White & Case advises Berlin Hyp on first syndicated issuance of blockchain-based Pfandbrief

Global law firm White & Case LLP has advised Berlin Hyp AG on the issuance of a blockchain-based mortgage Pfandbrief, the first issuance of a digital mortgage Pfandbrief by a bank.

The Pfandbrief with an aggregate principal amount of €100 million, a coupon auf 2.75% and a term of three years was issued as a crypto security under the German Electronic Securities Act (eWpG). Landesbank Baden-Württemberg (LBBW) and DekaBank Deutsche Girozentrale (DekaBank) acted as lead managers and custodian banks.

Settlement will take place via the private and authorised blockchain of SWIAT GmbH. DekaBank is acting as the crypto securities registrar as part of the transaction. Both DekaBank and LBBW are entered as holders of the Pfandbrief for the investors in the form of a collective entry.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and included local partner Claire-Marie Mallad, counsel Alexander Born and associates Daniel Sander, Darleen Stöckl and Domenik Mack.

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