Allen & Overy has advised Raiffeisenbank on the opt-in of its outstanding English law governed mortgage covered bonds into the new regulatory framework in the Czech Republic, stipulating rules as to the governance of cover pools, and on the consequent issuance of EUR 500 million mortgage covered bonds listed on the Luxembourg Stock Exchange.
According to Allen & Overy, “the opt-in was of most importance for Raiffeisenbank a.s. as it allows it to maintain a single cover pool regulated by the same regulation for mortgage covered bonds issued under its legacy English law governed mortgage covered bond program and recently established German law governed mortgage covered bond program. Following the single combined meeting of the mortgage-covered bondholders in which they consented to the opt-in, Raiffeisenbank a.s. issued mortgage covered bonds under its international German law mortgage covered bonds program that was originally established in November 2020.”
Allen & Overy’s team included Prague-based Partner Petr Vybiral, Associate Tomas Kafka, and Junior Lawyer Josef Pavlicek, with further teams in the UK and Germany.