We advised Oma Savings Bank Plc (“Oma Savings Bank”) on consent solicitation as Oma Savings Bank amended the terms and conditions of its outstanding covered bonds issued under its EUR 3,000,000,000 programme.
The process was designed to bring Oma Savings Bank’s outstanding covered bonds under the new Finnish Act on Mortgage Banks and Covered Bonds (151/2022) (the “New Covered Bond Act”).
The New Covered Bond Act entered into force on 8 July 2022. Oma Savings Bank’s bonds, which were issued under the previous law (i.e. the Finnish Act on Mortgage Credit Bank Operations (688/2010)), were not automatically subject to the New Covered Bond Act and required the bondholders’ decision to amend the bonds’ terms and conditions.
Now that the consent solicitation has been successfully completed, Oma Savings Bank will administer only one cover pool that is subject to the New Covered Bond Act.