White & Case advises bank syndicate on €750 million mortgage covered bonds issuance by UniCredit Bank Czech Republic and Slovakia

Global law firm White & Case LLP has advised a syndicate of banks consisting of DZ Bank, Intesa Sanpaolo, Helaba, NORD/LB, Nordea, Raiffeisen Bank International and UniCredit Bank GmbH acting as joint lead managers on the issuance of €750 million 3.500% mortgage covered bonds due 2031 by UniCredit Bank Czech Republic and Slovakia, a.s. 

The bonds, rated Aa1 by Moody’s, were issued with a five-year maturity. The offering was significantly oversubscribed, with aggregate orders exceeding €2 billion. The issuance was carried out under the bank’s updated EMTN mortgage covered bond programme, with the bonds admitted to trading on the regulated market of the Luxembourg Stock Exchange.

White & Case also advised UniCredit Bank GmbH as arranger and dealer on the annual update of the programme, including the increase of the programme size from €10 billion to €12 billion, immediately prior to the issuance.

“We are pleased to have supported the joint lead managers and UniCredit Bank on this significant transaction, which saw strong investor demand and favourable pricing. The result reflects the continued appeal of the Czech covered bond market and the strength of the bank’s programme,” said White & Case partner Petr Hudec, who led the Firm’s deal team.

The White & Case team advising on the transaction was led by partner Petr Hudec, and included counsel Petr Šmerkl and associate Anna Bezděková (all Prague).

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