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Clifford Chance advised on VUB's EUR 1 billion covered bonds in the first half of 2023

Company: Clifford Chance Prague LLP, organizační složka

Clifford Chance demonstrated its unparalleled capital markets expertise through its legal advisory role for Všeobecná úverová banka, a.s. (VUB), Slovakia's second largest bank and a subsidiary of an Italian international banking group Intesa Sanpaolo. The legal advice revolved around VUB's issuance of EUR 500 million in covered bonds, which were subsequently listed on the Luxembourg Stock Exchange.

This mandate marked the second time that Clifford Chance has provided its expertise to VUB for a EUR 500 million covered bond issuance this year, resulting in the total issuance of a remarkable EUR 1 billion in covered bonds. This achievement stands as a significant breakthrough within the Slovak covered bond market.

Commenting on the transaction, Senior Associate and the leading figure of Clifford Chance's Slovak desk, Stanislav Holec said: "We appreciate VUB choosing us as its legal advisors once again, and we are pleased to have effectively guided the client through this deal. The transaction attracted a broader range of investors. The success of this transaction builds upon our previous collaborations with VUB, further strengthening our partnership with the client."

Iveta Záborská, Primary Issue Specialist Senior, Treasury & ALM, at VUB further commented: "Thank you to Clifford Chance for another great collaboration! We truly form a tightly-knit internal team where work is always highly effective and enjoyable. We appreciate that we can always rely on Clifford Chance team, and we value their valuable advice and assistance in resolving all the issues and complications that arose in this specific transaction."

The Clifford Chance team was led by Senior Associate Stanislav Holec and supervised by Partner Miloš Felgr. The core team working on this transaction further consisted of Slovak law-focused Junior Lawyers Lukas Ljubovič and Dávid Hérich.

Tags: Law | Finance | Business Development |

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