NewsA&O Shearman advised Raiffeisenbank on cash tender offer and new sustainable notes issue

A&O Shearman announced today that it has advised Raiffeisenbank a.s. on a cash tender offer in respect of its outstanding EUR 500 million senior non-preferred MREL-eligible sustainable notes due in 2026. Following the expiry of the deadline for the submission of tender instructions by eligible investors, Raiffeisenbank a.s. accepted all valid tenders of notes.

The tender offer by Raiffeisenbank a.s. was accompanied by a new EUR 500 million issuance of senior non-preferred MREL-eligible sustainable notes issued under its international debt issuance programme. A sum equivalent to the net proceeds will be used to finance or refinance loans for projects and activities that promote climate-friendly and other environmental or sustainable purposes. This combination of a tender offer and a new issuance of senior non-preferred MREL-eligible notes is unique in the entire CEE region.

Raiffeisenbank established the programme in close cooperation with Allen & Overy (now A&O Shearman) in November 2020, with the last update made in April 2024. The notes were issued under German law, but their status as senior non-preferred and MREL-eligible instruments is also governed by the applicable Czech rules. The notes were accepted for trading on the Luxembourg Stock Exchange.

The A&O Shearman team on this transaction was led by partner Petr Vybíral in close cooperation with senior associate Tomáš Kafka and junior lawyer Jan Tocik. Advice on German law was provided by partner Stefan Henkelmann, counsel Jens Nollmann and associate Florian Seck.

Mr Maroš Hrnčiar, Head of Asset & Liability Management of Raiffeisenbank, commented: “Raiffeisenbank values the guidance provided by A&O Shearman in the successful completion of the cash tender offer and the concurrent issuance of new EUR 500 million sustainable notes. We acknowledge the unique nature of this transaction in the CEE region and commend the A&O Shearman team for their seamless cooperation and legal expertise provided.”

Partner Petr Vybíral added: “We were incredibly pleased to have supported Raiffeisenbank on this successful transaction. I would like to express my heartfelt thanks to the client for their continued trust in our team’s work and advice on their financing transactions.”