9 November 2015
Clifford Chance advises on SNS Bank's successful EUR 500 million Tier 2 debt issue
Clifford Chance has advised on SNS Bank's first Tier 2 debt issue since its nationalisation in February 2013. On 29 October 2015, SNS Bank successfully placed EUR 500 million subordinated (Tier 2) notes with a wide range of institutional investors. The transaction marks the convincing return of SNS Bank to the capital markets.
The Tier 2 notes, having a maturity of 10 years, carry a fixed interest coupon of 3.75%, with a one-time call and reset date after five years. The issue of the notes contributes to the strengthening and diversification of SNS Bank's capital base. SNS Bank mandated Deutsche Bank AG (London Branch), Goldman Sachs International, ING Bank N.V., J.P. Morgan Securities plc and UBS Limited as Joint Lead Managers on the transaction. The notes will be listed on the Luxembourg Stock Exchange.
The Clifford Chance team that advised the Joint Lead Managers was led by Jurgen van der Meer and furthermore consisted of Joep Bertrams and Hugo van der Molen.