NORD/LB’s €10.1 Billion Loan Portfolio Transaction

White & Case LLP has advised NORD/LB Norddeutsche Landesbank (NORD/LB) on a loan portfolio transaction in respect of a €10.1 billion reference portfolio (Northvest 2). Northvest 2 allows NORD/LB to reduce its risk-weighted assets and further strengthen its regulatory CET 1 ratio.

The reference portfolio consists of approximately 4,300 loans comprising inter alia renewable energy finance, aviation finance, infrastructure and German mid-cap loans. The transaction is also the biggest securitisation of shipping credits placed on the market in the recent past with the reference portfolio including approximately €1 billion of shipping loans. Institutional investors provide a financial guarantee with respect to a significant portion of the credit risk regarding the loans forming part of the reference portfolio. The remaining risk is retained by NORD/LB which continues to be the contracting party to the underlying obligors. The parties agreed not to disclose further information on the terms and conditions of the transaction.

The international White & Case team which advised on the transaction was co-led by partner Dennis Heuer (Picture) and local partner Daniel Baierlein (both Frankfurt), and included partners Ingrid York and Stuart Willey (both London), local partner Michael Rützel, counsel Alexander Born (both Frankfurt), counsel Dr. Katrin Rübsamen (Berlin) and associate Claire-Marie Mallad (Frankfurt).

 

Involved fees earner: Dennis Heuer – White & Case; Daniel Baierlein – White & Case; Ingrid York – White & Case; Stuart Willey – White & Case; Michael Rützel – White & Case; Claire-Marie Mallad – White & Case; Alexander Born – White & Case; Katrin Rübsamen – White & Case;

Law Firms: White & Case;

Clients: NordLB;

 

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