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Bank of Cyprus appoints BNY Mellon corporate trustee for EUR5bn covered bond program

The Bank of Cyprus has appointed BNY Mellon as corporate trustee, account bank, principal paying agent and listing agent for its EUR5bn covered bond program.

This is the Bank of Cyprus’ inaugural covered bond program comprising of distinct Cypriot and Greek residential mortgage loan cover pools.

James Maitland, international Corporate Trust executive at BNY Mellon said BNY Mellon has substantial covered bond experience in the UK, Italy, Greece, Ireland, the Netherlands and Canada and is working on new issuance in existing markets and new countries that are developing legislation for these instruments. Their appointment to both covered bond programs to have been issued under Cypriot Covered Bond Law is testament to their commitment and expertise in this field.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

BNY Mellon Corporate Trust services $11.9 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets.