Clifford Chance has advised a banking syndicate comprising Deutsche Bank, DZ Bank, HSBC and LBBW on the successful placement of bonds issued by Niedersachsen Invest GmbH and guaranteed by the Federal State of Lower Saxony with a total volume of EUR 1.2 billion.
The transaction was made up of two tranches. Both bonds were issued on 16 July 2020 with an AAA rating from Fitch for trading on the Euro MTF operated by Luxembourg Stock Exchange.
Niedersachsen Invest GmbH is an enterprise of the Federal State of Lower Saxony set up to hold and manage interests in NORD/LB and Fürstenberg Holding GmbH. The bonds served to refinance a short-term promissory note loan on which Clifford Chance also advised.
The Clifford Chance team comprised partner Sebastian Maerker and associates Wolfgang Ettengruber and Moje Salzmann (all Banking & Capital Markets, Frankfurt) as well as sowie Partner Thomas Voland (Public Procurement, Düsseldorf).
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