A "Tap Issue" is a p the same Bond Prospectus, has the exact same Maturity and exact same coupon as the outstanding Bonds, and is fungible with them. The only adjustment is that the tap Bonds are placed at the current trading level. Resorting to a tap issue rather than to a new issue presents several advantages: (i) rapid execution, since no new Prospectus is needed; (ii) lower arrangement and legal costs; and (iii) increased liquidity of the existing Bonds.

(See Chapter 21 Other debt products of the Vernimmen)

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