Commentary & Deal Flow

Reoffer: 5NC4: MS+85bp / 99.849 / 4.292%
Benchmark: 5NC4: OBL 2.2 10/30 #192 @ 96.11 / B+105.1bp / HR: 99%

Tranche 1 (5NC4): Final Books above €1.6bn. Peak book above €2.1bn excl. JLM

Launched: 5NC4: €500m @ MS+85bp - Books above €2.1bn excl. JLM
Book Update: Books above €1bn (excl. JLM)
IPTs: 5NC4: MS+115a

• Issuer: BAWAG Group AG
• Issuer LEI: 529900S9YO2JHTIIDG38
• Issuer Ratings: A3(Positive) by Moody's
• Expected Issue Ratings: A3 by Moody's
• Status: Green, senior unsecured and unsubordinated in eligible liabilities instruments format
• Format: Reg S Bearer Notes, NGN
• Issue Size: €500mn
• Tenor: 5NC4
• Re-Offer: 99.849% / 4.292% yield / MS + 85bps
• Benchmark Spread: OBL 2.2 10/30 #192 + 105.1bps / PX BID: 96.110% / 3.241% / HR: 99%
• Trade Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 29-Sep-31
• Optional Redemption Date: 29-Sep-30
• Coupon: 4.250% p.a. from (and including) the Settlement Date to (but excluding) the Optional Redemption Date and thereafter at the rate 3-month Euribor + 85bps (“Margin”) quarterly from (and including) the Optional Redemption Date to (but excluding) the Maturity Date
• Fixed Coupon Payment Dates: 29 September in each year up to and including the Optional Redemption Date, commencing on 29-Sep-27
• Floating Coupon Payment Dates: 29 December, 29 March, 29 June and the Maturity Date, commencing on 29-Dec-30
• Business Days: T2
• Day Count Fraction: Actual/Actual (ICMA) until the Optional Redemption Date; and thereafter Actual/360
• Early Redemption at the Option of the Issuer: In whole or in part, on the Optional Redemption Date, at their principal amount together with accrued interest.
• Early Redemption due to a MREL Disqualification Event: The Issuer may, at the option of the Issuer, upon not more than 60 days' nor less than 30 days' prior notice, redeem the Notes, in whole but not in part, at their principal amount, together with interest (if any) accrued to the date fixed for redemption.
• No Set-off / Netting; No Security / No Guarantee: No Noteholder has at any time a right to set-off his claims under the Notes against any claim the Issuer has or may have against such Noteholder. Neither the Issuer nor any third party may secure the rights under the Notes by providing any form of guarantee or security in favour of the Noteholders. No such guarantee or security may be provided at any later time. No subsequent agreement may limit the subordination pursuant to the terms and conditions or amend the Maturity Date in respect of the Notes to any earlier date or shorten any applicable notice period (Kündigungsfrist).
• Documentation: Issued under the Issuer’s Debt Issuance Programme dated 27-Mar-26 (the “Base Prospectus”) and as supplemented on 21-Apr-26 and 15-Sep-26
• Use of Proceeds: An amount equal to the net proceeds of the bond will be used to finance or refinance, in whole or in part, eligible green projects meeting the eligibility green criteria of the Issuer, in accordance with the issuer’s Sustainable Finance Framework, dated Aug-25.
• Listing: Luxembourg Stock Exchange
• Clearing: Euroclear/Clearstream, Luxembourg
• Governing Law: German law except for conditions relating to the status which will be governed by Austrian law
• Selling Restrictions: Reg S, TEFRA D as set forth in the Base Prospectus
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs Key Information Document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms when published will be, available at: https://www.luxse.com/programme/Programme-BAWAGPSK/13707
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the Notes
• Global Coordinator: Citi
• Joint Bookrunners: Barclays (B&D), BofA Securities, Citi, Erste Group, UBS Investment Bank
• Denominations: €100k + 100k
• ISIN: XS3517373109
• Timing: Priced - TOE 15.27 CET / 14.27 UKT - FTT 15:50 CET / 14:50 UKT