White & Case advises bank syndicate on €750 million AAA-rated mortgage covered bond issuance by Komerční banka

Global law firm White & Case LLP has advised an international syndicate of banks—comprising Erste, LLBW, Helaba, Société Générale and UniCredit as joint lead managers, and NORD/LB as co-manager—on the issuance of €750 million 2.750% fixed-rate mortgage covered bonds by Komerční banka.

The bonds, which carry a AAA rating by Fitch and the European Covered Bond (Premium) label, were largely oversubscribed. They were issued under Komerční banka's EMTN programme, on the establishment and update of which White & Case also advised, and are listed on the Luxembourg Stock Exchange.

Tomáš Fuchs, Treasury Manager at Komerční banka, said: "We are very pleased with the successful placement of our second international covered bond issue. This achievement was made possible thanks to the outstanding collaboration with White & Case as legal counsel to the arranger and dealer/managers. We greatly value our excellent cooperation we have had so far and look forward to continuing our partnership in the future."

"The issuance marks a highly successful return by Komerční banka to the international capital markets with a further benchmark mortgage covered bond," said White & Case partner Petr Hudec, who led the Firm's deal team. "We are delighted to have supported this transaction, which highlights both Komerční banka's strong position as an issuer and our Firm's reputation as the go-to advisor for similar international issuances by local and regional issuers."

The White & Case team advising on the transaction was led by partner Petr Hudec, and included counsel Petr Šmerkl, associate David Mikyska and legal intern David Eyem (all Prague), and partner Neha Saran and counsel James Clarke (both London).

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