Hengeler Mueller has comprehensively advised the Austrian BAWAG Group AG on the issuance of Additional Tier 1 capital instruments with a volume of EUR 500 million (ISIN XS2819840120). The securities bear a fixed coupon of 7.250% per annum, payable semi-annually, until 18 March 2030. The applicable rate of interest will be reset at five-year intervals starting on 18 March 2030 on the basis of the then prevailing 5-year Euro mid swap rate plus the initial credit spread. The issuance was combined with a public tender offer for outstanding Additional Tier 1 capital instruments of the issuer, which was accepted by 85% of the investors.
Hengeler Mueller team for BAWAG Group
Capital Markets: Alexander G. Rang (partner, lead), Konrad Schäfer (associate), Pascal Brandt (senior associate, all Frankfurt).
