Global law firm Norton Rose Fulbright has advised a banking consortium consisting of HSBC Germany (Technical Lead), Crédit Agricole Corporate and Investment Bank, DekaBank Deutsche Girozentrale and NatWest Bank Plc in connection with the successful issuance of the first Social Bond by NRW.BANK (Düsseldorf).
NRW.BANK's first Social Bond has a fixed interest rate of 0.10 per cent p.a. and matures on July 9, 2035. The proceeds from the issue will be used to refinance eligible social projects in North Rhine-Westphalia which have a positive impact on society and serve, for example, to maintain and create jobs. The Social Bond met with great interest among investors and was oversubscribed three times.
NRW.BANK is the development bank for the State of North Rhine-Westphalia. It supports its owner, the State of North Rhine-Westphalia, in its structural and economic policy tasks.
Christoph Enderstein, responsible for the Debt Capital Markets unit at Norton Rose Fulbright in Germany, commented on this:
"My team and I are delighted to have been mandated again immediately after our move to Norton Rose Fulbright in connection with the issuance of a bond by NRW.BANK, especially as this is the first social bond issued by a German development bank.”
The Frankfurt team was led by partner Christoph Enderstein (Banking, Finance, Frankfurt). He was supported by Counsel Michael Born (Banking, Regulatory, Frankfurt) and Associate Nadine Gerstenkorn (Banking, Finance, Frankfurt). The Frankfurt Debt Capital Markets team of Norton Rose Fulbright around partner Christoph Enderstein advises both issuing banks and issuers in connection with national and international capital market transactions in the areas of debt capital markets and structured finance, in particular on bonds, commercial paper, mortgage bonds, structured notes, securitised derivatives, hybrid instruments, registered bonds, promissory notes and issuance programmes as well as the related regulatory issues.
HSBC Germany was advised in-house by Marcus Plemper and Ulf Starke. At NRW.BANK, Tanja Borchart and Dr. Torsten Freund advised on the issue of the Social Bond.