Petr Vybiral
Partner
Prague
Petr Vybiral
Partner
Prague
Contact details
As the head of Allen & Overy Prague's Banking and Capital Markets practice, Petr delivers top-notch legal solutions for various financing and capital markets matters. He has a wealth of experience in handling loan and bond transactions, refinancings and restructurings, public takeovers, equity offerings, covered bonds, regulatory capital instruments, derivatives, and structured finance transactions.
Expertise
Practices
Sectors
Qualifications
Professional
Academic
LLM, Columbia Law School, New York, 2009-2010
Mgr., Faculty of Law, Charles University in Prague, 2006
Bc., University of Economics in Prague, 2006
Faculty of Law, University of Regensburg, Germany, 2003-2004
Related articles
Publications: 11 August 2023
MiFID II/MiFIR – divergence emergence?
Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways.
News: 24 July 2023
City Home Finance establishes a unique secured bond programme
News: 21 June 2023
A&O advises on the first ever green covered bonds issuance by a Czech bank
Expertise
Practices
Sectors
Qualifications
Professional
Academic
LLM, Columbia Law School, New York, 2009-2010
Mgr., Faculty of Law, Charles University in Prague, 2006
Bc., University of Economics in Prague, 2006
Faculty of Law, University of Regensburg, Germany, 2003-2004
Experience highlights
Advising Česká spořitelna (a subsidiary of Erste) as the sole dealer manager, lead manager and agent on unprecedented CZK2.64bn exchange and tender offers and issuance of bonds by NET4GAS, the Czech gas transmission operator.
Advising JP Morgan, Citi and Credit Suisse as arrangers and lenders on financing for SAZKA as the borrower under senior secured term loan facilities and bridge loan facilities.
Advising Barclays, BNP Paribas, RBI and UniCredit as arrangers and managers on the establishment and regular updates of EUR5bn international covered bond programme of Raiffeisenbank and all issuances under this programme. Raiffeisenbank was the first Czech bank to issue international covered bonds under its programme in 2012. The second euro-denominated issuance under the programme, which occurred in November 2014, was the first public issuance of international covered bonds by a Czech bank ever.
Advising the arrangers on the EUR1.15bn financing of the CME acquisition by PPF Group.
Other noteworthy experience
Advising:
- Czech Banking Association and all major Czech banks in respect of the reform of Czech covered bonds and other capital markets legislation with a view to aligning the local legal regime with Western European standards and EBA best practices on covered bonds.
- JP Morgan and other joint bookrunners and initial purchasers in respect of two subsequent EUR300mn international secured high-yield bond issuances and offerings by SAZKA, the market leader for both numerical lotteries and instant lotteries in Europe.
- MUFG Securities EMEA plc acting as arranger on the EUR175m financing, development, construction, and operation of 280 MW Alpaslan II dam and hydro power plant located in Muş province in Turkey.
- Česká spořitelna (subsidiary of Erste), J&T, Komerční banka (subsidiary of Société Générale) and UniCredit as joint lead managers on the domestic standalone bond issuance of SAZKA worth CZK 6bn.
- JP Morgan as the sole lead manager on two subsequent domestic subordinated Tier 2 capital bond issuances by MONETA Money Bank.
- UniCredit as arranger and BNP Paribas and LBBW as dealers in connection with updates of EUR5bn international covered bond programme of UniCredit Bank Czech Republic and Slovakia.
- CSOB (subsidiary of KBC) as an issuer in connection with establishment, updates and extensions of its debt issuance programme for issuance of senior unsecured bonds and its retail structured note (investment certificate) programme, including multiple drawdowns thereunder.
- Česká spořitelna as the sole lead manager, fiscal, paying and security agent, in relation to repeated standalone secured and guaranteed bond issuances by various entities from the Polish MCI group.
- UniCredit in respect of entering into a whole range of master agreements (ISDA, GMRA, GMSLA, Czech Master Agreement and others) and any ancillary or related documentation with a variety of local and international counterparties as well as various regulatory aspects.
- Citi and its Czech (Prague) branch in relation to implementation of MiFID II and related legislation in the Czech Republic, including in respect of various local as well as broader compliance aspects of MiFID II implementation and the impacts on their processes, reporting, internal documentation and client facing documentation as well as amendments to that documentation.
Pro bono
- Petr has extensive experience in representing various parties on a wide range of financing and capital markets transactions, including loan and bond financings, refinancings and restructurings, public takeovers, equity issues and offerings, covered bonds, regulatory capital instruments, derivatives and structured finance transactions. He has also advised major financial institutions and corporations on the capital markets and other financial regulations in the Czech Republic and assisted in the preparation of their standard documentation in the space of loans, securities, derivatives and other structured finance products.
- Petr is also a member of the Remonstrance (Appeals) Committee of the Czech National Bank and is well-known for his unique expertise in the field of covered bonds and other types of secured financings. Petr has been regularly recognized in each of Chambers, Legal 500 and IFLR1000 as highly sought banking and capital markets expert and as a leading or recommended lawyer.
- Working with Caritas Czech Republic, archdiocesan charity in Prague, to support families and kids living in sub-Saharan Africa.
- Working with Pride Business Forum and Prague Pride to support diversity and inclusion in the Czech Republic, including signing on behalf of the A&O Prague office of the Pride Business Forum Memorandum 2017+ on support of LGBT+ diversity and inclusion in workspace and on active promotion of equality principles.
- Running Volkswagen Prague Marathon (2016) and Birell Grand Prix (2017) to raise financial contributions for Mamma Help centres supporting women with breast cancer.
- Working with and supporting on on-going basis The Duke of Edinburgh’s International Award Czech Republic Foundation in relation to a number of beneficial and educational events.
Published work
- Vybíral, P., Kirner, T.: Fintech in the Czech Republic. In: Global Legal Insights Guide – Fintech. 1st ed. London: Global Legal Group Ltd. (2019)
- Vybíral, P.: The issuer’s perspective – Czech Republic. In: ECBC: European Covered Bond Fact Book (2019)
- Vybíral, P., Živanský, J.: Financial Assistance in the New Attire. In: Recodification & Practice (Rekodifikace & Praxe) 7/2014
- Lasák, J., Pokorná, J., Čáp, Z., Doležil, T. and co-authors: Act on Business Corporations: Commentary. 1st ed. Prague. Wolters Kluwer 2014.
- Horáčková, S., Myšáková, P., Pavlů, R., Vybíral, P.: Pledge of Enterprise in the New Civil Code. In: Judge (Soudce) 12/2013, p. 31 et seq.
- Lasák, J., Vybíral, P., Jemelka, L., Kotásek, J., Němec, L. and co-authors: Act on Takevover Bids: Commentary. 1st ed. Prague. Wolters Kluwer 2012.
Recognition
Deemed "one of the best Czech lawyers in this area".
CHAMBERS, Czech Republic, 2020, Banking & Finance / Capital Markets
Considered a "leading figure in capital markets."
CHAMBERS, Czech Republic, 2019, Capital Markets
Clever, client oriented, with broad knowledge of industry, markets and applicable legislation.
IFLR1000, Czech Republic, 2018, Capital Markets
Petr offers feasible solutions, understands business to a great extent and detail, and puts things into terms I can understand.
CHAMBERS, Czech Republic, 2018, Banking & Finance / Capital Markets
Awards
Best Law Firm for Capital Markets
CZECH LAW FIRM OF THE YEAR AWARDS 2018
Czech Law Firm of the Year
IFLR European Awards 2013
Czech Law Firm of the Year
IFLR European Awards 2017
