Led by Frankfurt partner Jochen Seitz, international law firm Hogan Lovells has advised a syndicate of banks led by Citigroup Global Markets Limited as arranger on the update of the Unlimited Commercial Paper (CP) and Certificate of Deposits (CD) programme of Erste Group.
Under the programme, Erste Group can issue CPs and CDs either through Erste Group Bank AG, Austria, or Erste Group Bank AG, Hong Kong Branch.
The programme has a STEP label (Short-Term European Paper), which is relevant for the ECB eligibility of the securities issued. STEP is an initiative of the European Money Markets Institute (EMMI) that sets market standards and has established STEP as a seal of quality.
Erste Group may issue both commercial paper (CPs) and certificates of deposit (CDs) under the programme. CPs constitute money market instruments with a maturity of up to 364 days that are tradeable as bearer bonds. CDs are also money market instruments with short maturities that are securitised as certificates of deposit in bearer form.
The team led by Jochen Seitz acted as transaction counsel and advised on both German law and Hong Kong law.
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