Product Overview

Mortgage Covered Bonds constitute direct, unconditional and unsubordinated obligations of the Issuer.

Mortgage Covered Bonds are secured by a separated pool of cover assets comprising, among certain other eligible items, first ranking mortgages over Austrian real estate and over certain real estate located in other Member States of the European Economic Area and Switzerland. The cover assets for Mortgage Covered Bonds are listed in the mortgage register (Hypothekenregister) which is kept by the Issuer pursuant to the Austrian Act on Mortgage Banks (Hypothekenbankgesetz).

Mortgage Covered Bonds are eligible investments for minors (Mündelgeld) pursuant to section 230b No 3 of the Austrian General Civil Code.

Public Sector Covered Bonds constitute direct, unconditional and unsubordinated obligations of the Issuer.

Public Sector Covered Bonds are secured by a separated pool of cover assets comprising, among certain other eligible items, loan claims against, or debt securities issued or guaranteed by, Austrian government entities or other Member States of the European Economic Area or Switzerland or their regional governments and government entities, or by claims benefiting from a guarantee granted by one of these government entities. The cover assets for Public Sector Covered Bonds are listed in the relevant register which is kept by the Issuer pursuant to the Austrian Act on Mortgage Banks (Hypothekenbankgesetz).

Public Sector Covered Bonds are eligible investments for minors (Mündelgeld) pursuant to section 230b No 3 of the Austrian General Civil Code.

The Senior Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer. Senior Notes constitute one of the main sources of finance for credit institutes.

The Subordinated Notes constitute direct, unconditional and unsecured obligations of the Issuer. In the event of the liquidation or bankruptcy of the Issuer, the payment obligations of the Issuer under the Subordinated Notes will rank in right of payment after unsubordinated creditors of the Issuer and in priority to the claims of shareholders of the Issuer. Because of higher risk Subordinated Notes provide higher interest rates compared with senior Notes.

Subordinated Notes may be issued in the form of supplementary capital or subordinated supplementary capital, subordinated capital or short-term subordinated capital. The special features of Subordinated Notes are specified below:

(Subordinated Notes constituting (Subordinated) Supplementary Capital will have a minimum maturity of eight years.

The Issuer may redeem the Notes prior to the expiry of a remaining maturity time of three years, provided that this was contractually agreed upon and the Issuer has, prior to giving notice, an equal amount of capital available of a quality at least equal to equity capital.

Interest on Subordinated Notes constituting (Subordinated) Supplementary Capital is only payable if the payment of such interest is covered by the annual surplus of the Issuer prior to any changes in the reserves of the Issuer (for the financial year ended immediately prior to the date of such payment of interest).

Prior to the liquidation of the Issuer, Subordinated Notes constituting (Subordinated) Supplementary Capital may only be redeemed subject to the pro rata deduction from the principal outstanding on such Subordinated Notes of the net losses of the Issuer which have accrued since the issue date of such Subordinated Notes.

Subordinated Notes constituting Subordinated Capital have a minimum maturity of five years.

In case of undated Subordinated Notes constituting Subordinated Capital or where the Issuer or the Noteholders are granted a redemption right, a redemption shall only be permissible after the expiry of a notice period of five years. The Issuer may further redeem Subordinated Notes constituting Subordinated Capital after the expiry of five years without notice period if it has, prior to such notice, an equal amount of capital available of a quality at least equal to equity capital.

Subordinated Notes constituting Short-term Subordinated Capital will have a minimum maturity of two years.

In case of undated Subordinated Notes constituting Short-term Subordinated Capital or where the Issuer or the Noteholders are granted a redemption right, a redemption shall only be permissible after the expiry of a notice period of two years. The Issuer may further redeem Subordinated Notes constituting Short-term Subordinated Capital after the expiry of two years without notice period if it has, prior to such notice, an equal amount of capital available of a quality at least equal to equity capital.

last update 18.06.2019

Type Fix or floating ISIN Maturity date Maturity Volume in EUR mn Coupon
Senior Non-Pref. FIX XS2000538343 22.05.2026 7 500 0.875%
Senior Preferred FIX XS1982725159 16.04.2024 5 500 0.375%
Mortgage cov. bond FIX XS1288539874 09.09.2020 5 500 0.375%
Mortgage cov. bond FIX XS0580561545 20.01.2021 10 1,000 4.00%
Mortgage cov. bond FIX XS0743547183 08.02.2022 10 1,000 3.50%
Mortgage cov. bond FIX XS1346557637 19.01.2023 7 750 0.625%
Mortgage cov. bond FIX XS1845161790 26.06.2024 6 750 0.25%
Mortgage cov. bond FIX XS1181448561 05.02.2025 10 500 0.75%
Mortgage cov. bond FIX XS1807495608 17.04.2026 8 750 0.625%
Mortgage cov. bond FIX XS1550203183 18.01.2027 10 750 0.625%
Mortgage cov. bond FIX XS1750974658 17.01.2028 10 1,000 0.75%
Mortgage cov. bond FIX AT000A286W1 15.05.2034 15 500 0.875%
Type Fix or floating ISIN First Call Maturity Volume in EUR mn Coupon
T2 FIX XS0840062979 - 10 500 7.125%
T2 FIX to FRN XS1143333109 26.05.2020 10.5NC5.5 US$ 500 5.5% /
5y USD
MS+376.6bp
AT 1 FIX XS1425367494 15.10.2021 perpNC5 500 8.875%
AT 1 FIX XS1597324950 15.04.2024 perpNC7 500 6.5%
AT 1 FIX XS1961057780 15.10.2025 perpNC6.5 500 5.125%

In December 2013 Erste Group Bank AG securitized a part of the auto lease portfolio of EBV Leasing GmbH, a subsidiary of EGB. Edelweiss 2013-1 was the first ABS transaction for EGB since Edelweiss I in 2003 with a portfolio size of EUR 266.9 mn and structured in 4 tranches with ratings from AAA to BB+.