Product Description
The Deposits aim to provide you with a return at maturity linked to the performance of an equally
weighted portfolio of the common shares of six (6) global pharmaceutical companies.
Note
On October 4, 2023, Novartis AG (SW: NOVN) (“NOVN”) completed its separation from Sandoz (SW: SDZ) (“SDZ”), resulting into two independent publicly traded companies. The spin-off was completed by the distribution of one share of SDZ’s common stock for every five shares of NOVN’s common stock held. This event triggered a Potential Adjustment Event in accordance with the terms and conditions of the Deposit Notes. As such, the Closing Level on the Issuance Date of the common shares of NOVN was adjusted as of the closing of the markets on October 4, 2023.
On June 2, 2021, Merck & Co., Inc. (NYSE: MRK) (Merck) completed the spin-off of Organon & Co. (NYSE: OGN) (Organon) by the special dividend distribution of one-tenth of a share of Organon common stock for every Merck common share, triggering a Potential Adjustment Event as per the terms and conditions of the Deposit Notes in respect of the common shares of Merck, a Reference Share in the Reference Portfolio of the Deposit Notes. As such, the Initial Value of the common shares of Merck was adjusted as of the closing of the markets on June 2, 2021.
On May 5, 2022, Sanofi (FP: SAN) completed the spin-off of Euroapi SA (FP: EAPI) (Euroapi) by the special distribution of one share of Euroapi for every 23 shares of Sanofi held. This event triggered a Potential Adjustment Event as per the terms and conditions of the Deposit Notes in respect of the common shares of Sanofi, a Reference Share in the Reference Portfolio of the Deposit Notes. As such, the Initial Value of the common shares of Sanofi was adjusted as of the closing of the markets on May 5, 2022.
On July 18, 2022, GSK PLC (LN: GSK) (“GSK”) separated its consumer healthcare business to form Haleon PLC (LN: HLN) (“Haleon”), an independent listed company. Following the spin-off, GSK completed the consolidation of its share capital, effective by the closing of the markets on the same day. These events triggered Potential Adjustment Events as per the terms and conditions of the Deposit Notes in respect of the common shares of GSK, a Reference Share in the Reference Portfolio of the Deposit Notes. As such, the Initial Value of the common shares of GSK was adjusted for the spin-off as of the opening of the markets on July 18, 2022, followed by an adjustment to reflect the consolidation at the closing of the markets on the same day.