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2022/04/20 / Erste Group Research

BAWAG Group AG

The BAWAG Group has a broad base of retail and corporate customers in Austria. Through several acquisitions, activities have been expanded to Germany as another core market in recent years. In addition, the Group is active in selected developed markets.

BAWAG Group was able to increase its pre-tax result in the financial year 2021 by 61.7% year-on-year to EUR 600.5mn. The main reason for the significant improvement in earnings is a strongly improved risk result. The core operating income could also be increased.

As the main issuer of senior secured and unsecured issues, BAWAG P.S.K. is rated 'A2' (stable) by Moody's. As an issuer of capital-relevant transactions, BAWAG Group has a Moody's rating for its Additional Tier 1 ('Ba1') and Senior Subordinate ('Baa2') issues.

BAWAG P.S.K. issues covered bonds that are collateralized either by public sector or by mortgage cover pools. Moody's assigns a rating of 'Aaa' to both types of covered bond programs.

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General information

AuthorErste Group Research
Date2022/04/20
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-
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