5 year Swap Rate means, in respect of any Reset Period, the mid-swap rate as displayed on Reuters screen “ICESWAP2” or, if such rate is not displayed on such screen as at the relevant time, the mid- swap rate as displayed on a successor page (in each case, the “Reset Screen Page”) as at 11:00 a.m. (Central European time) on the relevant Reset Interest Determination Date.In the event that the relevant 5 year Swap Rate does not appear on the Reset Screen Page on the relevant Reset Interest Determination Date, the 5 year Swap Rate will be the Reset Reference Bank Rate on such Reset Interest Determination Date. “Reset Reference Bank Rate” means the percentage rate determined by the Agent Bank on the basis of the 5 year Swap Rate Quotations provided by five leading swap dealers in the interbank market selected by the Issuer (the “Reset Reference Banks”) to the Agent Bank at approximately 11:00 a.m. (Central European time) on the relevant Reset Interest Determination Date. If (a) at least three quotations are provided, the 5 year Swap Rate will be determined by the Agent Bank on the basis of the arithmetic mean (or, if only three quotations are provided, the median) of the quotations provided, eliminating the highest quotation (or, in the event of equality one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest);(b) if only two quotations are provided, the Reset Reference Bank Rate will be the arithmetic mean of the quotations provided; (c) if only one quotation is provided, the Reset Reference Bank Rate will be the quotation provided; and (d) if no quotations are provided, and if the IFA (as defined below) is unable to determine an appropriate alternative rate, the Reset Reference Bank Rate for the relevant period will be equal to the last available 5 year mid-swap rate for euro swap transactions, expressed as an annual rate, on the Reset Screen Page.The “5 year Swap Rate Quotations” means, in relation to any Reset Period, the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on a 30/360 Day Count basis) of a fixed-for- floating euro interest rate swap which (i) has a term of five years commencing on the relevant Reset Date, (ii) is in an amount that is representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market, and (iii) has a floating leg based on the 6-month EURIBOR rate (calculated on the basis of the actual number of da...
5 year Swap Rate means the rate for a Reset Period determined by the Agent Bank on the Interest Determination Date for the relevant Reset Period and will be:
5 year Swap Rate means, in respect of any Reset Period, the 5-year mid-swap rate for euro swap transactions as displayed on Reuters screen “ICESWAP2/EURSFIXB” or, if such rate is not displayed on such screen as at the relevant time, the mid-swap rate as displayed on a successor page(in each case, the “Reset Screen Page”) as at 11:00 a.m. (Central European time) on the relevant Reset Interest Determination Date. Subject to the operation of Condition 4.4 (Benchmark Replacement), in the event that the relevant 5 year Swap Rate does not appear on the Reset Screen Page on the relevant Reset Interest Determination Date, the 5 year Swap Rate will be the Reset Reference Bank Rate on such Reset Interest Determination Date.
Examples of 5 year Swap Rate in a sentence
Reset Rate Determination Date means the second Business Day prior to the relevant Reset Date.Reset Reference Rate means the relevant 5- year Swap Rate for the relevant Reset Period, as determined by the Calculation Agent.(2) Determination and Notification of Reset Rate of Interest.
Potential investors should be aware that the performance of the 5 year Swap Rate cannot be anticipated.
Potential investors in the Additional Tier 1 Notes should bear in mind that neither the current nor the historical level of the 5 year Swap Rate is an indication of the future development of such 5 year Swap Rate.
For the Second Fixed Rate Interest Period, the Securities bear interest at the 5 year Swap Rate plus3.150 per cent.
Without prejudice to the obligations of the Issuer under Condition 4(d)(i), (ii), (iii), (iv), the EUR 5 year Swap Rate and the fallback provisions provided for in Condition 4(a)(ii) will continue to apply unless and until a Benchmark Event has occurred.
More Definitions of 5 year Swap Rate
5 year Swap Rate means, as of any date of determination, the average of the mid-market par swap rates for interest rate swaps with a maturity of five years offered by the Dealers.
5 year Swap Rate means (i) the annualised mid-swap rate with a termof five years as displayed on the Res et Screen Page as at approximately 11:00 a.m. (Frankfurt time) on the relevant Reset Interest Determination Date or,(ii) if the 5-year Swap Rate does not appear on such screen page at such time on the relevant Reset Interest Determination Date, the 5-year Swap Rate will be the Reset Reference Bank Rate on such Reset Interest Determination Date, unless a Benchmark Event has occurred, in which case the 5-year Swap Rate will be determined pursuant to and in accordance with Condition 4(i);the “5-year Swap Rate Quotations” means the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating euro interest rate swap which:
5 year Swap Rate means the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating Euro interest rate swap transaction which (a) has a term of 5 years commencing on the first day of the relevant Interest Period, (b) is in an amount that is representative of a single transaction, in the swap market with an acknowledged dealer of good credit in the swap market, and (c) has a floating leg based on the 6-month EURIBOR rate (calculated on an Actual/360 day count basis) and which appears on Reuters screen “ISDAFIX2” under the heading “EURIBOR BASIS” and above caption “11:00 AM Frankfurt time” (as such headings and captions may appear from time to time) as of 11:00 a.m. (Brussels time) (the “Screen Page”). In the event that the 5-year Swap Rate does not appear on the Screen Page on the relevant Determination Date, the 5-year Swap Rate will be the Reference Bank Rate on such Determination Date.
5 year Swap Rate means the applicable annual mid-swap rate for swap transactions in euro with a maturity of 5 years as displayed on Reuters screen “ICESWAP2” as at 11:00 a.m. (Central European time) (the “Reset Screen Page”) on the day falling two Business Days prior to the first day of the relevant Reset Period (the “Reset Interest Determination Date”).If the 5 year Swap Rate does not appear on the Reset Screen Page on the Reset Interest Determination Date, the 5 year Swap Rate will be the Reset Reference Bank Rate on such Reset Interest Determination Date unless a Benchmark Event (as defined below) has occurred, in which case the 5 year Swap Rate shall be determined pursuant to and in accordance with Condition 4(j).As used in this Condition:the “5 year Swap Rate Quotations” means, in respect of each Interest Period falling within a Reset Period, the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating euro interest rate swap which (i) has a term of 5 years commencing on the relevant Reset Interest Determination Date, (ii) is in an amount that is representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market, and (iii) has a floating leg based on the 6-month Euro Interbank Offered Rate (“EURIBOR”) rate (calculated on an Actual/360 day count basis);
5 year Swap Rate means the 5 year semi-annual mid-swap rate as displayed on Reuters screen “ISDAFIX1” (or any successor page) as at 11:00 a.m. (New York time), which we refer to as the “Reset Screen Page,” on the day falling two Business Days prior to the Reset Date, which we refer to as the “Reset Interest Determination Date.”
5 year Swap Rate means the semi-annual mid-swap rate for swap transactions in U.S. dollars with a maturity of 5 years as displayed on Reuters screen “ICESWAP1” as at 11:00 a.m. (New York City time) (the “Reset Screen Page”) on the day falling two U.S. Government Securities Business Days prior to the first day of the relevant Reset Period (the “Reset Interest Determination Date”).
5 year Swap Rate means, on a Reset Date: