Bond Hypo Vorarlberger Bank AG 0.125% ( CH0525158462 ) in CHF

Hypo Vorarlberger Bank AG

100 % ▲

Austria

CH0525158462 ( in CHF )

0.125% per year ( payment 1 time a year)

26/03/2030

Prospectus brochure of the bond Hypo Vorarlberg Bank AG CH0525158462 en CHF 0.125%, maturity 26/03/2030

5 000 CHF

125 000 000 CHF

27/03/2026 ( In 321 days )

Hypo Vorarlberg Bank AG is a regional bank in Vorarlberg, Austria, specializing in mortgage lending and offering a range of financial services to private and corporate clients.

The Bond issued by Hypo Vorarlberger Bank AG ( Austria ) , in CHF, with the ISIN code CH0525158462, pays a coupon of 0.125% per year.
The coupons are paid 1 time per year and the Bond maturity is 26/03/2030

Hypo Vorarlberg Bank AG
Bregenz, Austria
CHF 125,000,000
0.125 per cent. Senior Eligible Notes due 2030 (Green Bond)
(the "Notes")
The Notes are issued under the EUR 6,000,000,000 Debt Issuance Programme (the "Programme") of Hypo
Vorarlberg Bank AG (the "Issuer"). The Notes are expected to be rated A3 by Moody's Deutschland GmbH. Full
information on the Notes is only available on the basis of the combination of the base prospectus for the
Programme dated 17 July 2019 included herein as Annex A (the "Prospectus"), the final terms applicable to the
Notes set forth on page 11 herein (the "Final Terms") in conjunction with the terms and conditions of the
Notes included herein (the "Terms and Conditions") and any other information contained in this Swiss listing
prospectus (the "Swiss Listing Prospectus").
Issuer:
Hypo Vorarlberg Bank AG, Hypo-Passage 1, 6900 Bregenz, Austria
Interest Rate:
0.125 per cent. p.a., payable annually in arrears on 27 March, for the first time on 27 March 2021
Issue Price:
The Managers (as defined below) have agreed to purchase the Notes at the price of 100.648 per
cent. of the aggregate principal amount of the Notes (before commissions and expenses).
Placement Price:
According to demand
Format:
Green Bond in accordance with the Issuer's Green Bond Framework in alignment with the ICMA
Green Bond Principles, as confirmed by a second party opinion obtained by ISS-ESG
Issue Date:
27 March 2020
Redemption:
27 March 2030, at par
Early Redemption:
(i) For taxation reasons, at par, in accordance with the Terms and Conditions, or (ii) for regulatory
reasons, at par, if there is a change in the regulatory classification of the Notes that would be
likely to result in their exclusion from liabilities eligible for the minimum requirement for own funds
and eligible liabilities (MREL), in accordance with the Terms and Conditions.
Further Issues:
The Issuer reserves the right to issue further Notes of this series in accordance with the Terms
and Conditions.
Denomination:
CHF 5,000 nominal and multiples thereof
Form of the Notes:
The Notes will be represented by a Permanent Global Note (as defined in the Terms and Condi-
tions). Holders of interests in the Permanent Global Note do not have the right to request the
printing and delivery of definitive Notes.
Status:
The Notes shall qualify as Eligible Liabilities Instruments (as defined in the Terms and Condi-
tions). The Notes constitute direct, unconditional, unsecured and unsubordinated obligations of
the Issuer ranking in the event of normal insolvency proceedings (bankruptcy proceedings) or
liquidation of the Issuer pari passu among themselves and pari passu with all other unsecured
and unsubordinated instruments or obligations of the Issuer except for any instruments or obliga-
tions preferred or subordinated by law. For further details see § 2 of the Terms and Conditions.
Listing and Trading:
The Notes have been provisionally admitted to trading on the SIX Swiss Exchange with effect
from 25 March 2020 until 25 March 2030 and application will be made for the Notes to be listed
in accordance with the Standard for Bonds on the SIX Swiss Exchange.
Governing Law
The Notes are governed by German law. The status provisions in § 2 of the Terms and Condi-
and Jurisdiction:
tions shall be governed by, and shall be construed exclusively in accordance with, Austrian law.
The District Court (Landgericht) in Frankfurt am Main shall have non-exclusive jurisdiction for any
action or other legal proceedings arising out of or in connection with the Notes.
Selling Restrictions:
In particular United States of America and U.S. persons, European Economic Area, United
Kingdom, Japan and general selling restrictions.
Credit Suisse
Zürcher Kantonalbank
(the "Managers")
Swiss Security Number: 52515846
ISIN: CH0525158462
Common Code: 213335413
Swiss Listing Prospectus dated 25 March 2020
This Swiss Listing Prospectus has been prepared in connection with the offering and listing of the Notes in Switzerland only. The Notes will not be admit-
ted to trading on a regulated market in the European Economic Area and will be listed solely on the SIX Swiss Exchange. The Notes must not be offered
or sold within the European Economic Area in circumstances where a prospectus is required to be published under Regulation (EU) 2017/1129 (the
"Prospectus Regulation") and neither the Issuer, nor the Managers have authorised, nor do they authorise, the making of any offer of the Notes in cir-
cumstances in which an obligation arises for the Issuer or the Managers to publish a prospectus within the meaning of the Prospectus Regulation for
such offer. This Swiss Listing Prospectus has not been reviewed or approved by any competent authority in any Member State of the European Eco-
nomic Area and does not constitute a prospectus within the meaning of the Prospectus Regulation.

