specified Period(s)/Specified Interest Payment Dates: 24 October in each year, from 24 October 2011 until the Maturity Date. Interest Period means the period beginning on (and including) 24 October 2010 to (but excluding) 24 October 2011 and each successive period beginning on (and including) an Interest Payment Date to (but excluding) the next succeeding Interest Payment Date. (ii) Business Day Convention: Following Business Day Convention, provided that no adjustment shall be made to any Interest Amount if a relevant Interest Payment Date would fall on a day that is not a Business Day. (iii) (iv) Additional Business Centre(s) (Condition 5(k)): Manner in which the Rate(s) of Interest is/are to be determined: TARGET Screen Rate Determination (see also item 17 (vii) below) (v) Interest Period Date(s): Each Specified Interest Payment Date (vi) (vii) Party Responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Calculation Agent): Screen Rate Determination (Condition 5(b)(iii)(B)): Applicable Relevant Time a.m. Brussels Time Interest Determination 2 TARGET Business Days prior to the first day of the -3-

10 Date Primary Source for Floating Rate: Reference Banks (if Primary Source is Reference Banks ): Relevant Financial Centre: relevant Interest Period Telerate Page 248 TARGET Benchmark: 12 Month EURIBOR Representative Amount: Effective Date: Specified Duration: 12 Month (viii) ISDA Determination (Condition 5(b)(iii)(A)): (ix) Margin(s): per cent. per annum (x) Minimum Rate of Interest: (xi) Maximum Rate of Interest: (xii) Day Count Fraction (Condition 5(k)): Actual/Actual - ISMA (xiii) Rate Multiplier: (xiv) 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: 18 Zero Coupon Note Provisions: 19 Index Linked Interest Note Provisions: Applicable for the period commencing on 24 October 2010 and ending on the Maturity Date unless the Issuer Conversion Option has been exercised (i) Index/Formula: The rate of interest in respect of each applicable Interest Period will be the rate per annum, as calculated by the Calculation Agent on the Interest Determination Date (as defined below) in accordance with the following formula: Where: 4 x (CMS10 - CMS2) CMS 10 means the EUR 10-year Constant Maturity Swap Rate and CMS 2 means the EUR 2-year Constant Maturity Swap Rate and represent the midmarket annual swap rate expressed as a percentage for EURIBOR interest swap rate transactions with a -4-

11 (ii) (iii) (iv) Calculation Agent responsible for calculating the interest due: Provisions for determining Coupon where calculation by reference to Index and/or Formula is impossible or impracticable: Specified Period(s)/Specified Interest Payment Dates: term equal to ten and two years respectively, which is specified as such on Reuters Page ISDAFIX2 at a.m. Frankfurt time on the day that is 2 TARGET Business Days prior to the first day of such Interest Period ( Interest Determination Date ) BNP Paribas If either CMS 10 or CMS 2 does not appear on Reuters Page ISDAFIX2 on the relevant Interest Determination Date, the index will be a percentage determined on the basis of the mid-market annual swap rate quotations provided by the Reference Banks at approximately a.m. Frankfurt time on the Interest Determination Date. The Calculation Agent will request the principal London office of each Reference Bank to provide a quotation and will take the arithmetic mean of the quotations eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest (or, in the event of equality, one of the lowest). If three or less than three quotations are provided, the arithmetic average will be calculated using all quotations available. For the purpose of these provisions, the mid-market annual swap rate means the arithmetic mean of the bid and offered rate quotations for the annual fixed leg, calculated on 30/360 day count basis, of a fixed-forfloating Euro denominated interest rate swap transaction with a designated maturity of two years or of ten years for CMS 2 and CMS 10, respectively, commencing on the first day of the next following Interest Period for a representative amount of EUR 75,000,000 with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an Actual/360 day count basis, is equivalent to EUR-EURIBOR-Telerate (as defined in the Annex to the 2000 ISDA Definitions published by the International Swap and Derivatives Association (June 2000 version)), with a designated maturity of six months. Reference Banks means five leading swap dealers in the interbank market as chosen by the Calculation Agent 24 October in each year from 24 October 2011 up to, and including, the Maturity Date. Interest Period means the period beginning on (and including) 24 October 2010 to (but excluding) 24 October 2011 and each successive period beginning on (and including) an Interest Payment Date to (but -5-

