Commentary & Deal Flow

Final books at re-offer above €200m (incl. €25m JLM interest). Peak book around €300m (including JLM interest)

Launched: PerpNC5.5: €150m @ 9% - Books around €300m (including JLM interest)

IPTs: PerpNC5.5: 9.25%

• Issuer: Kommunalkredit Austria AG
• Expected Ratings: B+ (S&P)
• Format: Reg S, Junior subordinated note, AT1
• Size: €150m
• Ranking: Additional Tier 1
• Type: Variable
• Bookrunners: ABN Amro, MS (B&D)
• Maturity: Perpetual
• Optional Redemption Date: The Issuer may redeem the Notes (in whole but not in part) at the Redemption Amount together with accrued distributions, if any, on:
  • each Business Day during the period from and including 15-Nov-31 to but excluding the First Reset Date; and
  • the First Reset Date; and
  • each Distribution Payment Date following the First Reset Date, subject to not less than [15] nor more than [45] Business Days' prior notice to the Holders
• Coupon: 9%, semi-annual, long first
• Price: Will price at par
• Call Features: Tax changes call, regulatory / capital disqualification call
• UOP: Refinancing of the outstanding €62.8m 2021 AT1 notes, for which Article 78 permission has been received, and general corporate purposes including strengthening the Tier 1 capital base
• Settlement: 22-Oct-26
• Denominations: 200k x 200k
• ISIN: AT0000A3XKU3
• Target Market: Eligible counterparties and professional clients (all distribution channels)