Ashurst has advised an international banking consortium in connection with the issue of a €1.75 billion benchmark bond by Erste Abwicklungsanstalt (EAA). The consortium was headed by Barclays Bank (technical lead) and included Deutsche Bank, Goldman Sachs International, Landesbank Baden-Württemberg and UBS Limited. The bond has a term of five years (due 30 August 2017) and will bear interest of 1.125 per cent per annum.
The Ashurst team was led by Frankfurt-based partner Christoph Enderstein, supported by associate Susi Pak. This is the second bond issue by EEA Ashurst has advised on this year again. In March it advised the consortium in connection with the issue of a €1.5 billion benchmark bond.
Barclays Bank was advised in-house by Helmut Höfer and EEA was advised by in-house counsel Dr Carsten Römmer-Collmann.
Christoph Enderstein and the debt capital markets team regularly advise investment banks and issuers in connection with national and international capital market transactions, in particular, regarding bonds, securitised derivatives, borrowers’ notes and issuance programmes as well as associated regulatory questions.
Düsseldorf-based EEA is a public-law institution with partial legal capacity within the Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung) and is organisationally and economically independent. EEA winds up risk positions and divisions which are not strategically necessary of WestLB and its subsidiaries.
