White & Case Advises NORD/LB on Issuance of Subordinated Tier 2 Bonds
Global law firm White & Case LLP has advised Norddeutsche Landesbank – Girozentrale (NORD/LB) on its issuance of US$500 million subordinated bonds with a ten-year term and 6.25 percent coupon which satisfy the criteria for eligible capital in the form of supplementary capital (Tier 2).
The bond has been admitted for listing and trading on the Luxembourg Stock Exchange's regulated market and is one of the first Tier 2 issues by a German financial institution since the more rigorous capital requirements based on European law came into direct effect at national level at the beginning of 2014.
The bond was placed by a syndicate of banks comprising HSBC (as Sole Global Coordinator), BNP Paribas, J.P. Morgan, Nomura and RBS and taken up mainly by institutional investors in Europe and Asia. The orderbook was six times oversubscribed.
The White & Case team in Frankfurt which advised NORD/LB was led by partners Karsten Wöckener and Dennis Heuer and included local partners Daniel Baierlein and Dr. Michael Kunze as well as associates Cristina Freudenberger and Georg Esser.
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