First Supplement dated [•] October 2012

First Supplement dated [•] October 2012

Second Supplement dated 22 November 2016
to the Debt Issuance Programme Prospectus dated 4 May 2016
This document constitutes a supplement (the "Second Supplement") for the purposes of Article 13 of the
Loi relative aux prospectus pour valeurs mobilières (the "Luxembourg Law") which implements Directive
2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the
"Prospectus Directive"), into Luxembourg law to the Debt Issuance Programme Prospectus dated 4 May
2016 as supplemented by the First Supplement dated 26 September 2016 (the "Debt Issuance
Programme Prospectus" or the "Prospectus").
This Second Supplement is supplemental to and must be read in conjunction with the Prospectus (the
Prospectus together with the First Supplement dated 26 September 2016 (the "First Supplement") and
this Second Supplement, the "Supplemented Prospectus"). Therefore, with respect to future issues of
Notes under the Programme of BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische
Postsparkasse Aktiengesellschaft, references in the Final Terms to the Prospectus are to be read as
references to the Supplemented Prospectus as supplemented by the First Supplement and this Second
Supplement.
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und
Österreichische Postsparkasse Aktiengesellschaft
Vienna, Republic of Austria
(as Issuer)
EUR 10,000,000,000
Debt Issuance Programme
(the "Programme")
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft
("BAWAG P.S.K" or the "Issuer") has requested the Commission de Surveillance du Secteur Financier
(the "CSSF") of the Grand Duchy of Luxembourg ("Luxembourg") in its capacity as competent authority
under the Luxembourg Law, to provide the competent authorities in the Republic of Austria ("Austria"),
the Federal Republic of Germany ("Germany"), the United Kingdom and The Netherlands with a
certificate of approval attesting that the Second Supplement has been drawn up in accordance with the
Luxembourg Law (each a "Notification"). The Issuer may request the CSSF to provide competent
authorities in additional host Member States within the European Economic Area with such a Notification.
This Second Supplement has been approved by the CSSF and has been filed with said authority. The
Second Supplement and the documents incorporated by reference will be published in electronic form on
the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of the Issuer
(www.bawagpsk.com, subpage https://www.bawagpsk.com/FundingPrograms).
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RIGHT TO WITHDRAW
In accordance with Article 13 paragraph 2 of the Luxembourg Law, where the Supplemented
Prospectus relates to an offer of Notes to the public, investors who have already agreed to
purchase or subscribe for Notes before this Second Supplement is published have the right,
exercisable within a time limit of two working days after the publication of this Second
Supplement, i.e. until 24 November 2016, to withdraw their acceptances provided that the new
factor, mistake or inaccuracy referred to in Article 13 paragraph 1 of the Luxembourg Law arose
before the final closing of the offer to the public and the delivery of the Notes.
RESPONSIBILITY STATEMENT
BAWAG P.S.K., with its registered office in Vienna, Republic of Austria is solely responsible for the
information given in this Second Supplement. The Issuer hereby declares that, having taken all
reasonable care to ensure that such is the case, the information contained in this Second Supplement
is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its
import.
NOTICE
Terms defined or otherwise attributed meanings in the Prospectus have the same meaning in this Second
Supplement.
This Second Supplement shall only be distributed in connection with the Prospectus.
The Issuer confirms that the Supplemented Prospectus contains all information with regard to the Issuer
and any Notes which is material in the context of the Programme and the issue and offering of Notes
thereunder, that the information contained therein is accurate in all material respects and is not
misleading, that the opinions and intentions expressed therein are honestly held, that there are no other
facts, the omission of which would make the Supplemented Prospectus as a whole or any of such
information or the expression of any such opinions or intentions misleading in any material respect, and
that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all
statements contained therein.
No person has been authorized to give any information which is not contained in, or not consistent with,
the Supplemented Prospectus or any other information supplied in connection with the Programme and, if
given or made, such information must not be relied upon as having been authorized by or on behalf of the
Issuer, the Dealers or any of them.
