Allen & Overy has advised the UniCredit Bank Czech Republic and Slovakia on the update of its international mortgage-covered bond program and EUR 500 million issuance of mortgage-covered bonds. White & Case advised the joint lead managers.
DZ Bank Deutsche Zentral-Genossenschaftsbank, Erste Group Bank, Landesbank Baden-Wuerttemberg, Raiffeisenbank International, and UniCredit Bank acted as joint lead managers on the issuance.
According to Allen & Overy, “the UniCredit Bank Czech Republic and Slovakia is the first Czech bank to adapt its international mortgage covered bond program to, and to issue mortgage-covered bonds under, the new Czech covered bond regulatory framework following the implementation of the EU Covered Bond Directive.”
“Driven by the intention to diversify our wholesale funding franchise, we joined the EUR mortgage-covered bond issuer community with the first benchmark-sized transaction in syndicated form,” commented UniCredit Bank Czech Republic and Slovakia CFO Massimo Francese. “We consider this issuance an important milestone for us, and we believe in enabling UniCredit Bank Czech Republic and Slovakia to utilize its high-quality mortgage assets across the jurisdictions for potential future cost-efficient wholesale financing exercises."
Allen & Overy’s team included Partner Petr Vybiral, Senior Associate Romas Kafka, and Junior Lawyer Jan Mourek, with further team members in Germany.
White & Case's team included Prague-based Partner Petr Hudec and Associates Petr Smerkl and Jan Vacula, with additional team members in Frankfurt.