White & Case Advises Federal Republic of Germany on First Issuance of Green Federal Bond with Principal Amount of €6.5 Billion
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Global law firm White & Case LLP has advised the Federal Republic of Germany (Bund), represented by the Federal Ministry of Finance, which is in turn represented by Bundesrepublik Deutschland – Finanzagentur GmbH (Finance Agency), on its first issuance of a Green Federal bond.
The Green Federal bond has a principal amount of €6.5 billion, a ten-year term and a fixed coupon of 0.00%. The placement of the Green Federal bond with international investors was carried out by a syndicate of banks under the lead management of Barclays Bank plc, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, J.P. Morgan Securities plc and UniCredit Bank AG.
The Federal Republic of Germany spent an amount equal to the proceeds derived from the issue of the Green Federal bond for expenditures that comply, on the date of the issue of the Green Federal Bond, with the requirements stipulated by the Federal Republic of Germany in its Green Bond Framework dated 24 August 2020.
Furthermore, with effect from 9 September 2020, the outstanding volume of the conventional twin bond, the 0% Federal bond 2020 II. (2030) will be increased by €6.5 billion. This increase will be added to the Federal Government's own holdings.
The White & Case team in Frankfurt that advised on the transaction was led by partner Karsten Wöckener and included local partner Cristina Freudenberger and associates Peter Becker, Claire-Marie Mallad, Florian Fraunhofer and Daniel Gillenkirch. The Finance Agency was represented in-house by Daniela Kracht (Legal Counsel, Capital Markets) and Dr. Arnd Düker (Legal Counsel).
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