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White & Case Advises on €5 Billion International Mortgage Covered Bonds Programme

Global law firm White & Case LLP has advised Société Générale as Arranger and Barclays Bank Ireland PLC, J.P. Morgan AG, Komerční banka, a.s. and Société Générale as Dealers on the establishment of a €5 billion international mortgage covered bonds programme by Komerční banka, a.s., one of the leading banks operating in the Czech Republic.

White & Case also advised Société Générale as Global Coordinator and Joint Bookrunner, Barclays Bank Ireland PLC and J.P. Morgan AG as Joint Bookrunners and Nord L/B and Helaba as Co-Managers on the inaugural issue of €500 million 0.01% fixed rate mortgage covered bonds due 2026 under the programme, which were admitted to trading on the Luxembourg Stock Exchange.

The programme is the first English law governed covered bond programme established by a Czech issuer after the recent change in the Czech covered bond regulation. The inaugural issue was the first public euro benchmark covered bond under the new legislation from the Czech Republic, paving the way for other major lenders to follow suit.

The White & Case team that advised on the transaction was led by local partner Petr Hudec (Prague) and partner Richard Pogrel (London), with support from associates Petr Šmerkl and Jan Vacula (both Prague) and Neha Saran, Tejal Velambath and Nikita Thakrar (all London).

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