The Mortgage Society of Finland – Update of EUR 2 Billion Bond Programme

We advised The Mortgage Society of Finland in the update of a EUR 2 billion bond programme under which the Mortgage Society of Finland may issue senior preferred and unsecured notes, subordinated debentures and covered bonds. The notes under the programme may be listed on the official list of Nasdaq Helsinki Ltd. Under the programme, it is possible to issue senior preferred notes that qualify as eligible liabilities items (MREL) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met. The programme accounts for the new proposed Covered Bond Act that would replace the current Act on Mortgage Credit Banks. The proposed act is intended to enter into force on 8 July 2022.