EBRD subscribed EUR 25 million to the EUR 250 million covered bond issued by Tatra banka, a.s. ("Tatra") under its EUR 3 billion Debt Issuance Program. The Project falls under the EBRD's Covered Bond Framework II for Slovakia.
The transaction will support Tatra to access medium- to long-term funding by using a covered bond instrument collateralised by a pool of residential mortgage loans.
The Project will (i) support the development of the local corporate bond market, (ii) enable diversification of medium term funding sources of Tatra, addressing asset-liability maturity mismatches , and (iii) contribute to Tatra maintaining high standards of transparency and reporting.
Moreover, the Project will contribute to achieving the Bank's Green Economy Transition (GET) mandate, as Tatra has agreed to commit part of EBRD proceeds invested into covered bonds to be used in line with the Bank's GET eligibility criteria.
TATRA BANKA AS
Tatra is the third-largest commercial bank in Slovakia with an estimated 16% market share by total assets and one of the top 5 players in the mortgage loans market.
EBRD Finance Summary
Up to EUR 100 million envelope for EBRD's investments in covered bonds issued under EUR 3 billion Debt Issuance Program. The investment in the seven-year inaugural sub-benchmark covered bond issued by Tatra in June 2019 was made in the amount of EUR 25 million.
Total Project Cost
Up to EUR 500 million under its EUR 3 billion Debt Issuance Program.
Environmental and Social Summary
Category FI. Tatra is a new client of the Bank. For the proposed transaction, Tatra will be required to comply with Performance Requirements 2, 4 and 9; and within 60 days after the end of each Financial Year will furnish to the Bank a report on E&S matters in form and scope satisfactory to EBRD.
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