Ashurst advised an international banking syndicate in relation to the issue of the first benchmark bond of Erste Abwicklungsanstalt (EAA). The bond with a nominal amount of €1.5bn and a maturity of 5 years (due 2016) will pay a coupon of 3.125 per cent per annum.

The Ashurst team that advised the syndicate was led by partner Christoph Enderstein who was supported by associate Nico Feuerstein (both debt capital markets, Frankfurt).

Christoph Enderstein and his team regularly advise investment banks and issuers in connection with national and international capital market transactions, in particular in connection with bonds, securitised derivatives, German Schuldschein loans and debt issuance programmes as well as related regulatory issues.

Dusseldorf-based EAA has been established as a structurally and financially independent public law entity with partial legal capacity operating under the umbrella of the Financial Market Stabilisation Authority (Bundesanstalt für Finanzmarktstabilisierung – FMSA). Its function is to take over and wind up WestLB’s or its German or foreign subsidiaries’ risk exposures and non-strategic businesses/assets for the purpose of stabilising WestLB and the financial market.