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Sub practice
Sub practice

Covered Bonds

Allen & Overy is the leading legal adviser in the covered bonds market.

Working closely with the authorities, issuers and investment banks on the implementation of domestic legislation across numerous jurisdictions we have a deep appreciation of the issues encountered in the market and have worked on a variety of structures.

As a result, we have advised on covered bond programmes not only in the core markets in Europe but across the globe both for structured and legislative covered bond transactions. We have a particular track record of advising on the first covered bonds programmes in markets, such as advising on the first covered bond programmes in Australia, Greece, Hungary, Italy, Korea, New Zealand, Switzerland and the UK. We have also acted on the establishment of covered bond programmes in Canada, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden and the U.S.

We also work with the broadest range of assets for inclusion in covered bond programmes including social housing loans, infrastructure loans, shipping loans commercial mortgages as well as residential mortgage loans.

News and insights

Highways and roads

Publications: 03 April 2024

The growing role for CLOs in restructurings

Collateralised loan obligations (CLOs) are back in favour in financial restructurings, helped by their dominance in leveraged credits and greater flexibility in documentation. First featured in…

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image of cityscape at dusk

News: 09 February 2024

Allen & Overy advises on the new European Covered Bond (Premium) by Banco BPM

Allen & Overy has advised Banco BPM in relation to the issuance of a series of covered bonds intended for institutional investors for an amount of EUR750 million.

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Light trails

Publications: 08 July 2022

UCITS investment restrictions rules - the new definition of covered bonds applies to your future investments today

On 8 July 2022, the Covered Bonds Directive (Directive EU 2019/2162) and its implementing law in Luxembourg, the law of 8 December 2021 (the Covered Bonds Law) entered into force and will impact the…

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Modern office buildings against a blue sky

Publications: 24 May 2022

Changes to Czech Law: Implementation of the Covered Bond Directive

In April 2022, a bill amending the Czech Act No.190/2004 Coll., on Bonds, as amended (the Czech Act on Bonds) passed the legislative process (the CBD Amendment).

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As a result, we have advised on covered bond programmes not only in the core markets in Europe but across the globe both for structured and legislative covered bond transactions.