Commentary & Deal Flow

Reoffer: 7yr: MS+27bp / 99.683 / 3.552%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.45 / B+37.5bp / HR 101%

7yr: Final book good at reoffer > €1.1bn (incl. €155m JLM). Peak book over €1.25bn (incl. €155m JLMs)

Launched: 7yr: €500m @ MS+27bp - Book > €1.25bn (incl. €155m JLMs)
Book Update: Book over €1bn (excl. JLM)
Guidance: 7yr: MS+33a

• Issuer: Hypo Vorarlberg Bank AG (Ticker: VORHYP)
• Legal Entity Identifier: NS54DT27LJMDYN1YFP35
• Issuer Ratings: A3 (Negative) by Moody's
• Expected Issue Ratings: Aaa (Moody's)
• Issue Type: Hypothekenpfandbriefe (Mortgage Pfandbriefe) / European Covered Bond (Premium)
• Size: EUR 500,000,000
• Form: Reg S Bearer
• Tenor: 7-year
• Reoffer: MS+27bps | 3.552% | 99.683%
• Benchmark: DBR 2.6 15-Aug-33 +37.5bps @96.45, HR 101%
• Pricing Date: 1-Sep-26
• Settlement Date: 8-Sep-26 (T+5)
• Maturity Date: 8-Sep-33
• Maturity Type: Soft Bullet
• Extended Maturity Date: 8-Sep-34
• Coupon: 3.500% Fixed, annual, Act/Act ICMA, unadjusted following
• Rate of Interest and Coupon Dates for the Extended Period: 3-months EURIBOR +27bps per annum from the Maturity Date (including) to the Extended Maturity Date (excluding), payable quarterly in arrear on 8-Dec-33, 8-Mar-34, 8-Jun-34 and 8-Sep-34 with the first interest payable on 8-Dec-33
• Interest Payment Dates: 8 September of every year, commencing on 8-Sep-27
• Events of Default: Applicable as per Condition 9(b) of the Terms and Conditions
• Clearing System: OeKB / Euroclear / Clearstream
• Global Note: Digital Global Note
• Denomination: EUR 100,000 x EUR 100,000
• Governing Law: Austrian Law
• Eurosystem Eligibility: Intended
• Selling Restrictions: General, U.S. (Reg S, Non-TEFRA), EEA and UK, as further set out in the Prospectus dated 15-Jul-26
• Documentation: Hypo Vorarlberg Bank AG’s EUR 8bn Debt Issuance Programme (dated 15-Jul-26). The Prospectus incl any supplements are available and the Final Terms of the Notes, once published, will be available on the website of the Issuer: https://www.hypovbg.at/investor-relations/emissionsprospekte
• ISIN / WKN: AT0000A3X0F3
• Target Market/PRIIPs: Manufacturer Target Market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") has been prepared as not available to retail in EEA and UK.
• Joint Lead Managers: ABN AMRO, DekaBank, DZ BANK, Erste Group, Raiffeisen Bank International, UniCredit
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Priced: TOE: 14:51 CET | FTT: 15:10 CET