State of North Rhine-Westphalia’s EUR 2.4 Billion Sustainability Bond Offer

Norton Rose Fulbright has advised a banking consortium consisting of Landesbank Baden-Württemberg, Coöperatieve Rabobank U.A., Natixis, NatWest Markets Plc, The Toronto-Dominion Bank and UniCredit Bank AG in connection with the issuance of a multi-billion euro sustainability bond by the State of North Rhine-Westphalia.

The sustainability bond with an issue volume of EUR 2.4 billion (USD 2.8 billion) is non-interest-bearing and matures on 12 October 2035. The proceeds of the issue will be used by the State of North Rhine-Westphalia for projects with environmental or social benefits in the fields of education and sustainability research, inclusion and social coherence, public transport and local mobility, climate protection and energy transition, protection of natural resources, sustainable urban development and modernization of educational and public health facilities. The sustainability bond was met with great interest among investors, and was oversubscribed several times.

Christoph Enderstein (Picture), debt capital markets partner, led on the deal. The Frankfurt team also included banking and finance associates Nadine Gerstenkorn and Leila Maxhuni.

Involved fees earner: Christoph Enderstein – Allen & Overy; Nadine Gerstenkorn – Norton Rose Fulbright;

Law Firms: Allen & Overy; Norton Rose Fulbright;

Clients: Landesbank Baden-Württemberg ; Natixis; NatWest Markets; Rabobank; Toronto-Dominion Bank; UniCredit Bank AG;