Starting news article english 17 June 2009

Clifford Chance advises on issuance of EUR 1.5 bn bonds

The international law firm Clifford Chance advised a bank syndicate consisting of Deutsche Bank, DZ Bank, LBBW, Morgan Stanley and Unicredit (HVB) on the issuance of EUR 1.5 bn bonds by HSH Finanzfonds AöR, a public law institution of the States of Hamburg and Schleswig-Holstein. The bonds, with a coupon of 3.625 per cent., are guaranteed by the States of Hamburg and Schleswig-Holstein and have a term of five years.

This issue is one of the first of its kind and has been carried out to finance a capital increase as part of the rescues measures for HSH Nordbank.The Clifford Chance team was comprised of partner Sebastian Maerker and transaction lawyer Robert Koller (both Banking & Capital Markets, Frankfurt) as well as partner Holger Wissel and associate Ruth Jorias (both Corporate, Düsseldorf).

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