Deals & Cases

Cornèr Banca SA Covered Bond Programme

1 novembre 2022 – On 7 September 2022, Cornèr Banca SA has established a CHF 1 billion Covered Bond Programme. The Covered Bonds issued under the programme benefit from a guarantee issued by its subsidiary Accent Ipoteche SA, indirectly secured by a pool of Swiss residential and commercial mortgage loans. The programme is entirely based on a Swiss law governed structure.

On 11 October 2022, Cornèr Banca SA successfully closed its first issuance under the programme of CHF 100 million Series 2022-1 Covered Bonds with a coupon of 2.250 per cent, due in October 2027 (with extended due for payment date October 2028). The Covered Bonds are listed on the SIX Swiss Exchange and are rated «AAA» by Fitch. Credit Suisse AG acted as Joint Lead Manager and sole arranger and dealer.

Walder Wyss advised Cornèr Banca SA on the overall structuring and Swiss law in relation to the Covered Bond Programme and the first issuance. The Walder Wyss team was led by Roger Ammann (Managing Associate, Finance) and Johannes A. Bürgi (Partner, Finance) and included Stefano Codoni (Partner, Corporate/M&A), Davide Jermini (Partner, Corporate/M&A), Thomas Meister (Partner, Tax), Etienne Trandafir (Associate, Finance) and Guenda Enea (Junior Associate, Finance).