AmCham Slovakia

In less than one year, Allen & Overy has helped major Slovak banks to shape the Slovak covered bond market.

Allen & Overy’s Capital Markets team in Bratislava (Renatus Kollár, Peter Jedinák, Róbert Vícen, Ján Deset and Marek Bojkovský) is delighted to have acted on all Slovak covered bonds transactions to date. Our team participated in the development of new regulations for covered bonds that came into force on 1 January 2018, which followed European Union standards and recommendations from the European Banking Authority, and advised Moody’s Investors Service on a legal analysis of the framework for rating purposes. Since then, Allen & Overy has acted as legal adviser to Slovenská sporiteľňa, a.s. on the establishment of the very first international debt issuance programme (EUR5 billion) by a Slovak bank and inaugural Aaa rated EUR500 million benchmark covered bond issuance. We also acted on the establishment of the Tatra banka a.s. EUR3 billion debt issuance programme, including its first EUR250 million privately placed covered bonds transaction, and as legal counsel to the dealers in the Všeobecná úverová banka, a.s. EUR5 billion covered bonds programme as well as its two EUR500 million benchmark transactions rated Aa2. Most recently, we advised to Prima banka Slovensko, a.s., on the establishment of its first international EUR1.5 billion covered bond programme and inaugural benchmark EUR500 million transaction rated Aaa, which was the first bond deal by any bank in Central and Eastern Europe priced with a negative yield.
 
Peter Jedinák, Counsel, commented: “Covered bonds bring substantial benefits in terms of stability and financing costs to the entire Slovak banking market. We are proud to have played an instrumental role in shaping the legal framework, documentation and market practice in the sector. This journey started with Slovenská sporiteľňa and its pioneering transaction, and continued through our roles on the transactions by Všeobecná úverová banka and Tatra banka. We have now successfully concluded the inaugural covered bonds transaction for Prima banka. Our immense gratitude goes to the clients for the trust and the partnership on these truly landmark and market-redefining transactions.”

For further information, please contact Monika Nagyova, at monika.nagyova@allenovery.com, tel. +421 2 5920 2410.