Neither the Arranger nor any Dealer nor any other person mentioned in the Supplemented Prospectus,
excluding the Issuer, is responsible for the information contained in the Supplemented Prospectus, its
First Supplement, its Second Supplement or any other document incorporated therein by reference and,
accordingly, none of these persons accepts any responsibility for the accuracy and completeness of the
information contained in any of these documents.
Save as disclosed herein and in the Supplemented Prospectus, there has been no other significant new
factor, material mistake or material inaccuracy relating to the information included in the Supplemented
Prospectus since its publication.
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Fitch has published a rating of the Issuer for the first time on 7 November 2016. To reflect the new
ratings, the Prospectus shall be amended as follows:
1.
The following text shall be added at the end of item B.17 in the Summary on page 11 of the
Prospectus:
"B.17
Credit ratings assigned
to the Issuer
The Issuer is rated by Moody's Deutschland GmbH ("Moody's")
2
and Fitch Ratings Ltd. ("Fitch") .
1
As of 12 April 2016 the ratings by Moody’s were as follows:
Category
Rating
Outlook
Positive
Baseline Credit Assessment
baa2
Issuer Rating
A3
Senior Unsecured
A3
Senior Subordinate - Dom Curr
Baa3
ST Issuer Rating
P-2
As of 7 November 2016 the ratings by Fitch were as follows:
Category
Rating
Long-term Issuer Default
Rating
AOutlook
Stable
Short-term Issuer Default Rating
F1
Viability Rating
a[Standard & Poor's] [,] [and] [Moody's] [and] [●] [[is] [are] expected
to assign] [[has] [have] assigned] the following rating[s] to the
Notes: ●.][The Notes are not rated.]
1
Moody's Investors Service, Inc. is a credit rating agency based in the United States with establishments in the European
Union. Moody's Deutschland GmbH ("Moody's"), as an establishment of Moody's Investors Service, Inc., has been registered
(pursuant to the list of registered and certified credit rating agencies published on the website of the European Securities and
Markets Authority (www.esma.europa.eu)) pursuant to Regulation (EC) No. 1060/2009 dated 16 September 2009 with the
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany. Moody's has also been
recognised as an eligible external credit assessment institution by the Financial Market Supervisory Authority
(Finanzmarktaufsicht) in Austria.
2
Fitch Ratings Ltd. ("Fitch") is a credit rating agency based in the United States with establishments in the European Union
and is included as a registered and certified rating agency in the list of registered and certified credit rating agencies published
on the website of the European Securities and Markets Authority (www.esma.europa.eu) in accordance with the Regulation
(EC) No. 1060/2009 dated 16 September 2009. Fitch has also been recognised as an eligible external credit assessment
institution by the Financial Market Supervisory Authority (Finanzmarktaufsicht) in Austria.
2.
The following text shall replace item B.17 in the German language translation of the
Summary on page 31 of the Prospectus:
"B.17
Kreditratings der
Emittentin
Die Emittentin wird von Moody's Deutschland GmbH
1
2
("Moody's") und Fitch Ratings Ltd. ("Fitch") geratet.
Am 12. April 2016 wurde die Emittentin von Moody's wie folgt
geratet:
Kategorie
Rating
Ratingausblick
Positiv
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Basiskreditrisikoeinschätzung (Baseline
Credit Assessment)
Emittentenrating
Unbesicherte Finanzinstrumente
Nachrangige Finanzinstrumente Landeswährung
Kurzfristiges Emittentenrating
baa2
A3
A3
Baa3
P-2
[Standard & Poor's] [,] [und] [Moody's] [und] [●] [[wird] [werden]
voraussichtlich] [[hat] [haben]] den Schuldverschreibungen
folgende[s] Rating[s] erteilt: ●.] [Die Schuldverschreibungen
verfügen nicht über ein Rating.]
