16 Nov 2020 17:05
NOTICE
LEEDS BUILDING SOCIETY (the Issuer)
€500,000,000 0.50 per cent. Fixed Rate Series 10 Covered Bonds due 2024, Common Code: 164066835 & ISIN: XS1640668353 (the Series 10 Covered Bonds)
£600,000,000 Series 11 Floating Rate Covered Bonds due 2023, Common Code: 1979287437 & ISIN: XS1979287437 (the Series 11 Covered Bonds)
£600,000,000 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 €7 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
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the relevant Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
Your right to access this service is conditional upon complying with the above requirement.