Frankfurt—Global law firm Dentons has again advised the German Finance Agency (Bundesrepublik Deutschland – Finanzagentur GmbH) on the successful syndication of federal bonds and on its Green Bond Framework 2026.
Via the current syndicate, an existing 30-year federal bond was reopened and increased by €3.5 billion, bringing its total issuance volume to €27.5 billion. The placement with national and international investors was carried out by a syndicate of banks led by BofA Securities, Commerzbank AG, Goldman Sachs Bank Europe S.E., J.P. Morgan, Morgan Stanley and Nomura.
Via the preceding syndicate, the Federal Government also issued the first Green Federal Bond under its revised Green Federal Securities Framework 2026 (“Green Bond Framework”). The total issuance volume of this debut initial issue was €4 billion. The placement with national and international investors was carried out by a syndicate of banks led by BNP Paribas, Danske Bank, Deutsche Bank, DZ BANK, NatWest and Société Générale.
Germany’s revised Green Federal Securities Framework updates and expands the previous framework from 2020, while retaining the core features of the Green Federal Securities. Both frameworks comply with the ICMA Green Bond Principles. The update reflects the further development of the Federal Government’s objectives in national and international climate, environmental and nature protection, as well as evolving market standards. Germany has been the largest issuer of Euro-denominated green bonds in recent years.
Dentons partner Oliver Dreher and his team have advised the German Finance Agency on numerous issues of conventional and Green German Federal Securities, including a 20-year federal bond with a total issuance volume of €6.5 billion.
