Offer to purchase expropriated bonds of SNS

Quay Capital is looking to acquire expropriated subordinated bonds of SNS Bank and SNS REAAL at 19%

Description WKNOriginal ISINTechnical
Common Code
Technical ISIN
SNS Bank 6.625% 2008-18A0VY01 XS0363514893 089998352XS0899983521
SNS Bank 11.25% 2009-PerpA1AQE5 XS0468954523 089997798XS0899977986
SNS Bank 6.25% 2010-20A1A2YG XS0552743048 089998085XS0899980857
SNS Bank Float 2003-Perp 970371 XS0172565482 089997909XS0899979099
SNS Bank 4% Float 1999-19XS0899984925089998492XS0899984925
SNS REAAL 6.258% 2007-PerpA0NZVX XS0310904155 089997496XS0899974967
SNS REAAL 8.45% 2008-18A0VWTG XS0382843802  

Tender Offer

Quay Capital is offering to purchase any of the expropriated subordinated bonds issued by SNS Bank N.V. and SNS REAAL N.V. listed in the table above. The purchase price offered is 19% of the nominal amount. The offer is only open to holders in jurisdictions in which the making of voluntary third-party tender offers does not contradict applicable legislation.


On 1 February 2013, all subordinated bonds issued by SNS Bank N.V. and SNS REAAL N.V. have been expropriated for the benefit of the State of the Netherlands (per decree). Currently, a position in such a bond represents a claim against the Dutch State for compensation due to the expropriation. To this day, the Dutch State has only made a compensation offer (in a letter) of €0.- for each of the expropriated bonds, which is being contested in the Enterprise Chamber of the Court of Appeal of Amsterdam.


Following the expropriation, positions for all ISINs in Clearstream and for some ISINs in Euroclear have been moved to placeholders with the technical common codes listed in the table. These positions are strictly immovable in Clearstream and Euroclear. On the custodian level positions have been preserved with entries based either on the original ISIN/WKN, or on the technical common code/technical ISIN as listed above, or based on technical codes specific to the custodian bank, e.g.:

  • for original XS0468954523: EQTY16020676, QOXDBM044569, XF0000QAC6W8 / 0QAC6W and 0Z8425,
  • for original XS0552743048: QT0160138209, QS000212A0D3, QS0007902933, QOXDBM044593 and ZZ1001928662,
  • for original XS0363514893: XFCA00B63511 / 0B6351 and QOXDBM044635.

Timetable and Process

The tender offer will be open from 17 May until 31 May 2020, 18:00 CET. Expropriated holders of subordinated bonds that wish to sell their position should communicate their intention directly or via their broker or custodian to Quay Capital at or +31 30 237 8130. They will first be e-mailed an acceptance form and subsequently an assignment agreement.
Acceptance of tendered positions will be on a first-come, first-served basis. Quay Capital retains the right to accept or reject any offers and/or terminate the tender offer before 31 May 2020.


Tel +31 30 237 8130