Austria: Schoenherr advises Hypo Vorarlberg on EUR 330m synthetic securitisation to boost energy-efficient buildings
Schoenherr advised Hypo Vorarlberg on the synthetic securitisation of a EUR 330m portfolio of loans to small and medium-sized enterprises, corporate borrowers or certain private individuals. The transaction is designed to achieve regulatory capital relief under CRR (II) / CRD IV (V). The transaction builds upon a similar securitisation completed with Schoenherr's support at the end of 2017. It is a part of the European Investment Bank's response to support the Austrian economy following the COVID-19 pandemic.
"We are proud that we were able to successfully advise Hypo Vorarlberg on this important mandate, underpinning our market-leading expertise in the field of (regulatory) securitisations", said Schoenherr partner Martin Ebner.
The regulatory capital relief arising from this transaction is intended to support Hypo Vorarlberg's financing of the construction of new highly energy-efficient buildings, including building-integrated renewable energy capacities, and energetic refurbishment schemes of existing buildings in Austria. Through this transaction with Hypo Vorarlberg, the European Investment Fund (EIF) (and the European Investment Bank) – in line with the 'Green Deal' agenda – seek to support energy efficiency-related investments.
Hypo Vorarlberg with its headquarters in Bregenz is the largest individual bank in Vorarlberg. It pursues a local-based, conservative business model geared towards stability and sustainability.
The Schoenherr team advising Hypo Vorarlberg on the transaction consisted of Martin Ebner (partner) and Matthias Pressler (counsel). Together with Clifford Chance (Frankfurt) they acted as legal advisor in respect of German law aspects of the transaction. The European Investment Fund (EIF) and European Investment Bank (EIB) were advised by Linklaters (Frankfurt).