The programme contains options for issues of ordinary senior notes, subordinated notes and MREL eligible notes in the form of senior preferred and senior non-preferred notes. The programme provides for a listing of the notes on the regulated market in Luxembourg Stock Exchange and/or the Bucharest Stock Exchange.
Further, Clifford Chance advised Raiffeisen Bank S.A. on a non-syndicated dual-tranche private placement of senior non-preferred EUR and RON denominated MREL eligible bonds under the above-mentioned programme in December 2022.
The bonds have a volume of €97 million with a coupon of 7.5 per cent and RON 175 million with a coupon of 9.0 per cent, both with a term of three years.
In January 2023, Clifford Chance advised Citigroup, Raiffeisen Bank International and Raiffeisen Bank S.A. on CEC Bank’s inaugural public offering of senior non-preferred EUR denominated MREL eligible bonds of CEC Bank with a volume of €119.3 million, a term of five years (callable after four years) and a fixed to floating interest structure with a fixed interest coupon of 7.5 per cent until the first call date. The bonds will be listed on the regulated markets of the Luxembourg Stock Exchange and the Bucharest Stock Exchange. The bond proceeds will be used to meet CEC Bank’s MREL requirements for 2023.
The international Clifford Chance advisory team for the banks comprised partner Sebastian Maerker, senior associate Wolfgang Ettengruber and transaction lawyers Marlen Klepsch and Lea Teckentrup (all Capital Markets, Frankfurt), partner Madalina Rachieru and senior associate Georgiana Evi (both Capital Markets, Bucharest) and senior associate María de Elizalde (Capital Markets, Madrid).
