Austria: Schoenherr advises Managers on issue of EUR 750m Mortgage Pfandbriefe by Erste Group

The notes (Mortgage Pfandbriefe, Hypothekenpfandbriefe) were successfully issued under Austrian law and the new Austrian Covered Bond Act (Pfandbriefgesetz) on 19 September 2022 under Erste Group's Covered Bonds Programme and placed with professional clients and eligible counterparties. The notes are rated Aaa by Moody's, have a term of eight years and a denomination of EUR 100,000. They are listed at the Official Market (Amtlicher Handel) of the Vienna Stock Exchange.

The banking consortium comprised Crédit Agricole Corporate and Investment Bank, Erste Group Bank AG, Landesbank Hessen-Thüringen Girozentrale, Nykredit Bank A/S and Scotiabank (Ireland) Designated Activity Company acting as the Joint Lead Managers in connection with the placement of the notes as well as Belfius Bank SA/NV as Co-lead Manager.

"We are pleased that the Managers relied on our legal expertise for the issuance of EUR 750m Mortgage Pfandbriefe by Erste Group. Congratulations to the Issuer and all parties involved in the successful completion of the transaction in the current challenging market environment. We thank the Managers and the Issuer for placing their trust in us", said partner and co-head of Schoenherr's capital markets practice Christoph Moser.

The Schoenherr team consisted of Christoph Moser (lead partner), Angelika Fischer (attorney at law) and Clemens Stockhammer.

Wolf Theiss Rechtsanwälte GmbH & Co KG (Claus Schneider, Nikolaus Dinhof-Renezeder and Sebastian Prakljacic) advised Erste Group Bank AG as Issuer's counsel.