Schoenherr advises banking consortium on issuance of mortgage covered bond

Schoenherr has advised an international banking consortium comprising Société Générale (technical lead), Danske Bank A/S, Landesbank Baden-Württemberg and Landesbank Hessen-Thüringen Girozentrale as Joint Lead Managers on the successful issuance of a €750m fixed-rate mortgage covered bond (Pfandbrief) by Vienna-based Erste Group Bank AG (closing date: 19 January 2016). The bond was placed with institutional investors and listed on the Second Regulated Market of the Vienna Stock Exchange.

As with previous transactions of this type, the Schoenherr team consisted of Walter Gapp (partner, Financial Services Regulatory) and attorney-at-law Stefan Paulmayer.

The banking consortium was advised on German law matters (the bonds being governed by German law except for their status clause) by Allen & Overy’s Frankfurt practice (partner Christoph Enderstein and associate Christoph Pohl). Société Générale (technical lead) was further advised by in-house counsel Helmut Höfer. The Issuer was advised by Wolf Theiss, as well as by in-house counsels Claudia Göggel-Fesl and Andrea Pontasch.