5.50% sustainability-linked hybrid bond 2021.
Key data
| Issuer | UBM Development AG |
| Rank | Direct, unsecured and subordinated, junior to senior obligations and any other subordinated obligations expressed to rank senior to the Notes, pari passu with any obligations expressed to rank equal to the Notes (including UBM’s existing hybrids) and senior to all classes of share capital |
| Rating | Not rated |
| Pricing Date | 11 June 2021 |
| Settlement date | 18 June 2021 |
| Call Schedule | Par calls in the 90 day period ending on (and including) 18 June 2026 (the ‘First Call Date’) and every interest payment date thereafter |
| Issue size | EUR 100 million |
| Maturity Date | Perpetual |
| Annual Re-Offer Yield to First Reset | 5.50% |
| Re-offer price | 100.00% |
| Coupon | 5.50%, payable annually in arrears, reset on the First Reset Date and every 5 years thereafter, to the 5-year Euro Mid-Swap rate + initial credit spread + 500bps step-up |
| Initial Credit Spread | 580.5bps |
| Sustainability Link | For every year that the Issuer’s ESG ratings are (i) below C+ by ISS and Gold by EcoVadis (if initial rating assigned) or (ii) withdrawn and not replaced, a 15 bps premium is added to the redemption amount |
| Governing law | Austrian |
| Listing | Vienna Stock Exchange, Austria |
| Denominations | EUR 100k + EUR 100k |
| Target Market | Manufacturer target market (MIFID II / UK MIFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. |