Global law firm White & Case LLP has advised Natixis as sole Bookrunner and Banco Bilbao Vizcaya Argentaria S.A., Barclays, Commerzbank and J.P. Morgan, together as Joint Lead Managers, on the issue by BPCE of its €1 billion, 4.625 percent subordinated notes due 2023.
The issue closed on July 18, 2013 and was structured to comply with the eligibility criteria for Tier 2 regulatory capital under current applicable rules. In addition, this issuance is innovative as it anticipates the Basle III requirements implemented in Europe through CRD IV on June 26, 2013. The adoption of CRD IV should favour a more stable environment leading to further regulatory capital issues by European banks.
The notes were listed on Euronext Paris and rated by Standard & Poor’s and Fitch.
The White & Case team in Paris was led by partners Gilles Endréo and Séverin Robillard with support from associate Anne-Laure Jennequin.
