White & Case advises on MONETA Money Bank’s €100 million Tier 2 subordinated notes issuance

Global law firm White & Case LLP has advised Goldman Sachs Bank Europe and J.P. Morgan as joint lead managers on the issuance of €100 million fixed-to-floating rate Tier 2 subordinated notes due 2035, by the Czech-based publicly traded MONETA Money Bank.

The notes, rated Baa2 by Moody's, and listed on the regulated market of the Luxembourg Stock Exchange, carry a 4.514% annual interest for the first five years and will thereafter switch to 6M EURIBOR plus 2.15% annual margin. The transaction represents the first Tier 2 issuance by MONETA Money Bank on the international markets and follows the successful issuance of senior preferred MREL-eligible notes from last year, on which White & Case also advised the joint lead managers.

"This transaction illustrates MONETA Money Bank's continued growth, and we are glad to have the opportunity to contribute our expertise in complex regulatory capital markets products along the way," said White & Case partner Petr Hudec, who led the Firm's deal team.

MONETA Money Bank is a leading provider of banking and financial services to retail and commercial clients in the Czech Republic.

The White & Case team advising on the transaction was led by partner Petr Hudec and included local partner Jan Vacula, counsel Petr Šmerkl, associates David Mikyska, Anna Bezděková and Josef Levy, and legal intern David Eyem (all Prague) and partner Richard Pogrel and counsel James Clarke (both London).

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