Linklaters has advised Deutsche Börse AG on the issuance of subordinated hybrid bonds with a total volume of €600m. The transaction marks the first publicly placed hybrid bond represented by central register securities pursuant to the German Electronic Securities Act (Gesetz über elektronische Wertpapiere – eWpG). The bonds were issued via the digital “D7” platform operated by Clearstream Europe AG.
The subordinated bonds have a maturity of 26 years and a first optional redemption date in June 2032. The proceeds from the issuance will be used for general corporate purposes. The bonds were admitted to trading on the Frankfurt Stock Exchange and the Luxembourg Stock Exchange.
The Linklaters team was led by Dr Alexander Schlee and Martin Rojahn (both Partner). The team also included Catrin Retzmann (Managing Associate) and Tabea Meißner (Associate) (all Capital Markets, Frankfurt).
Linklaters frequently advises corporates and investment banks on the placement of hybrid bonds and electronic securities. Recently, the Capital Markets team led by Dr Alexander Schlee has, among others, advised on hybrid bonds for Lufthansa, RWE, Amprion, TenneT, EnBW and Südzucker as well as on electronic securities issuances by Deutsche Börse and Evonik.
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