Allen & Overy advises Quintet on its successful placement of additional tier-1 capital notes
26 October 2020
Allen & Overy has advised Quintet Private Bank (Europe) S.A. on its issuance of €125 million AT1 capital notes to complement capital commitments made by the shareholder, support financing of long-term growth and further reinforce its regulatory capital position.
Headquartered in Luxembourg and operating in 50 European cities, Quintet Private Bank (Europe) S.A. (Quintet) has announced that it has successfully placed €125 million in additional tier-1 (AT1) capital notes, which have been admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange.
Qualifying as additional tier-1 capital, the placement of these AT1 capital notes will complement the significant equity capital commitments already made and foreseen in future by Quintet’s shareholder, Precision Capital. Since acquiring Quintet in 2012, Precision Capital has injected over €300 million in additional capital.
Quintet’s AT1 capital notes, which are denominated in euros and will be paid semi-annually, are perpetual instruments governed by Luxembourg law with a first call date in 2026.
Allen & Overy acted with a multi-jurisdictional and cross-departmental team headed by partners Paul Péporté and Tom Grant, senior associate Baptiste Aubry, associate William Robertson and junior associate Michal Chajdukowski. Partner Jean Schaffner with associate Stéphanie Yiolitou advised on the tax aspects of the transaction.