Allen & Overy advised on Slovak banks' EUR1.8 billion Covered Bonds and Green Bonds spree in first quarter of 2023

Published Date
May 2, 2023
A&O’s capital markets team in Bratislava, Milan and Rome advised Slovak banking issuers, Slovenská sporite??a, a.s. (Erste Group) and Tatra banka, a.s. (Raiffeisen Group), on two benchmark Covered Bonds and Intesa Sanpaolo, as arranger, on benchmark Covered Bonds by VÚB, a.s. (Intesa Sanpaolo Group).

A&O showcased its green finance expertise with advising Tatra banka, a.s. on Green Senior Preferred MREL Bonds, which increased the combined volume of the bond advisory mandates to EUR 1.8 billion for the first four months of 2023. The bonds were governed by Slovak law and admitted to trading trading on the Bratislava or Luxemborug Stock Exchange.

These mandates demonstrated A&O’s market-leading capital markets expertise and seamless co-operation between the Bratislava, Milan and Rome offices, despite challenging market conditions and changes in Slovak tax regime. For over three years, A&O’s capital markets teams have been the go-to advisors for Slovak banks on the Covered Bonds.

Commenting on the transactions, counsel Peter Jedinák said: “Despite the challenges of 2022, we kicked off 2023 with outstanding transactions that cemented the strength and resilience of the Slovak-banking sector. We thank our clients and all the parties involved for their trust and are delighted to support Slovak banks as they enhance they profile and reputation in the European capital market.”

Craig Byrne, partner leading the A&O English law team, added: “Our unrivalled blend of English law capabilities combined with the capital markets and local law insights delivered outstanding value for our clients once again.”

Richard Košecký, Director of Balance Sheet Management at Slovenská sporite??a, a.s. commented: “Allen & Overy once again proved their capacity to support capital market deals with exceptional quality”.

Pavol Truchan, Head of Treasury at Tatra banka, a.s. noted: “Allen & Overy contributed significantly to the swift execution of both our transactions and showed once again that we can rely on their professional support. We appreciate our long lasting relationship and their readiness to always come up with solutions.”

The A&O Bratislava team included counsel Peter Jedinák, partner Renátus Kollár, associates Marek Bojkovský and Dávid Mikuš. Partners Craig Byrne and Cristiano Tommasi, associate Elisabetta Rapisarda and trainee Marco Mazzurco from the A&O Milan and Rome offices provided English law advice.

For further information, please contact Petra Dinžíková or Monika Berzáková in Bratislava.

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This content was originally published by Allen & Overy before the A&O Shearman merger