Crédit Agricole next bank (Suisse) SA established its CHF 2 billion Covered Bond Programme in August 2020 and completed an inaugural issuance of CHF 200 million Covered Bonds on 18 September 2020. The Covered Bonds benefit from a guarantee issued by its subsidiary CAnb (Switzerland) Mortgages Ltd., indirectly secured by a pool of Swiss residential mortgage loans. The Programme is based on an innovative, entirely Swiss law governed structure. Niederer Kraft Frey advised Credit Suisse as Joint Lead Manager. The NKF team was led by Capital Markets partner Daniel Bono, working with senior associate Giulia Ghezzi (Capital Markets).