Frankfurt advises banking consortium on EUR 2.4 billion sustainability bond issued by the State of North Rhine-Westphalia

Global law firm Norton Rose Fulbright has advised a banking consortium consisting of Landesbank Baden-Württemberg (LBBW, Technical Lead), 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, debt capital markets partner, who led on the deal commented:

“We have advised on a number of matters in relation to ESG bonds and are pleased to have been involved also with the successful issue of the current sustainability bond of the State of North Rhine-Westphalia.”

LBBW was advised in-house by Dr. Falk Weishaupt and Michael Specht. On behalf of the State of North Rhine-Westfalia, the Ministry of Finance was responsible in connection with the issuance of the sustainability bond.

The Frankfurt team also included banking and finance associates Nadine Gerstenkorn and Leila Maxhuni.

Led by partner Christoph Enderstein, Norton Rose Fulbright's debt capital markets team in Frankfurt advises both investment banks and issuers in connection with national and international capital market transactions in the areas of debt capital markets and structured finance transactions, in particular on bonds, commercial paper, covered bonds, structured bonds, securitized derivatives, hybrid instruments, registered notes, Schuldschein loans and issuance programmes as well as related regulatory issues.