Press Release

White & Case Advises Greensill Bank on Issuance of New-Style Coco Bonds with Mandatory Conversion

Global law firm White & Case LLP has advised Greensill Bank AG, formerly known as NordFinanz Bank AG, on the issuance of Additional Tier 1 instruments.

White & Case advised Bremen-based Greensill Bank on the financial regulatory, corporate law and capital markets aspects of the transaction. The instruments are structured as mandatory convertible bonds in compliance with the new regulatory requirements of the Capital Requirements Regulation.

Different from the few issues of AT1 instruments seen to date in the German market, which have been structured with a write-down mechanism, the instruments issued by Greensill Bank are structured as true Contingent Convertible Bonds (CoCos) and provide for a mandatory conversion of the instrument in share capital if the bank falls short of certain regulatory minimum capital ratios.

The White & Case team in Frankfurt which advised on the transaction was led by partner Alexander Kiefner and local partner Andreas Wieland and included partner Karsten Wöckener and associates Julia Kühnel and Georg Esser.

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