Schoenherr and Clifford Chance have advised Hypo Vorarlberg on the synthetic securitization of a EUR 330 million portfolio of loans to small and medium-sized enterprises, corporate borrowers, or certain private individuals, which was provided by the European Investment Fund and European Investment Bank. Linklaters advised the EIF and EIB on the deal.
According to Schoenherr, “the transaction is designed to achieve regulatory capital relief under CRR (II) / CRD IV (V). The transaction is a part of the European Investment Bank's response to support the Austrian economy following the COVID-19 pandemic. The regulatory capital relief arising from this transaction is intended to support Hypo Vorarlberg's financing of the construction of new highly energy-efficient buildings, including building-integrated renewable energy capacities, and energetic refurbishment schemes of existing buildings in Austria. Through this transaction with Hypo Vorarlberg, the European Investment Fund and the European Investment Bank – in line with the 'Green Deal' agenda – seek to support energy efficiency-related investments.”
Schoenherr’s team included Partner Martin Ebner and Counsel Matthias Pressler.