Mayer Brown and CHSH have advised Raiffeisen Bank International as arranger and dealer on the establishment of a EUR 5 billion Debt Issuance Programme of Raiffeisen Zentralbank Osterreich AG as issuer. CSSF in Luxemburg approved the respective prospectus.
Raiffeisen Zentralbank Osterreich AG is the central institution of the Austrian Raiffeisen Banking Group — one of Austria's largest banking groups.
The Debt Issuance Programme includes among standard instruments also AT1 instruments which are supposed to enable the issuer to raise Additional Tier 1 capital. Since the beginning of 2014, AT1 instruments structured in compliance with the new capital adequacy requirements of Basel III and the Capital Requirements Directive (CRD IV) and the related Capital Requirements Regulation (CRR) are becoming increasingly popular. The AT1 instruments are characterized by their unlimited term and the possibility to cancel interest payments and to write down the nominal amount of the securities, if the Common Equity Tier 1 Ratio falls below a certain threshold. The Debt Issuance Programme enables Raiffeisen Zentralbank Osterreich to issue debt instruments, including AT1 instruments, at short notice and to react flexible to market conditions.
The Mayer Brown team was led by Partner Jochen Seitz, assisted by Partners Ralf Hesdahl and Ingo Kleutgens and Associate Markus Bruschand. Raiffeisen Zentralbank Osterreich’s Head of Legal is Christoph Lehner. Raiffeisen Bank International’s lawyers Ulrike Toscani and Matthias Pusch worked with Jorg Liesenfeld and Michaela Domnanovich from RBI’s Transaction Management team.
Transaction advice on Austrian law was provided by Cerha Hempel Spielfeld Hlawati Partner Volker Glas and Associates Christian Aichinger and Gernot Wilfling.