Slovenska Sporitelna Covered Bonds

Location:

Slovak Republic

Project number:

51132

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

05 Jun 2019

Status:

Signed

PSD disclosed:

26 Jun 2019

Translated version of this PSD: Slovak

Project Description

Provision of an investment of up to €100 million in a series of mortgage covered bonds to be issued by Slovenska Sporiteiia, a.s. ("SLSP") over a period of 3 years with a target investment of up to 20% of each issue. The project comes under the EBRD Covered Bond Framework II for Slovakia.

Project Objectives

The transaction will support SLSP to access medium- to long-term funding by using a covered bond instrument collateralised by a pool of residential mortgage loans.

Transition Impact

The project will (i) help SLSP to set the basis for the repetitive covered bond issuances of larger size in the future, (ii) support further increase in diversification of the funding sources via stable financing instruments, (iii) address asset-liability maturity mismatches, and (iv) contribute to building up a critical mass of outstanding covered bonds in the Slovak Republic and potentially attracting a wider investor base. Moreover, the project will contribute to achieving the Bank's GET mandate as SLSP has agreed to commit part of the EBRD proceeds invested into covered bonds to be used in line with the Bank's GET eligibility criteria.

Client Information

SLOVENSKA SPORITELNA AS COVERED BONDS

SLSP is the largest universal bank in Slovakia with more than 20% market share by total assets and the largest player in the mortgage loans market.

EBRD Finance Summary

EUR 100,000,000.00

Up to €100 million.

Total Project Cost

EUR 560,000,000.00

Up to €500 million.

Environmental and Social Summary

Category FI. SLSP is a client of long-standing and has demonstrated on-going compliance with the Bank's environmental, health, safety and social requirements. For the proposed transaction, SLSP will be required to comply with Performance Requirements 2, 4 and 9; and adopt and implement the Bank's E&S Procedures for Mortgage Lending.

Technical Cooperation

None.

Company Contact Information

Robert Herbec
herbec.robert@slsp.sk
+421 2 48625432
www.slsp.sk
Tomášikova 48, 832 37 Bratislava Slovenská republika

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