The Bank of New York Mellon has been appointed by Alpha Bank to act as the corporate trust provider for its E8 billion covered bond program.

As corporate trust provider, The Bank of New York Mellon will act as trustee, principal paying agent, Luxembourg listing agent, transfer agent, exchange agent, registrar and calculation agent. Covered bonds are securities that are backed by either high-quality mortgage loans or public-sector loans.

Samir Pandiri, managing director and head of the international division for global corporate trust business at The Bank of New York Mellon, said: Legislative initiatives across Europe are allowing covered bond programs such as Alpha Bank’s to be launched and we look forward to providing the infrastructure and support required to make such transactions successful.