Selling Restrictions
In particular United States of America and U.S. persons, European Economic Area, United Kingdom,
Japan and general selling restrictions. For further information and the full text, which is solely
relevant, please refer to pages 371 to 374 of the Prospectus included herein as Annex A.
Each Manager has agreed that it will comply with all applicable securities laws and regulations in
force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or dis
tributes this Swiss Listing Prospectus and will obtain any consent, approval or permission required
by it for the purchase, offer, sale or delivery by it of the Notes under the laws and regulations in
force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or
deliveries and the Issuer shall not have any responsibility therefor.
2

ForwardLooking Statements
This Swiss Listing Prospectus contains certain forward-looking statements and information relating to Hypo Vorarl-
berg Bank AG that are based on the current expectations, estimates, plans, strategic aims, vision statements, and
projections of their management and information currently available to Hypo Vorarlberg Bank AG.
These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may
cause the actual results of operations, financial condition, performance or achievements of the Issuer to be materi-
ally different from any future results, financial condition, performance or achievements expressed or implied by
such forward-looking statements. Terms and phrases such as "will", "believe", "expect", "anticipate", "intend",
"plan", "predict", "estimate", "project", "target", "assume", "may" and "could", and variations of these words and
similar expressions, are intended to identify forward-looking statements but are not the exclusive means of identify-
ing such statements.
Neither the Issuer, nor the Managers undertake an obligation to update any forward-looking statement, even if new
information, future events or other circumstances have made them incorrect or misleading.
3

Table of Contents
Selling Restrictions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Information on the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Information on the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Taxation in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Responsibility Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Final Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Terms and Conditions (English Language Version). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Anleihebedingungen (German Language Version) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
Debt Issuance Programme Prospectus dated 17 July 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annex A
Green Bond Framework dated 24 February 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annex B
4

General Information
Notice to Investors
This Swiss Listing Prospectus shall be read and construed on the basis that (i) the annex to this Swiss Listing
Prospectus and (ii) the documents incorporated by reference in this Swiss Listing Prospectus, shall be deemed to
be incorporated in, and to form part of, this Swiss Listing Prospectus. Except as otherwise stated in this Swiss
Listing Prospectus, terms defined in the Prospectus shall have the same meaning when used in this Swiss Listing
Prospectus.
In accordance with article 109 of the Swiss Financial Services Ordinance, this Swiss Listing Prospectus has been
prepared in compliance with articles 652a and 1156 of the Swiss Code of Obligations, as such articles were in
effect immediately prior to the entry into effect of the Swiss Financial Services Act (the "FinSA"), and the listing
rules of SIX Swiss Exchange in their version dated 8 November 2019 and in force as of 1 January 2020. Con-
sequently, this Swiss Listing Prospectus has not been and will not be reviewed or approved by a Swiss review
body pursuant to article 51 of the FinSA, and does not comply with the disclosure requirements applicable to a
prospectus approved by such a review body under the FinSA.
The financial institutions involved in the issuance and offering of the Notes are banks, which directly or indirectly
have participated, or may participate, in financing transactions and/or banking business with the Issuer, which are
not disclosed herein.
Investors are advised to familiarise themselves with the entire content of this Swiss Listing Prospectus, the
Prospectus and the documents incorporated by reference in this Swiss Listing Prospectus.
Documents Incorporated by Reference
The following documents which have previously been published shall be incorporated in, and form part of, this
Swiss Listing Prospectus:

