Commentary & Deal Flow

Reoffer: 3yr: SOFR MS+50bp / 100 / 4.508%
Benchmark: 3yr: T 3 7/8 15-May-29 @ 99-08 / B+31.3bp

Final Books: Orderbooks >$2bn

Launched: 3yr: US$700m @ SOFR MS+50bp - Orderbooks >$2bn
Book Update: Orderbooks >$1.5bn
Guidance: 3yr: SOFR MS+55a

• Issuer: BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (Ticker: BAWAG)
• LEI: 529900ICA8XQYGIKR372
• Expected Issue Ratings: Aaa (Moody’s) expected
• EU Harmonisation Label: European Covered Bond (Premium)
• Format: Reg S, Mortgage Covered Bonds
• Currency / Size: US$700m
• Tenor: 3-year
• Trade Date: 20-May-26
• Settlement Date: 29-May-26 (T+7)
• Maturity Date: 29-May-29 (soft bullet)
• Re-Offer Spread: SOFR MS (S.A. 30/360) +50bps
• Reoffer Price: 100
• Reoffer Yield: 4.508% Annual
• Benchmark (Price/Yield): T 3 ⅞ 15-May-29 (99-08/4.145%)
• Re-offer Spread to Benchmark: +31.3 bps
• Coupon: 4.508% Annual, 30/360 Unadjusted
• Coupon on Extension: Compounded Daily SOFR (Index Determination) + spread, payable monthly in arrear
• Business Days: New York, T2
• Denomination: US$200,000 + 200,000
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: The Notes, as to form and content, and all rights and obligations of the Noteholders and the Issuer, shall be governed by German law and comply with the Austrian Covered Bond Act (Bundesgesetz über Pfandbriefe, Federal Law Gazette I No. 199/2021 as amended – the "PfandBG").
• ISIN / Common Code: XS3389663348/ 338966334
• Joint Bookrunners: BMO Capital Markets, Citi, RBC Capital Markets, TD Securities and UBS Investment Bank (B&D)
• Selling Restrictions: General, EEA, US (TEFRA D), UK, Hong Kong, Japan, Republic of Singapore; Canada; as further set out in the Base Prospectus.
• MIFID II Product Governance Target Market: No PRIIPs or UK PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Documentation: Under the Issuer’s existing Debt Issuance Programme with base prospectus dated 27-Mar-26 and the supplement to the base prospectus dated 21-Apr-26
• Advertisement: The Base Prospectus and the supplement are available at and the Final Terms, when published, will be available at https://www.luxse.com/programme/Programme-BAWAGPSK/13707 or at https://www.bawaggroup.com/en/investor-relations/funding-rating
• TOE: 15:53 UKT / 10:53 ET
• FTT: 16:20 UKT/ 11:20 ET