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Clifford Chance advises ABN AMRO on highly successful offering of CRDIV compliant Tier 2 capital instruments on Asian and European markets

29 March 2017

Clifford Chance advises ABN AMRO on highly successful offering of CRDIV compliant Tier 2 capital instruments on Asian and European markets

Clifford Chance acted as issuer counsel for ABN AMRO Bank N.V. ("ABN AMRO") on its USD 1,5 billion RegS Tier 2 subordinated transaction which priced 20 March and settled on 27 March 2017.

Benefiting from both Asian and European demand, ABN AMRO was able to print USD1.5bn – beyond its initial target size. The transaction represents the first RegS only bank Tier 2 transaction since 2014 and highlights the continued support ABN AMRO receives from both Asian and European investors.

The Tier 2 notes, having a maturity of 11 years, carry a fixed interest coupon of 4.40%, with a one-time call and reset date after six years. The issue of notes contributes to the strengthening of ABN AMRO's current total capital levels and enables it to pre-position itself for MREL requirements.

ABN AMRO mandated its own investment bank, Citigroup, Goldman Sachs, HSBC and Standard Chartered as joint bookrunners for the issue.

The Clifford Chance team that advised ABN AMRO was led by Jurgen van der Meer and furthermore included Hugo van der Molen and Tom Smeele.