Tatra Bank Covered Bond

Location:

Slovak Republic

Project number:

50658

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

13 Mar 2019

Status:

Signed

PSD disclosed:

02 Jul 2019

Project Description

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.

Project Objectives

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.

Transition Impact

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.

Client Information

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

EUR 100,000,000.00

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

EUR 500,000,000.00

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.

Technical Cooperation

None.

Company Contact Information

Daniel Bena
daniel_bena@tatrabanka.sk
+421 2 5919 7956
www.tatrabanka.sk
Hodzovo namestie 3, 811 06 Bratislava 1 , Slovak Republic

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