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Final terms

Categoria — Nozioni Generali
Final terms - one of the main documents published by the issuer at the stage of issuing a security in addition to the prospectus.
The final conditions, as a rule, are enough to understand the terms of the issue and make an investment decision. In the international bond market, this document contains information about: the issuer, SPV (if any), series number, tranche number under the securities issue program, currency, issue volume, issue date, start of coupon accrual, redemption, offer, bond rank, distribution method, placement participants, listing information and other essential conditions.

Most exchanges require the presence of final conditions in the list of public information available to the investor. In rare cases, the issuer may not release the final terms to the public.
The “final terms” group of documents also includes other documents, in particular:

1) Preliminary terms - characterized by the lack of certainty in some emission parameters. Hence the name "preliminary" (example: Yinson Holdings, 7.85% perp., USD).

2) Final terms summary - a short document with the most significant issue parameters (example: HKCG (Hong Kong and China Gas Company), 2.3% 17jun2026, HKD).

3) Final terms addendum - additions to the original final terms, or corrections to its original essential terms (example: Intesa Sanpaolo, 4% 7jun2024, USD (14)).

4) Tap issue final terms - final conditions for additional placement of the issue (example: Morgan Stanley B.V., 0% 23dec2020, GBP).

5) Deal summary - an unofficial document, essentially a presentation, a press release, which indicates the details of the transaction and the parameters of the issue (example: KazAgro, 3.255% 22may2019, EUR).

6) Tap issue deal summary – deal summary of additional placement (example: Belarus, 8.750% 3aug2015, USD).

7) Key information document (KID) - a document mainly issued for structural products. Contains the essential conditions of the product, risks, considers various scenarios for accruing, increasing, decreasing income on the product (example: Vontobel Financial Products, 18.3765% 10jan2022, USD).

8) Termsheet - a document describing a structural product (example: Raiffeisen Schweiz Genossenschaft, 0% 8jul2021, USD).

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