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L-Bank announces $200 million issuance

L-Bank announces $200 million issuance

Three banks have subscribed to a multimillion-dollar issuance of fixed rate notes by Landeskreditbank Baden-Württemberg – Förderbank.

Firms: Ashurst (Landeskreditbank Baden-Württemberg – Förderbank); In-house counsel (Commonwealth Bank of Australia, Sydney branch of Deutsche Bank AG, and Sydney branch of the Royal Bank of Canada)

Deal: Landeskreditbank Baden-Württemberg – Förderbank (L-Bank) is executing the $200 million issuance of 2.25 per cent fixed rate notes.

Value: AU$200 million

Area: Banking & finance

Key players: The Ashurst team advising L-Bank was led by partner Jamie Ng (pictured).  

Deal significance:

L-Bank is executing the $200 million issuance of fixed rate notes, due in February 2021.

The issuance is being made under L-Bank's AU$5 billion Australian and New Zealand debt issuance program.

The joint lead managers subscribed to the issuance include the Commonwealth Bank of Australia, the Sydney branch of Deutsche Bank AG, and the Sydney branch of the Royal Bank of Canada.

Ashurst partner Jamie Ng, who advised L-Bank, said the deal followed a pattern of financial institutions moving to diversify their funding mix into Australian debt capital markets.

"It was excellent to be able to take the lead working with such a valued client on another market-leading transaction," Mr Ng said.

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