Deals & Cases

Valiant Bank AG places inaugural Swiss Covered Bond

16 November 2017 – Valiant Bank AG has successfully placed a CHF 250 million covered bond with a 10 year term and carrying a coupon of 0.375 percent. Moody's assigned a provisional (P)Aaa rating to Valiant Bank AG's mortgage covered bonds. Valiant Bank AG intends to have the covered bonds provisionally admitted to trading at the SIX Swiss Exchange on 5 December. The transaction is the first public covered bond issuance entirely structured under Swiss law with a Swiss guarantor. BNP Paribas (Suisse) SA and Zürcher Kantonalbank act as lead-manager.

Walder Wyss acted as transaction counsel to the co-arrangers Valiant Bank AG and BNP Paribas (Suisse) SA and advised on all legal and tax aspect. The Walder Wyss team included Thomas Müller (partner, finance), Johannes Bürgi (partner, finance), Elisabeth Moskric (counsel, finance), Thomas Meister (partner, tax), Christine Glättli (managing associate, corporate), Ursina Gremminger (associate, tax) and Matthias Lötscher (associate, finance).