Commentary & Deal Flow

Kommunalkredit Austria AG (ticker: "KA"), rated BBB- by S&P, has mandated ABN AMRO and Morgan Stanley as Joint Lead Managers for a €150m PerpNC5.5 AT1 transaction. The notes are expected to be rated B+ by S&P.

An expected €150m PerpNC5.5 AT1 offering will follow in the near future, subject to market conditions.

• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as not available to retail in EEA or the United Kingdom.