Partner Sylvia Kierszenbaum, senior associate Willem Van de Wiele and associate Steven De Jonghe have advised the dealers on the establishment of the EUR10 billion Belgian Mortgage Pandbrieven Programme of Belfius Bank.
The team advised on the inaugural issue of the EUR1.25 billion Mortgage Pandbrieven 1.25% covered bond due in November 2017.
In addition, the team assisted by counsel Jeroen Bos in the Amsterdam office, have advised KBC Bank and Deutsche Bank as arrangers and dealers on the establishment of the EUR10 billion Residential Mortgage Covered Bonds Programme of KBC Bank. Advice was also given on the inaugural issue of EUR1.25 billion 1.125% covered bond due in December 2017.
Throughout the process, the team were able to draw on the expertise of securitisation partner Sally Onions and senior associate Alice Carpenter in the London office amongst others.
Until recently, Belgium had been the only Western European country without a dedicated covered bond legislative framework. Sylvia Kierszenbaum was a member of a working group, set up by Febelfin (the Belgian Financial Sector Federation), to advise on the new covered bond legislation.
The Belgian market first follows other market firsts by the teams in the US, UK, Greece, Hungary, Italy, Switzerland, Korea, New Zealand and Australia. Allen & Overy has advised on more covered bond transactions than any other firm.
