White & Case and Allen & Overy advise on the issue by Société Générale of the first additional Tier 1 under CRD IV by a French Bank | White & Case LLP International Law Firm, Global Law Practice
White & Case and Allen & Overy advise on the issue by Société Générale of the first additional Tier 1 under CRD IV by a French Bank

White & Case and Allen & Overy advise on the issue by Société Générale of the first additional Tier 1 under CRD IV by a French Bank

Global law firm White & Case LLP and Allen & Overy LLP have advised on Société Générale's issue of US$1.25 billion deeply subordinated Notes.

The issue was structured to comply with the eligibility criteria for additional Tier 1 regulatory capital under both the current applicable rules and in anticipation of the forthcoming Basel III rules. It was innovative – made possible by the European Union’s publication of CRD IV on June 26, 2013. This directive and accompanying regulation (CRR) are the European transposition of Basel III and as a result further regulatory capital issues by European banks can be expected.

It is the first issue of its kind since the publication of the European rules and was completed on September 6, with the Notes listed on the Luxembourg Stock Exchange and rated by Fitch, Moody's and Standard & Poor's.

White & Case advised Société Générale as Global Coordinator and Structuring Advisor and Citibank, Credit Suisse, Deutsche Bank, HSBC and Société Générale Bank & Trust in their roles as Joint Lead Managers. Allen & Overy advised Société Générale as Issuer.

The White & Case team in Paris was led by partners Gilles Endréo and Cenzi Gargaro, with tax advice from partner Alexandre Ippolito and additional support from associate Grégoire Karila.

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