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ERSTE Subordinated Step Up Bond 23-31


ISIN:
AT0000A327P7

Date: 2023/01/27 07:53:47
Bid Ask
- 100.00
Difference 0.00% (0.00)

General attributes

Type of bondErste Group subordinated bonds
Bond stylesubordinated
Issuer typefinancial institution
Country of issueAT
Current coupon3.750%
Coupon stylestep up
Coupon payment date2024/02/21
Coupon payment periodannually
Yield to maturity p.a. (before capital gains tax)-
Value date2023/02/21
Maturity2031/02/21
Repayment value100.00
CurrencyEUR
Minimum unit10,000

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Performance since inception. Performances under 12 month have only little informative value because of the short maturity. Information about previous performance does not guarantee future performance.
Source: Erste Group Bank AG
Advantages Risks you should be aware of
  • Step-up coupons from 3.75 % p.a. to 6.00 % p.a. 
  • Interest is paid annually.
  • During the term the bond can be traded during the trading hours on those stock exchanges where it is listed. Erste Group Bank AG is legally not obliged to set quotes.
  • Redemption is at 100 % of nominal amount at maturity by Erste Group Bank AG.
  • Redemption at 100 % of nominal amount also in case of extraordinary early repayment by Erste Group Bank AG due to legal or tax changes.
  • In the event of insolvency of Erste Group Bank AG the claims of the investors of this subordinated bond are settled only after satisfaction of those of all non-subordinated debt instruments.
  • Redemption at 100 % of nominal amount is only valid at maturity or in case of extraordinary early repayment by Erste Group Bank AG due to legal or taxes changes. Investors may incur capital loss when selling the bond prior to maturity.
  • Redemption at 100 % of nominal amount is only valid if there is no insolvency of Erste Group Bank AG or statutory loss sharing obligation according to BaSAG (Austrian law for restructuring and liquidation of banks). In these cases, further interest payments and the redemption can be limited or there is no interest payment or  redemption at all.
  • Change of market interest rates may lead to price fluctuations and capital loss in case of sale before maturity date.
  • Investors bear the issuer risk of Erste Group Bank AG, i.e. the risk of changes of the creditworthiness and the risk of insolvency.
  • This bond is not covered by any deposit guarantee scheme. Investors are exposed to the risk that Erste Group Bank AG may not be able to meet its obligations arising from the bond in the event of insolvency or over-indebtedness or from an official order (bail-in regime). A total loss of invested capital is possible.

Description

The ERSTE subordinated step up bond 23-31 has a term of 8 years and offers a coupon payment that steps up during the term from initially 3.75 % p.a. to 6.00 % p.a. The interest is paid annually on 21/02, starting with 21/02/2024. The bond is redeemed on 21/02/2031 at 100 % of nominal amount.
The denomination of this bond is EUR 10,000 and the minimum order size is EUR 50,000. Limitation in trading is possible.

 

Payment notes

This bond pays interest in US Dollar (USD) as follows:
 
21/02/2023 (incl.) – 21/02/2024 (excl.): 3.75 % p.a.
21/02/2024 (incl.) – 21/02/2025 (excl.): 4.00 % p.a.
21/02/2025 (incl.) – 21/02/2026 (excl.): 4.25 % p.a.
21/02/2026 (incl.) – 21/02/2027 (excl.): 4.50 % p.a.
21/02/2027 (incl.) – 21/02/2028 (excl.): 4.75 % p.a.
21/02/2028 (incl.) – 21/02/2029 (excl.): 5.25 % p.a.
21/02/2029 (incl.) – 21/02/2030 (excl.): 5.50 % p.a.
21/02/2030 (incl.) – 21/02/2031 (excl.): 6.00 % p.a.

Interest is paid annually.

Settlement

This bond is redeemed on 21/02/2031 at 100 % of nominal amount.

Secondary market

During the term it is possible to sell the product during the trading hours at the exchanges, where the product is listed.

Underlying


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