the Issuer's Annual Report 2018 including the consolidated financial statements (IFRS) for the year ended
31 December 2018 (and comparative statements for the previous year), the notes to the financial statements
and the auditor's report thereon; and

the Issuer's quarterly statement as of 30 September 2019 (Quartalsinformation zum 30. September 2019).
Documents Available
Copies of this Swiss Listing Prospectus and of the documents incorporated by reference herein are available free
of charge from Credit Suisse AG, Uetlibergstrasse 231, 8070 Zurich, Switzerland, or may be obtained by
telephone (+41 44 333 31 60), by fax (+41 44 333 57 79) or by e-mail to newissues.fixedincome@credit-suisse.
com.
Prospectus
This Swiss Listing Prospectus is available in English language only (except the quarterly statement as of 30 Sep-
tember 2019 which is only available in German) and provides information about the Issuer and the Notes. This
Swiss Listing Prospectus does not constitute an offer of, or an invitation to subscribe for or purchase, any Notes.
No person has been authorised to give any information or make any representation in connection with the offering
of the Notes other than as stated herein and any other information or representation if given or made should not be
relied upon as having been authorised by the Issuer, the Managers or any of the Dealers (as defined in the
Programme). Neither the delivery of this Swiss Listing Prospectus, nor the issue of the Notes nor any sale thereof
shall, in any circumstances, create any implication that there has been no material adverse change in the affairs of
the Issuer since the date hereof.
5

Information on the Notes
Authorisation
In accordance with authorisations by the Board of Management of the Issuer duly adopted under the Programme
and pursuant to a subscription agreement dated 25 March 2020 between the Issuer on the first part, and Credit
Suisse AG and Zürcher Kantonalbank (the "Managers") on the second part, the Issuer has authorised the issue
of the Notes in the principal amount of CHF 125,000,000 to be paid on 27 March 2020 and maturing on 27 March
2030.
Use of Proceeds
The net proceeds from the issue of the Notes will amount to CHF 125,360,000. An amount equal to such net
proceeds will be used, pursuant to the Issuer's Green Bond Framework as of 24 February 2020 which is included
herein as Annex B and which will be available at the Issuer during the life of the Notes, to finance or refinance
selected eligible loans, investments and/or projects in categories which have clear environmental benefits accord-
ing to criteria further described in the aforementioned Green Bond Framework. ISS-ESG, which rates the issuer
Prime, C, has provided a Second Party Opinion.
Further information is available on the internet site of the Issuer:
Green Bond Framework
https://www.hypovbg.at/fileadmin/Hypovbg/Hypo-Vorarlberg/Investor-Relations/Green-Bond/Green-Bond-
Framework-2020_EN_Hypo-Vorarlberg.pdf
CHF Green Bond Impact Reporting
https://www.hypovbg.at/fileadmin/Hypovbg/Hypo-Vorarlberg/Investor-Relations/Green-Bond/CHF-Green-Bond_
Impact-Reporting-2020_Hypo-Vorarlberg.pdf
CHF Green Bond Second Party Opinion
https://www.hypovbg.at/fileadmin/Hypovbg/Hypo-Vorarlberg/Investor-Relations/Green-Bond/CHF-Green-
Bond-2020_SPO-IGG-ESG_Hypo-Vorarlberg.pdf
The Managers shall have no responsibility for, nor be obliged to concern themselves with, the use of such net
proceeds.
Notices
All notices in relation to the Notes will be published in electronic form on the internet site of the SIX Swiss Exchange
under the section headed Official Notices:
(currently: http://www.six-swiss-exchange.com/news/official_notices/search_en.html).
Representative
In accordance with Article 58a of the listing rules of the SIX Swiss Exchange the Issuer has appointed Credit
Suisse AG as its representative to lodge the listing application with the SIX Exchange Regulation.
6

