Norton Rose Fulbright advises NRW.BANK on the inaugural issue of a blockchain-based digital bond

Global law firm Norton Rose Fulbright has advised NRW.BANK on the successful issuance of its first digital bond in the form of a crypto security under the German Electronic Securities Act (eWpG). The bond of NRW.BANK has a principal amount of EUR 100 million, a fixed interest rate of 2.160 per cent per annum and matures on 9 July 2027.

DekaBank Deutsche Girozentrale, Deutsche Bank Aktiengesellschaft and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main acted as joint lead managers of the bond issue. DZ BANK is also registered in collective registration as the holder of the bond. Cashlink Technologies GmbH has been designated as the registrar of the crypto securities register.

This is the inaugural issue of an uncertificated electronic security in the form of a crypto security by NRW.BANK. The blockchain-based digital bond was met with great interest from investors.

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, Head of Debt Capital Markets at Norton Rose Fulbright Germany, comments: "We are delighted that NRW.BANK has mandated us in connection with this innovative transaction, NRW.BANK's inaugural issue of a crypto security."

NRW.BANK was advised by a team of Norton Rose Fulbright led by partner Christoph Enderstein (Debt Capital Markets) and counsel Dr Michael Born (Debt Capital Markets/Financial Services, both Frankfurt).

The Norton Rose Fulbright team also included senior associate Florian Fraunhofer and associate Miriam Dustmann (both Debt Capital Markets, Frankfurt), partner Simon Weppner (Tax, Düsseldorf) and senior associate Sarah Heufelder (Tax, Munich). 

Norton Rose Fulbright's Debt Capital Markets team led by partner Christoph Enderstein in Frankfurt advises both investment banks and issuers in connection with national and international capital markets transactions in the areas of debt capital markets and structured finance, in particular on bonds, electronic securities, commercial paper, covered bonds (Pfandbriefe), structured bonds, securitized derivatives, hybrid instruments, registered bonds, promissory notes and debt issuance programs as well as the related regulatory aspects including sustainable financing issues.