12 excluding) the next succeeding Interest Payment Date. (v) Business Day Convention: Following Business Day Convention, provided that no adjustment shall be made to any Interest Amount if a relevant Interest Payment Date would fall on a day that is not a Business Day. (vi) Additional Business Centre(s) (Condition 5(k)): TARGET (vii) Minimum Rate of Interest: 0.0 per cent. per annum (viii) Maximum Rate of Interest: 7.0 per cent. per annum (ix) Day Count Fraction (Condition 5(k)): Actual/Actual (ISMA) 20 Dual Currency Note Provisions: PROVISIONS RELATING TO REDEMPTION 21 Call Option (Condition 6(d)): 22 Put Option (Condition 6(e)): 23 Final Redemption Amount: Nominal amount plus an additional coupon amount payable (if applicable) on the Maturity Date and equal to the Additional Interest Amount as defined below. 24 Early Redemption Amount: Additional Interest Amount means an Additional Interest Amount per Specified Denomination payable on the Maturity Date equal to: Max(0,(Aggregate Interest Floor minus Aggregate Interest Amount)) Where: Aggregate Interest Floor means 60 per cent. x Specified Denomination. Aggregate Interest Amount means in respect of each Note in the Specified Denomination, the sum of all amounts of interest paid in respect thereof prior to and including the Maturity Date. (i) Early Redemption Amount(s) payable on an event of default (Condition 9) and/or the method of calculating the same (if required or if different from that set out in the Conditions): Nominal amount of each Note (ii) Unmatured Coupons to become void upon early redemption (Bearer Notes only) (Condition 7(e)): Yes GENERAL PROVISIONS APPLICABLE TO THE NOTES 25 Form of Notes: Bearer Notes -6-

13 (i) Temporary or permanent global Note/Certificate: Permanent Global Note exchangeable for Definitive Notes in the limited circumstances specified in the permanent Global Note (ii) Applicable TEFRA exemption: C Rules (iii) Interim Note required: No 26 Additional Financial Centre(s) (Condition 7(a)(iii)) or other special provisions relating to payment dates: 27 Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature): 28 Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Republic to forfeit the Notes and interest due on late payment: TARGET Following Business Day Convention No 29 Details relating to Instalment Notes: 30 Redenomination, renominalisation and reconventioning provisions: 31 Consolidation provisions: 32 Other terms or special conditions: The Issuer may, on giving the Noteholders 10 Business Days notice in accordance with Condition 15 irrevocably change the Interest Basis to Floating Rate as calculated in accordance with the Floating Rate Provisions above (the Issuer Conversion Option ). The Issuer Conversion Option may only be exercised by the Issuer prior to the Interest Determination Date in respect of the Interest Period commencing 24 October 2010 and prior to each Interest Determination Date in respect of each next succeeding Interest Period. DISTRIBUTION 33 (i) If syndicated, names of Managers: (ii) Stabilising Agent (if any): (iii) Dealer s Commission: 34 If non-syndicated, name of Dealer: Morgan Stanley & Co. International Limited 35 Additional selling restrictions: OPERATIONAL INFORMATION 36 ISIN Code: XS Common Code:

14 38 Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and the relevant identification number(s): Monte Titoli 39 Delivery: Delivery against payment 40 The Agents appointed in respect of the Notes are: The Fiscal Agent shall be Citibank, N.A. The Calculation Agent shall be BNP Paribas The Luxembourg Paying and Listing Agent shall be Banque Générale du Luxembourg S.A. GENERAL 41 Additional steps that may only be taken following approval by an Extraordinary Resolution in accordance with Condition 11(a): 42 The aggregate nominal amount of Notes issued has been translated into euro at the rate [ ], producing a sum of (for Notes not denominated in euro): LISTING APPLICATION This Pricing Supplement comprises the details required to list the issue of Notes described herein pursuant to the euro 30,000,000,000 Medium-Term Note Programme of The Republic of Austria. Signed on behalf of The Republic of Austria: By: Duly authorised -8-

15 STATUTORY AGENT OF THE REPUBLIC The Austrian Federal Financing Agency Seilerstätte 24 A-1015 Vienna FISCAL AGENT Citibank, N.A. P.O. Box Carmelite Street London EC4Y 0PA LUXEMBOURG PAYING AGENT Banque Générale du Luxembourg S.A. 50 Avenue J.F. Kennedy L-2951 Luxembourg LUXEMBOURG LISTING AGENT Banque Générale du Luxembourg S.A. 50 Avenue J.F. Kennedy L-2951 Luxembourg -9-