Information on the Issuer
In addition to the information given below, please refer to Annex A hereto and the information included therein.
For a description of the Issuer, including information on the Issuer's capital structure, reference is made in parti-
cular to pages 347 to 359 of the Debt Issuance Programme Prospectus dated 17 July 2019 (Annex A).
For information in respect to the Issuer's financial statements, please refer to the section Documents incorporated
by reference on page 5 hereof.
Court, arbitral and administrative proceedings
Save as disclosed herein, the Issuer is not or has not been involved in any governmental, legal or arbitration pro-
ceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) which
may have, or have had in the recent past, significant effects on the financial position or profitability of the Issuer.
Dividends
The Issuer has paid the following dividends during the last five business years (amounts per share):
2014: EUR 10.00
2015: EUR 10.00
2016: EUR 43.50
2017: EUR 10.00
2018: EUR 10.00
Information on the Issuer's most recent business performance
Save as disclosed herein, there have been no significant changes in the performance of the Issuer's business
since 30 September 2019.
Material changes since the most recent annual financial statements
Except as disclosed herein, there has been no material adverse change in the financial condition or operations of
the Issuer since 31 December 2018, which would materially affect its ability to carry out its obligations under the
Notes.
7

Taxation in Switzerland
The following is a summary of certain tax implications under the laws of Switzerland as they may affect investors. It
applies only to persons who are beneficial owners of Notes and may not apply to certain classes of persons. The
Issuer makes no representations as to the completeness of the information nor undertake any liability of whatso-
ever nature for the tax implications for investors. Potential investors are strongly advised to consult their own pro-
fessional advisers in light of their particular circumstances.
Swiss Federal Withholding Tax
At present, payment of interest on the Notes and repayment of principal of the Notes are not subject to Swiss
federal withholding tax, provided that the Issuer is at all times resident and managed outside Switzerland for Swiss
tax purposes.
On 4 November 2015 the Swiss Federal Council announced a mandate to the Swiss Federal Finance Department
to institute a group of experts tasked with the preparation of a new proposal for a reform of the Swiss withholding
tax system. The new proposal is expected to include in respect of interest payments the replacement of the exist-
ing debtor-based regime by a paying agent-based regime for Swiss withholding tax similar to the one published on
17 December 2014 by the Swiss Federal Council and repealed on 24 June 2015 following the negative outcome
of the legislative consultation with Swiss official and private bodies. Under such a new paying agent-based regime,
if enacted, a paying agent in Switzerland may be required to deduct Swiss withholding tax on any payments or any
securing of payments of interest in respect of a Note for the benefit of the beneficial owner of the payment unless
certain procedures are complied with to establish that the owner of the Note is not an individual resident in
Switzerland.
Swiss Federal Securities Turnover Tax
The issue and the sale of a Note on the issuance day (primary market transaction) are not subject to Swiss federal
securities turnover tax (Umsatzabgabe). Secondary market dealings in Notes may be subject to the Swiss federal
securities turnover tax at a rate of up to 0.30 per cent. of the purchase price of the Notes, however, only if a secur-
ities dealer in Switzerland or Liechtenstein, as defined in the Swiss federal stamp duty act (Bundesgesetz über die
Stempelabgaben), is a party or acts as an intermediary to the transaction and no exemption applies.
Income Taxation on Principal or Interest
a) Notes Held by Non Swiss Holders
Payments of interest and repayment of principal by the Issuer to, and gain realised on the sale or redemption of
Notes by, a holder of Notes who is not a resident of Switzerland and who during the current taxation year has not
engaged in a trade or business through a permanent establishment in Switzerland to which such Note is attribut-
able will not be subject to any Swiss federal, cantonal or communal income tax in respect of such Note.
For the potential new Swiss withholding tax legislation replacing the current issuer based withholding tax system
for a paying agent based system, see above "--Swiss Federal Withholding Tax".
b) Notes Held as Private Assets by a Swiss Resident Holder
Individuals who are resident in Switzerland and who hold Notes as private assets are required to include all pay-
ments of interest on such Notes in their personal income tax return for the relevant tax period and will be taxable on
any net taxable income for such tax period.
A capital gain, including a gain relating to accrued interest realised on the sale or redemption of Notes by such a
Swiss resident holder, is a tax free private capital gain, and, conversely, a respective loss on the Note is a non tax
deductible private capital loss.
8

