Leeds Building Society Amendments to Covered Bond Programme Documents (4906F)
16 Novembre 2020 - 6:05PM
UK Regulatory
TIDMLBS
RNS Number : 4906F
Leeds Building Society
16 November 2020
NOTICE
LEEDS BUILDING SOCIETY (the Issuer)
EUR500,000,000 0.50 per cent. Fixed Rate Series 10 Covered Bonds
due 2024, Common Code: 164066835 & ISIN: XS1640668353 (the
Series 10 Covered Bonds)
GBP600,000,000 Series 11 Floating Rate Covered Bonds due 2023,
Common Code: 1979287437 & ISIN: XS1979287437 (the Series 11
Covered Bonds)
GBP600,000,000 Series 12 Floating Rate Covered Bonds due April
2025, Common Code: 210067779 & ISIN: XS2100677793 (the Series
12 Covered Bonds)
issued by the Issuer under the EUR7 billion Global Covered Bond
Programme, unconditionally and irrevocably guaranteed as to
payments of interest and principal by Leeds Building Society
Covered Bonds Limited Liability Partnership
(the Programme)
16 November 2020
Notice is given by the Issuer to the holders of the Series 10
Covered Bonds, Series 11 Covered Bonds and Series 12 Covered Bonds
that the Issuer on 16 November 2020 (the Effective Date), following
the acquisition of the Halifax Index by Markit Economics Limited,
the Issuer changed the statistical indices it uses to calculate the
Indexed Valuation, and entered into the Amended and Restated Master
Definitions and Construction Schedule, to make the following
amendments:
(i) The following definitions have been amended:
"Halifax Index" means the index of increases or decreases in
house prices published by Lloyds Bank plc on behalf of Markit Group
Limited in relation to residential properties in the United
Kingdom;
"Halifax Price Indexed Valuation" means, in relation to any
Property at any date up to and including 30 September 2020, the
Latest Valuation of that property increased or decreased as
appropriate by the increase or decrease in the Halifax Index since
the date of that Latest Valuation;
"Indexed Valuation" means at any date in relation to any Loan
secured over any Property:
(a) where the Latest Valuation obtained by the Issuer of that
Property is equal to or greater than (i) up to and including 30
September 2020, the Halifax Price Indexed Valuation as at that
date, the Halifax Price Indexed Valuation and (ii) from and
including 1 October 2020, the UK House Price Indexed Valuation as
at that date, the UK House Price Indexed Valuation; or
(b) where the Latest Valuation obtained by the Issuer of that
Property is less than (i) up to and including 30 September 2020,
the Halifax Price Indexed Valuation as at that date, the Latest
Valuation plus 85 per cent. of the difference between the Latest
Valuation and the Halifax Price Indexed Valuation and (ii) from and
including 30 September 2020, the UK House Price Indexed Valuation,
the Latest Valuation plus 85 per cent. of the difference between
the Latest Valuation and the UK House Price Indexed Valuation;
(ii) The following definitions were added:
"Office for National Statistics" means the national statistical
institute which produces UK House Price Index in the United
Kingdom'
"UK House Price Index" means the index of increases or decreases
in house prices in relation to residential properties in the United
Kingdom, as published by the Office of National Statistics;
"UK House Price Indexed Valuation" means, in relation to any
Property at any date from and including 30 September 2020, (i)
where the Latest Valuation of the Property was made prior to 30
September 2020, the Halifax Price Indexed Valuation of such
Property as at 30 September 2020 increased or decreased as
appropriate by the increase or decrease in the UK House Price Index
since 30 September 2020; or (ii) where the Latest Valuation of the
Property was made on or following 1 October 2020, the Latest
Valuation of that Property increased or decreased as appropriate by
the increase or decrease in the UK House Price Index since the date
of that Latest Valuation;
These changes were effective on the Effective Date, and the
agreements can be found at the following link:
https://www.leedsbuildingsociety.co.uk/treasury/wholesale/covered-bonds/
Capitalised terms used but not defined in this Notice shall have
the meanings given to them in the Prospectus dated 12 December
2019.
For further information, please contact:
Mark Taylor
Head of Treasury Front Office
Leeds Building Society
105 Albion Street
Leeds LS1 5AS
Telephone: +44 (0)113 216 7415
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