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A&O advises on the first ever green covered bonds issuance by a Czech bank

Allen & Overy has advised UniCredit Bank Czech Republic and Slovakia on the issuance of EUR500 million Green Mortgage Covered Bonds issued under its EUR7 billion Mortgage Covered Bond Programme and placed with international investors. The transaction is the first ever issuance of Green Mortgage Covered Bonds by a Czech bank.

The issuance is a testament to UniCredit Bank’s commitment to ESG elements, with funds of the deal allocated to eligible projects in line with the respective Sustainability Bond Framework of UniCredit Group.

The Allen & Overy team was led by partner Petr Vybíral, in close cooperation with senior associate Tomáš Kafka and junior lawyer Jan Mourek.

Commenting on the transaction, Petr Vybíral, partner and head of the Banking and Capital Markets practice of Allen & Overy in Prague, said: “We are extremely proud of the opportunity to assist and support our long-standing client, UniCredit Bank, on yet another successful and market-first deal”.

Our advisory work for UniCredit Bank in the past 12 months on the international mortgage covered bond programme of UniCredit Bank Czech Republic and Slovakia, and on one of the previous benchmark issuances of EUR500m mortgage covered bonds under that programme on the international capital markets, was also recognised by IFLR in May this year when A&O was named “Czech Law Firm of the Year”.