Notes without a "predominant one-time interest payment": Holders of Notes without a predominant onetime inter-
est payment (the yield-to-maturity predominantly derives from periodic interest payments and not from a onetime
interest payment) who are individuals receive payments of interest on Notes (either in the form of periodic interest
payments or as a one-time-interest-payment such as an issue discount or a repayment premium) are required to
include such payments in their personal income tax return and will be taxable on any net taxable income (including
the payments of interest on the Notes) for the relevant tax period.
Notes with a "predominant one-time interest payment": In the case of notes with a "predominant one-time interest
payment" (the yield-to-maturity predominantly derives from a one-time-interest-payment such as an original issue
discount or a repayment premium and not from periodic interest payments), the positive difference (including any
capital and foreign exchange gain) between the amount received upon sale or redemption and the issue price (if
the notes were purchased thereafter) will be classified as a taxable interest payment, as opposed to a tax-free
capital gain (differential taxation method). Losses realised on the sale of notes with a "predominant onetime inter-
est payment" may be offset against gains realised within the same tax period on the sale of any notes with a "pre-
dominant one-time interest payment".
c)
Notes Held as Swiss Business Assets and by Private Persons Classified as Professional Securities Dealers
Individuals who hold Notes as part of a business in Switzerland and Swiss resident corporate taxpayers and cor-
porate taxpayers resident abroad holding Notes as part of a permanent establishment in Switzerland, are required
to recognise the payments of interest and any gain realised on the sale or redemption of such Notes (including a
gain relating to interest accrued) and any loss on such Notes in their income statement for the respective tax
period and will be taxable on any net taxable earnings for such period. The same taxation treatment also applies to
Swiss resident individuals who, for income tax purposes, are classified as "professional securities dealers" for
reasons of, inter alia, frequent dealings and leveraged investments in securities.
Automatic Exchange of Information in Tax Matters
The Automatic Exchange of Information in Tax Matters ("AEI") is a global initiative led by the Organization of
Economic Co-Operation and Development (OECD). It aims to establish a universal standard for automatic
exchange of tax information and to increase tax transparency. Jurisdictions that are committed to implement or
have implemented the AEI (such as Switzerland, the member countries of the European Union ("EU") and many
other jurisdictions worldwide) require their Reporting Financial Institutions in accordance with the respective local
implementing law to determine the tax residence(s) of their account holders and controlling persons (as applic-
able) and, in case of reportable accounts, report certain identification information, account information and finan-
cial information (including the account balance and related payments such as interest, dividends, other income and
gross proceeds) to the local tax authority which will then exchange the information received with the tax authorities
in the relevant reportable jurisdictions.
More specifically, Switzerland has concluded a multilateral AEI agreement with the EU (replacing the EU savings
tax agreement) and has concluded bilateral AEI agreements with several non-EU countries. In accordance with
such multilateral agreements and bilateral agreements and the implementing laws of Switzerland, Switzerland has
begun exchange data so collected, and such data may include data about payments made in respect of the Notes.
9

Responsibility Statement
The Issuer accepts responsibility for all information contained in this Swiss Listing Prospectus and has taken all
reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there
are no other material facts, the omission of which would make any statement herein misleading, whether of fact or
opinion.
Bregenz, 25 March 2020
Hypo Vorarlberg Bank AG
By:
10