CMS advises consortium led by Société Générale and SEB on EUR 500 million first green bond issue by EnBW

31/10/2018

Frankfurt/Main – EnBW Energie Baden-Württemberg AG has successfully placed a new benchmark bond worth EUR 500 million in the capital market via its subsidiary, EnBW International Finance B.V. The bond is the first green bond issued by EnBW. It has a term of 15 years and a coupon rate of 1.875%.

A CMS team headed by lead partner Oliver Dreher advised the underwriting bank consortium on all legal aspects of the issue. The consortium was led by French bank Société Générale and Skandinaviska Enskilda Banken AB (publ) of Sweden as joint global coordinators and joint lead managers. Also on board as additional joint lead managers were the Spanish bank Banco Bilbao Vizcaya Argentaria S.A., DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Landesbank Baden-Württemberg and Morgan Stanley & Co. International PLC.

The team led by Oliver Dreher has often acted in a similar capacity for underwriting banks. It regularly advises leading placement banks and companies on corporate bonds, both in stand-alone transactions and with regard to setting up and using issuance programmes.

With more than 21,000 employees, EnBW is one of the largest energy utilities in Germany and Europe. It supplies around 5.5 million customers with electricity, gas and water, as well as energy solutions and energy-related services.

Unlike a conventional corporate bond, the proceeds from a green bond may only be used to finance climate-friendly projects. EnBW is one of the first German companies to have issued a green bond on this scale.

CMS Germany

Oliver Dreher, Lead Partner, Banking & Finance

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Related people

Oliver Dreher
Oliver Dreher, LL.M. (King's College London)
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