Linklaters provided advice to FMS Wertmanagement, a winding-up agency owned by the German government, in connection with making a public tender offer to repurchase bonds of the Irish DEPFA Group. Such offer includes bonds in a total nominal volume of €3.3 billions, which are denominated in euros, Swiss francs, U.S. dollars and Canadian dollars. The maturity dates of the relevant bonds fall within the period from October 2017 to March 2037.

The securities were issued by DEPFA ACS Bank and DEPFA Pfandbrief Bank International S.A. Today, these two companies are wholly owned subsidiaries of FMS Wertmanagement.

FMS Wertmanagement was established as a winding-up agency owned by the German government in 2010, its purpose being to assume risk positions and non-strategic business units of the HRE Group and to wind them up with a view to minimising loss. This includes maximising the value of the DEPFA Group’s assets when winding them up, amongst other things.

The Linklaters team was led by Dr Christian Storck (Capital Markets, Frankfurt). Other team members included Dr Michael Ehret (Tax, Frankfurt), Dr Laurenz Uhl, Peter Waltz (both Capital Markets, Frankfurt), Jasper Howard (Tax, Warschau), Nicki Kayser (Capital Markets & Banking, Luxemburg), Cecil Quillen (Capital Markets, London), Olivier Van Ermengen (Tax, Luxemburg), Kristina Zych (Public Commercial Law, Berlin), William Cresswell, Dr Alexander Schlee, Nadine Berlander, Axel Oehrn, Martin Rojahn, Daniel Hannappel (all Capital Markets, Frankfurt), Matthew Brigham (Tax, New York), Marc Christ (Tax, Frankfurt) and Martin Otto (Public Commercial Law, Berlin).