Commentary & Deal Flow

Reoffer: 5yr: MS+7bp / 99.75 / 3.305%
Benchmark: 5yr: OBL 2.9 31 #194 @ 99.115 / B+21.8bp / HR 98%

Tranche 1 (5yr): Final books in excess of €3.5bn (incl. €300m JLM)

Launched: 5yr: €500m @ MS+7bp - Books in excess of €3.1bn (incl. €300m JLM)
Spread set at: 5yr: MS+7bp
Rev Guidance: 5yr: MS+9a - Books in excess of €2.7bn (incl. €300m JLM)
Guidance: 5yr: MS+11a

• Issuer: ASFINAG (Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft)
• Issue Rating: Aa1 (Neg) / AA+ (Sta) (Moody's / S&P)
• Guarantor: Unconditionally and irrevocably guaranteed by the Republic of Austria, governed by Austrian Law
• Format: Reg S, Bearer (TEFRA D)
• Size: €500m
• Maturity: 8-Sep-31
• Settlement: 8-Sep-26 (T+5)
• Coupon: 3.25% Fixed, Annual, Act/Act ICMA
• Spread: MS+7bp
• Reoffer: 99.75 / 3.305%
• DBR ref: +21.8bp vs. OBL 2.9 31 #194 (99.115 / HR: 98%)
• Governing Law: Austrian law. The Master guarantee of the Republic of Austria is governed by, and shall be construed in accordance with Austrian law.
• Denoms: €100k / 100k
• Target Market: Eligible counterparties and professional clients only (all channels for distribution), each as defined in MIFID II and UK MiFIR.
• Listing: Regulated Market of the Luxembourg Stock Exchange and Official List (Amtlicher Handel) of the Vienna Stock Exchange
• Documentation: Off the issuer’s € 12,000,000,000 Guaranteed Euro Medium Term Note Programme dated 21-Jul-26
• ISIN: XS3496782338
• Joint Leads: Danske Bank / MS (B&D) / SG / UniCredit
• Timing: Priced. TOE: 12:17 UKT / 13:17 CET | FTT immediately
• Availability of Documents: The Alleviated Base Prospectus dated 21-Jul-26 is available and the Final Terms, when published, will be available at: https://www.bourse.lu/issuer/AutoSchnellFin/53901