Všeobecná úverová banka’s € 5 Billion Syndicated Slovak Covered Bond Issuance

Clifford Chance advised the issuer Všeobecná úverová banka, a.s. (VUB), a Slovak subsidiary of Intesa Sanpaolo, in connection with the update of its EUR 5 billion covered bond programme and its inaugural syndicated EUR 500 million issuance listed on the Luxembourg Stock Exchange.

The transaction represented a landmark for the covered bonds market in Slovakia, as it was the first syndicated issue of covered bonds under new regulation that was aimed primarily for international institutional investors. It was also the largest issue of a similar type of securities in the country’s history and the investors’ interest has exceeded the expectations of the issuer and sent a strong signal to the market.

The Slovak-law team based in Prague was led by Stanislav Holec, senior associate, who was assisted by Andrej Havko, junior associate, with continuous support of Vladimír Rýlich, senior associate.

The English-law team based in Milan was led by Filippo Emanuele (Picture), partner, with day to day support from Jonathan Astbury, senior associate.

Involved fees earner: Jonathan Astbury – Clifford Chance; Filippo Emanuele – Clifford Chance; Andrej Havko – Clifford Chance; Stanislav Holec – Clifford Chance; Vladimír Rýlich – Cravath Swaine & Moore;

Law Firms: Clifford Chance; Cravath Swaine & Moore;

Clients: Všeobecná úverová banka, a.s.;