Wolf Theiss, working with Freshfields Bruckhaus Deringer, has advised Raiffeisen Bank S.A. on its issue of RON 500,850,000 Senior Non-Preferred Eligible Sustainability Notes. Clifford Chance advised the joint lead managers.
Raiffeisen Bank International AG and Raiffeisen Bank S.A. were responsible for the placement of the notes as joint lead managers.
According to the firm, this is the first sustainability RON-denominated bond issue of a Romanian issuer, with a fixed annual coupon of 8.92%. The August 10, 2022 fiver year tenure placement is intended “to finance and/or refinance, in part or in full, new or existing eligible loans providing distinct environmental benefits (eligible green and social loans), with a minimum allocation to social categories of 50% and the difference up to 100% towards green categories, as further described in the Sustainability Bond Framework of Raiffeisen Bank S.A. (Romania).” It added that “the notes are intended to be eligible for MREL (Minimum Requirement for Own Funds and Eligible Liabilities) purposes and to be listed on the Luxembourg Stock Exchange and the Bucharest Stock Exchange.”
The Wolf Theiss team included Bucharest-based Partner Claudia Chiper and Senior Associate Andreea Tudorache and Vienna-based Partner Alex Haas and Senior Associates Nevena Skocic and Nikolaus Dinhof.
The Freshfields team included Vienna-based Partner Stephan Pachinger, Counsel Christian Joellinger, and Associate Benedikt Graf and Frankfurt-based Partner Christoph Gleske, Principal Associate Birgit Schulz.
The Clifford Chance team included Frankfurt-based Partner Sebastian Maerker, Senior Associate Wolfgang Ettengruber, and Transaction Lawyer Marlen Klepsch.