White & Case Advises Landesbank Baden-Württemberg on Debut Bond Issuance of €750 Million AT 1 Instruments

Global law firm White & Case LLP advised Landesbank Baden-Württemberg (LBBW) on its first issue of Additional Tier 1 bonds with an aggregate principal amount of €750 Million.

It is the first time a German financial institution has issued an AT 1 bond under a debt issuance programme.

The notes fulfil the requirements stipulated by the Capital Requirements Regulation (CRR) as Additional Tier 1 capital (AT 1). LBBW, together with a dealer group, established a new programme for the issuance of AT 1 bonds with an issue volume of up to €1.5 billion. The first issue of AT 1 bonds under the programme settled on November 6, 2019 and was underwritten by six Joint Lead Managers and two Co-Managers. The bonds were admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The White & Case team in Frankfurt which advised on the transaction was led by partner Karsten Wöckener and included partners Rebecca Emory, Dennis Heuer, Lutz Krämer and Bodo Bender, counsel Alexander Born, local partners Cristina Freudenberger and Carsten Lösing, and associates Claire-Marie Mallad, Daniel Sander, Florian Fraunhofer, Philipp Kronenbitter and Daniel Gillenkirch.

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