Global law firm Clifford Chance has advised Lloyds Bank GmbH on its inaugural covered bond (Pfandbrief) issuance, issued on standalone basis. The covered bond has a volume of €500 million, a coupon of 2.75% and a term of five years.
The bond is a novelty in the German Pfandbrief market as it was issued by the subsidiary of an English bank and the cover pool consists almost exclusively of Dutch mortgages. The banking syndicate consisted of BBVA, Commerzbank, LBBW, LBCMW und UniCredit as Joint Lead Managers. The covered bond is admitted to trading on the Luxembourg Stock Exchange’s Euro MTF.
The Clifford Chance advisory team comprised partner Sebastian Maerker, senior associate Wolfgang Ettengruber, associate Paulina Fecht and transaction lawyer Marlen Klepsch (all Capital Markets, Frankfurt).
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