Comments: CHF175m Green 25yr cpn 1.095% at 100, yld 1.095%. Spread: SARON MS+30;
Deal Comments
Green Bond
Reoffer: 25yr: MS+30bp / 100 / 1.095%
Launched: 25yr: CHF 175m @ MS+30bp
Spread set at: 25yr: MS+30bp (new min size CHF 160m)
Update: New min size CHF 150m
Guidance: min. size CHF 100m 25yr: SARON MS+30bp area // YTM 1.1025% area // Govt+66.9bp area
Issuer: Republic of Austria
Ticker: AUST
Issuer Domicile: Austria
Domestic / Foreign: Foreign
Format: Public Fixed-Rate Green Notes
Ranking: Senior Unsecured
Issuer Rating: Aa1 (neg.)/AA+ (st.)/AA (st.)/AAA (neg.)/AA+ (neg.) (Moody's/S&P/Fitch/DBRS/Scope)
Instrument Rating (exp): AA+ (S&P)
Issue Size: CHF 175m
Coupon: 1.095% p.a. (30/360, following unadj.)
Maturity: 25 years (17-Mar-26 to 17-Mar-51)
Spread/Yield: SARON MS+30bp // YTM 1.095% // Govt+66.8bp
Issue Price: 100%
ISIN / Valor: CH1538712303 / 153.871.230
Lead Manager: Deutsche Bank
SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
Documentation: Under The Republic of Austria's Euro 30,000,000,000 Medium Term Note Programme dated 21 December 2022, as supplemented
FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
Governing Law: Austrian law
Covenants: Pari Passu
SIX Listing: 13-Mar-26
Use of Proceeds: An amount equivalent to the net proceeds of the issue is intended to be used to finance and/or to refinance, in whole or in part, eligible green projects in accordance with and as set out in the Republic of Austria's Green Bond Framework (the "Green Bond Framework").
Framework: The Green Bond Framework has been disclosed on the website of the Österreichische Bundesfinanzierungsagentur at https://www.oebfa.at/en/financing-instruments/green-securities/green-framework.html (as amended, supplemented, restated or otherwise updated on such website from time to time) and is intended to align with the Green Bond Principles as published by ICMA.
Denomination: CHF 5,000 and multiples thereof
Selling Restrictions: In accordance with selling restrictions of the issuer's EMTN Programme (in particular, USA and US persons, EEA, United Kingdom and Japan).
Target Market: As defined by the manufacturer domiciled in the EEA (MIFID II): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.
Use of Proceeds
An amount equivalent to the net proceeds of the issue is intended to be used to finance and/or to refinance, in whole or in part, eligible green projects in accordance with and as set out in the Republic of Austria's Green Bond Framework (the "Green Bond Framework").