Allen & Overy has advised a banking syndicate in connection with the successful issue of a EUR 500 million green bond by NRW.BANK. The banking syndicate comprised Commerzbank Aktiengesellschaft (technical lead) and HSBC Trinkaus & Burkhardt AG.

The bearer instrument, which is the seventh green bond to have been successfully placed by NRW.BANK, bears interest at a fixed rate of 0.625% p.a. and matures on 2 February 2029. The underlying projects have been selected from the renewable energies, energy efficiency and clean transport sectors. The order book was substantially oversubscribed and was closed after only 1.5 hours.

NRW.BANK is the public development bank for the State of North Rhine-Westphalia. It supports its owner, the State of North-Rhine Westphalia, in the completion of its structural and economic policy tasks.

The Allen & Overy team advising the banking syndicate was led by partner Christoph Enderstein and included associate Sang-Woon Lee and transaction support officer Beate Loris (all International Capital Markets, Frankfurt).
The Debt Capital Markets team led by partner Christoph Enderstein regularly advises in connection with the issue of sustainability bonds and green bonds, and advised also in connection with the successful issue of the sixth green bond by NRW.BANK in June 2018, which was also placed by Commerzbank and HSBC Trinkaus & Burkhardt.
Commerzbank Aktiengesellschaft was advised in-house by Gunnar Graf. At NRW.BANK, the green bond issue was supported by Tanja Borchart and Oliver Winkelnkemper.

Allen & Overy's Debt Capital Markets team advises both managers and issuers in connection with national and international capital markets transactions in the fields of debt capital markets and structured finance, in particular in respect of bonds, commercial papers, German covered bonds (Pfandbriefe), structured notes, securitised derivatives, hybrid instruments, German registered bonds (Namensschuldverschreibungen), Schuldschein loans and debt issuance programmes, as well as all related regulatory issues.