Slovenska Sporitelna Covered Bonds

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

In June 2019, EBRD approved investments in a series of EUR-denominated mortgage covered bonds to be issued by Slovenska sporiteiia, a.s. ("SLSP") under the EBRD Covered Bond Framework II for Slovakia.

In June 2019, the EBRD invested in the first EUR 500 million benchmark covered bond issuance of SLSP with a 7-year tenor. The EBRD participation was EUR 40 million with 60% of EBRD investment to be allocated to green projects in line with the Bank's Green Economy Transition ("GET") approach.

In April 2022, the EBRD subscribed EUR 55 million in the EUR 500 million benchmark covered bond issuance of SLSP with a 5-year tenor. 100% of the proceeds were to be directed to green sub-projects in line with EBRD GET criteria.

In August 2023, the EBRD invested EUR 25 million in covered bond issuance of SLSP, in a total amount of EUR 500 million and a 4-year tenor. 100% of the proceeds to be directed to green sub-projects in line with EBRD GET criteria.

All bonds are listed on Bratislava Stock Exchange.

Project ID 51132

Status Signed

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Robert Herberc
herbec.robert@slsp.sk
+421 2 48625432
www.slsp.sk
Tomáikova 48 832 37 Bratislava Slovenská republika

Project ID 51132

Status Signed

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

05 Jun 2019

Disclosure date

26 Jun 2019

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Slovenska Sporitelna Covered Bonds (Slovak) (PDF, 0.38MB)

Project description

All bonds are listed on Bratislava Stock Exchange.

Project objectives

The project seeks to support a systematically important bank to strengthen its resilience, diversify funding sources and enhance asset-liability profile. The project also contributes to capital market development by enabling continued issuances of covered bonds in Slovakia.

The project strongly supports the green agenda in Slovakia with SLSP committing since 2019 to allocate 60%, and since 2022 100% of EBRD's participation to financing green projects in line with EBRD's GET requirements.

Transition impact

ETI Score:null

>>>>p>ETI: 65

The transition impact of the project is expected to derive form:

Resilient quality, in particular: (i) development of the local capital market for covered bonds and (ii) support the resilience of the largest systematically important bank in Slovakia to diversify and increase stable funding sources, thus ensuring the flow of mortgage lending to the economy.
Well-governed quality, by maintaining high standards of transparency and reporting by listing a capital market instrument favoured by regulators and investors, on local or international markets.

Client information

SLOVENSKA SPORITELNA AS

SLSP is the largest universal bank in Slovakia with more than 20% market share by total assets and the largest player in the mortgage loans market.

EBRD Finance Summary

EUR 120,000,000.00

Total project cost

EUR 1,500,000,000.00

Additionality

EBRD's involvement as a stable investor provides comfort to private investors and further widens market participation for the covered bond instruments. The Project will also support: (i) the further development of covered bonds as stable funding source to local banks, and (ii) promote green agenda in Slovakia by 100% green allocation of EBRD proceeds in line with the Bank's GET approach.

Environmental & Social Summary

Categorised FI. SLSP is a long-standing client and has demonstrated on-going compliance with the Bank's environmental, health, safety and social requirements. SLSP will be required to continue to comply with Performance Requirements 2, 4 and 9, and follow the Bank's E&S Procedures for Mortgage Lending as part of this transaction.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Robert Herberc
herbec.robert@slsp.sk
+421 2 48625432
www.slsp.sk
Tomáikova 48 832 37 Bratislava Slovenská republika

PSD last updated

04 Oct 2023

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Slovenska Sporitelna Covered Bonds

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)