Spain: Migration of Basque Government bonds to Iberclear-CADE platform
Clearstream Banking1 would like to inform customers that any of the following Basque Government bonds settled since 1 September 2016 have been or will be settled through Iberclear-CADE platform (having previously been settled through SCL Bilbao):
ES0000106437 O.D.PUBLICA EUSKADI O-09
ES0000106445 O.D.PUBLICA EUSKADI D-09
ES0000106452 O.D.PUBLICA EUSKADI 6-10
ES0000106486 O.D.PUBLICA EUSKADI 7-10
ES0000106502 O.D.PUBLICA EUSKADI D-10
ES0000106510 O.D.PUBLICA EUSKADI 4-11
ES0000106528 O.D.PUBLICA EUSKADI 3-13
ES0000106536 B.D.PUBLICA EUSKADI 3-14
ES0000106544 B.D.PUBLICA EUSKADI 4-15
ES0000106551 B.D.PUBLICA EUSKADI 3-16
ES0201450022 O.DIP.FORAL ALAVA 12-08
Impact on customers
Due to the change of settlement platform, Norbolsa has been appointed as the new paying agent (taking over from Bolsa Bilbao in this respect) and the tax immediate refund and quick refund processes for the eligible securities listed above have been assimilated to the those of Private Fixed Income securities, namely:
- The certification requirements for tax immediate refund and tax reclaim remain the same and are the ones applicable to Corporate Bonds subject to RD1145, as detailed in the Clearstream Banking Market Taxation Guide - Spain;
- The deadline to certify for tax immediate refund is at the latest by 10:00 CET, one business day before the respective payment;
- The deadline to certify for tax quick refund is at the latest four business days before the 10th calendar day of the month following the month when the interest payment took place, by 10:00 CET; and
- The disclosure of Spanish beneficial owners will stop at the level of the first Spanish resident in the custody chain. Therefore, should the Clearstream Banking customer or their underlying customer or underlying intermediary be Spanish, the disclosure will stop at that intermediary level. Should the Clearstream Banking direct customer and all underlying intermediaries in the custody chain be non-Spanish residents, but the final beneficial owner be a Spanish resident, only this final Spanish beneficial owner will be disclosed.
Further information
The Market Taxation Guide – Spain will be updated accordingly in due course.
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.