Clifford Chance Badea advised the consortium of investment banks in connection with the EUR 500 million AT1 bond issue launched by Banca Transilvania on international markets
A multijurisdictional Clifford Chance team from the Bucharest and London offices has advised the consortium of investment banks in connection with the EUR 500 million AT1 bond issue launched by Banca Transilvania S.A. on international markets, its first ever such issuance and the largest in Central and Eastern Europe.
The issue, which consists of additional Tier 1 fixed rate resettable capital securities with no fixed maturity date, will be listed on the Euronext Dublin stock exchange. The amounts raised will be used by the issuer for general financing purposes and to meet capital requirements in accordance with applicable banking regulations.
The legal team included Partner Radu Ropotă and Associate Cosmin Mitrică from the Banking & Finance and Capital Markets practice of the Bucharest Clifford Chance office, and Partner Kate Vyvyan, Partner Matteo Sbraga and Senior Associate Russell Harris of Clifford Chance London.
Partner Radu Ropotă said: “The success of Banca Transilvania’s first AT1 (Additional Tier 1) bond issue reflects its international reputation and standing, as well as institutional investors' interest in Romanian issuers with a solid profile. At the same time, the transaction consolidates Clifford Chance's position as a leader in first-of-their-kind capital market transactions, based on its extensive experience, in-depth understanding of the industry, and long-standing collaboration with high-profile financial partners at a global level.”
He adds: “We would like to thank all parties involved for their excellent collaboration and coordination within a very intense work frame, which involved multijurisdictional teams and a tight schedule.”
