30 July 2025 – On 20 June 2025 Cembra Money Bank AG has established a CHF 1 bn programme for the issuance of Auto Covered Bonds issued by Cembra Money Bank AG and guaranteed by Cembra Auto Finance AG. The Auto Covered Bonds issued under the programme will be indirectly backed by a portfolio of lease receivables and leased cars originated by Cembra Money Bank AG. Cembra’s Auto Covered Bond Programme follows the traditional contractual structured covered bond format used by Swiss banks but uses a different kind of asset pool to back the bonds. This is the second contractual covered bond programme where covered bonds are backed by a pool of lease receivables and leased cars.

On 18 July 2025, Cembra successfully completed its inaugural issuance of CHF 150 million 0.725% Fixed Rate Auto Covered Bonds due 2030 under its Auto Covered Bond Programme. The Swiss law governed Auto Covered Bonds have been assigned a 'AAA' rating by Fitch and will be listed on the SIX Swiss Exchange. The transaction was led by Zürcher Kantonalbank as Sole Arranger and Sole Lead Manager.

Cembra is a leading Swiss provider of financing solutions and services - offering a wide range of products including loans, leasing, credit cards and savings products.

Walder Wyss advised Cembra Money Bank AG and Zürcher Kantonalbank in respect of all transactional, regulatory and tax aspects in relation to the establishment of the Auto Covered Bond Programme and the inaugural issuance. The Walder Wyss team included David Borer (Partner, Finance/Capital Markets), Lukas Wyss (Partner, Finance/Capital Markets), Roger Ammann (Partner, Finance/Capital Markets), Maurus Winzap (Partner, Tax), Jan Ole Luuk (Counsel, Tax/VAT), Manu Ferro (Senior Associate, Finance/Capital Markets), Ganna Schneuwly (Transaction Manager, Finance/Capital Markets), Lisa Mrose (Trainee Lawyer, Finance/Capital Markets) and Simon Meier (Trainee Lawyer, Finance/Capital Markets).