Valiant Bank AG places inaugural Swiss Covered Bond

Walder Wyss Ltd. | View firm profile

Bank AG has successfully placed a CHF250 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).

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