Commentary & Deal Flow

Launched: 5yr: €500m @ MS+19bp - Book > €2.6bn (incl. €280m JLM)
Book Update: Book in excess of €2bn (incl. €280m JLM)
Guidance: 5yr: MS+27a

• Issuer: Raiffeisen-Landesbank Steiermark AG (Ticker: RFLBST)
• LEI: 529900UNUKYZ9HND3309
• Expected Issue Rating: Aaa (Moody's)
• Issue Type: Mortgage Covered Bond (Hypothekenpfandbrief) / European Covered Bond (Premium)
• Governing Law: Austrian
• Format: Reg S Bearer
• Coupon: fixed, annual act/act ICMA, unadjusted
• Size: €500m
• Settlement: 27-Aug-26 (T+5)
• Maturity Date: 27-Aug-31 (soft bullet)
• Denominations/Listing: 100k + 100k / Regulated Market of the Vienna Stock Exchange
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPS key information document (KID) has been prepared
• Documentation: Under the Issuer’s base prospectus (Angebotsprogramm für Schuldverschreibungen), dated 5-May-26, as supplemented
• Joint Bookrunners: ABN AMRO, Erste Group, Helaba, LBBW and Raiffeisen Bank International (B&D)
• Co-Lead: CMTA AG
• ISIN: AT0000A3WQC0
• Fees: The banks will be paid a fee by the Issuer in relation to the transaction
• Advertisement: Thebase prospectus including any supplements is available at and the final terms, when published, …
• Timing: Books to go subject at 10:20 UKT / 11:20 CET. Pricing today's business.