Commentary & Deal Flow

Short 5yr: Final books at reoffer above €2.2bn (incl. €55m JLM)

Launched: Short 5yr: €250m @ MS+38bp - Books above €1.5bn (incl. €55m JLM) pre-rec
Book Update: Books above €1bn (incl. €55m JLM)
Guidance: Short 5yr: MS+48a

• Issuer: Sparkasse - Cassa di Risparmio di Bolzano S.p.A.
• Ticker: CASBOL
• Issuer LEI: 8156003A4FB445454553
• Guarantor: SPK OBG S.r.l.
• Issue Type: Mortgage Covered Bond (Obbligazioni Bancarie Garantite Europee), European Covered Bond label (Premium), backed by 100% Italian residential mortgages
• Format: Reg S, Bearer and dematerialised
• Eligibility: ECB Eligible, LCR Level 2A, beneficial treatment under CRR Art.129 & Solvency II & ECBC Covered Bond Label Compliant
• Expected Issue Rating: AA+ (Fitch)
• Issue Size: €250m
• Settlement Date: 8-Sep-26 (T+5)
• Maturity Date: 31-Jul-31, soft bullet with 12 months extension
• Extended Maturity: 31-Jul-32
• Coupon: [●]% per annum payable annually in arrear, Act/Act (ICMA), following, unadjusted
• First Coupon Payment Date: 31-Jul-27 (short first coupon)
• Use of Proceeds: General Corporate purposes
• ISIN: IT0005730160
• Listing: Luxembourg Stock Exchange’s Regulated Market
• Denominations: €100,000 + integral multiples of €1,000
• Governing Law: Italian Law
• Documentation: Issued off Cassa di Risparmio di Bolzano S.p.A. €3bn Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by SPK OBG S.r.l. and under the Base Prospectus dated 3-Jul-26 as supplemented on 21-Aug-26
• MIFID II 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 as not available to retail in the EEA
• Joint Bookrunners: Erste Group, Raiffeisen Bank International, UniCredit (B&D)
• Timing: Books to close 11:45 CET, Allocation & pricing later today
• Advertisement: The Base Prospectus, any Supplements are, and the Final Terms will be, available at: CassaRisBolzano - Max. EUR 3,000,000,000.- Covered Bond (Obbligazioni Bancarie Garantite) Programme 2026 (New Programme) | LuxSE
• Investor Presentation: https://dealroadshow.finsight.com/e/CASSADIRISPARMIO2026
• Benchmark: DBR 0 15-Feb-31 / HR 116%
• Hedge Deadline: 13.10 CET