Am 7. November 2016 wurde die Emittentin von Fitch wie folgt
geratet:
Kategorie
Rating
Long-term Issuer Default
Rating
ARatingausblick
Stabil
Short-term Issuer Default Rating
F1
Viability Rating
a-
1
Moody's Investors Service, Inc. ist eine Ratingagentur mit Sitz in den USA und Niederlassungen in der Europäischen
Union. Die Ratingagentur Moody's Deutschland GmbH ("Moody's") ist eine Niederlassung von Moody's Investors
Service, Inc. und ist (gemäß der Liste für registrierte und zertifizierte Ratingagenturen, veröffentlicht auf der Website der
European Securities and Markets Authority (www.esma.europa.eu)) gemäß der Verordnung (EG) Nr. 1060/2009 vom
16. September 2009 über Ratingagenturen bei der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in
Deutschland registriert. Zusätzlich ist Moody's als externe Ratingagentur in Österreich von der Österreichischen
Finanzmarktaufsicht (FMA) anerkannt.
2
Fitch Rating Ltd. ("Fitch") ist eine Ratingagentur mit Sitz in den USA und Niederlassungen in der Europäischen Union
und gehört zu den registrierten und zertifizierten Ratingagenturen in der der Liste für registrierte und zertifizierte
Ratingagenturen, veröffentlicht auf der Website der European Securities and Markets Authority (www.esma.europa.eu)
gemäß der Verordnung (EG) Nr. 1060/2009 vom 16. September 2009. Zusätzlich ist Fitch als externe Ratingagentur in
Österreich von der Österreichischen Finanzmarktaufsicht (FMA) anerkannt. "
3.
The sub-chapter shall be added after the sub-chapter 8.3 "Report of Moody's Deutschland
GmbH" under the heading "Recent Developments and Outlook" on page 314 of the
Prospectus:
"8.4
Report of Fitch Ratings Ltd.
The rating of Fitch Ratings Ltd. ("Fitch")
relevant parts are reproduced here):
74
dated 7 November 2016 reads as follows (only the
75
"Ratings
Category
Long-term Issuer Default
Rating76
Outlook
Short-term Issuer Default Rating77
78
Viability Rating
Fitch Rating
AStabil
F1
a-"
74
Fitch Ratings Ltd. ("Fitch") is a credit rating agency based in the United States with establishments in the European
Union and is included as a registered and certified rating agency in the list of registered and certified credit rating agencies
-4-
published on the website of the European Securities and Markets Authority (www.esma.europa.eu) in accordance with the
Regulation (EC) No. 1060/2009 dated 16 September 2009. Fitch has also been recognised as an eligible external credit
assessment institution by the Financial Market Supervisory Authority (Finanzmarktaufsicht) in Austria.
75
A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the
entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised
or withdrawn by the rating agency at any time.
76
A long-term issuer default credit rating of "A" from Fitch indicates expectations of very low default risks and very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. The
modifies "+" or "-" may be applied to a rating to denote relative status within major rating categories. See
https://www.fitchratings.com/site/definitions/internationalratings.
77
A short-term issuer default credit rating of "F1" from Fitch indicates the strongest intrinsic capacity for timely payment of
financial commitments. See https://www.fitchratings.com/site/definitions/internationalratings.
78
A viability rating of "a" indicates high fundamental credit quality. Such rating denotes strong prospects for ongoing
viability. Fundamental characteristics are strong and stable, such that it is unlikely that the bank would have to rely on
extraordinary support to avoid default. This capacity may, nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings. The modifies "+" or "-" may be applied to a rating to denote
relative status within categories. https://www.fitchratings.com/site/definitions/bankratings."
4.
Under the sub-chapter "11. Information included from third parties" on page 350 of the
Prospectus the last sentence shall be replaced by the following sentence:
"The Issuer has included information from Moody’s Deutschland GmbH and Fitch Ratings Ltd."
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