Led by Frankfurt partner Dr. Jochen Seitz, global law firm Hogan Lovells advised a banking syndicate consisting of BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft, NATIXIS, NatWest Markets N.V., UBS AG London Branch and NORD/LB (lead) on the placement of a subordinated Tier 2 bond of NORD/LB with an issue volume of EUR 500 million.
On 23 May 2024, the bond was successfully placed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The bond has a term of 10,25 years and an initial coupon of 5.625 percent that is equipped with a reset mechanism. Moody’s assigned a Baa1 rating. The subordinated bond serves to strengthen the total capital ratio and is to be classified as Tier 2 capital in accordance with Regulation (EU) 575/2013 (CRR).
This is NORD/LB’s first placement of a Tier 2 benchmark bond in over ten years and one of numerous transactions for NORD/LB that the Hogan Lovells team has advised on.
Hogan Lovells team for the banks
Dr. Jochen Seitz (Partner), Dr. Stefan Schrewe (Counsel), Anna Hersener (Associate) (all Capital Markets, Frankfurt)
