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Allen & Overy advises Bayerische Landesbank in connection with a sustainability bond issued by the State of North Rhine-Westphalia in an amount of approximately EUR 1.6 billion

16 March 2016

Allen & Overy has advised Bayerische Landesbank, as technical manager, in connection with the successful issue of a EUR 1.585 billion sustainability bond by the State of North Rhine-Westphalia. In addition to Bayerische Landesbank, the banking syndicate comprised HSBC Trinkaus & Burkhardt AG, Merrill Lynch International, NATIXIS and UniCredit Bank AG.

The sustainability bond offers a coupon of 0.125% p.a. and matures in 2023. Holders of the "Sustainability Bond #2 NRW" invest in selected ecological and social projects and initiatives of the federal state. The investors' funds are used to support projects within the fields of education and research, inclusion and integration, climate protection and renewable energies, etc. This is the second sustainability bond issued by the State of North Rhine-Westphalia. The first bond, which was issued in March 2015, was a great success and was oversubscribed several times.

The Allen & Overy team advising Bayerische Landesbank was led by partner Christoph Enderstein and included associates Christoph Pohl and Sandra Ziener (all ICM, Frankfurt).

Christoph Enderstein's debt capital markets team also regularly advises in connection with sustainability/green bonds. The team generally advises both managers and issuers in connection with national and international capital markets transactions in the field of debt capital markets and structured finance, in particular in respect of bonds, commercial paper, German covered bonds (Pfandbriefe), structured notes, securitised derivatives, hybrid instruments, German registered bonds (Namensschuldverschreibungen), Schuldschein loans and debt issuance programmes, as well as all related regulatory issues.

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