Wolf Theiss advises Erste Group Bank AG on two benchmark issues

Erste Group Bank AG successfully completed another benchmark issue of Additional Tier 1 Notes amounting to EUR 500 million on 12 March 2019. The Additional Tier 1 Notes, which were rated BBB- by Standard & Poor’s, were issued at an issue price of 100% and placed with institutional investors. Erste Group Bank AG was able to set the first rate of distribution at 5.125% per annum in the course of the pricing. The Additional Tier 1 Notes are listed on the Official Market of the Vienna Stock Exchange.

Erste Group Bank AG as issuer was advised by Partner Claus Schneider and Associate Nikolaus Dinhof (both Banking & Finance, DCM) and in tax aspects by Counsel Eva Stadler and Partner Niklas Schmidt (both Tax).

The two law firms Linklaters (Frankfurt) and Rautner Rechtsanwälte GmbH advised the involved bank consortium.

In addition, the Wolf Theiss DCM team advised Erste Group Bank AG on the first benchmark issue of Eligible Liabilities Format Notes amounting to EUR 500 million. The Eligible Liabilities Format Notes, which were rated A by Fitch, A2 by Moody’s and A by Standard & Poor’s, have a tenor of 5 years and were placed with institutional investors with a coupon of 0.375% per annum. The Eligible Liabilities Format Notes shall be eligible for MREL (Minimum Requirement for Own Funds and Eligible Liabilities) purposes and are listed on the Official Market of the Vienna Stock Exchange. The signing took place on 12 April 2019 and the closing on 16 April 2019. Erste Group Bank AG was again advised by Partner Claus Schneider and Associate Nikolaus Dinhof (DCM) as well as Counsel Eva Stadler and Partner Niklas Schmidt (both tax).

The involved bank consortium was advised by the two law firms Allen & Overy (Frankfurt) and Rautner Rechtsanwälte GmbH.