Wolf Theiss advises Banca Comercială Română S.A. on its first green Eurobond issue of EUR 700 million

Wolf Theiss acted as legal advisor to Banca Comercială Română S.A. in relation to its inaugural issue on the international capital markets of EUR 700 million fixed to floating senior non-preferred Green Eurobonds due 2027, under the Multi Issuer EMTN Programme.

On 19 May 2023, Banca Comercială Română S.A. has successfully closed its first issue on the international capital markets of senior non-preferred green Eurobonds in amount of EUR 700 million. This marks the largest corporate bond issue in the Romanian market and the first international issue of green Eurobonds by a Romanian bank.

The notes have a maturity of four years and may be redeemed three years after the date of issue. The denomination is EUR 100,000 per note. The notes are intended to be eligible for MREL (Minimum Requirement for Own Funds and Eligible Liabilities) purposes and will be listed on the Regulated Market of the Bucharest Stock Exchange and the Official Market of the Vienna Stock Exchange.

The notes were placed by Erste Group Bank AG, BNP Paribas, Citigroup Global Markets Europe AG, ING Bank N.V. and J.P. Morgan SE as joint lead managers, and BCR as role co-lead manager, has placed within international and local professional clients and eligible counterparties.

The Wolf Theiss’ Debt Capital Market (DCM) team involved in this transaction was led by Claudia Chiper (Partner) and Andreea Tudorache (Senior Associate), with Claus Schneider (Partner) and Sebastian Prakljacic (Associate) contributing to the successful execution of the transaction.

“We are very pleased to have been involved in Banca Comercială Română S.A.’s landmark transaction of its first green Eurobond issue, as part of its strategy on implementing Environmental, Social, and Governance (ESG) criteria in its business with the aim to build a sustainable economic development, encourage environmentally responsible behaviour and reduce social inequities. We are thankful for the trust they have placed in us and express this way our appreciation for the entire Banca Comercială Română team for the great collaboration we had on this very successful project” -  Andreea Tudorache (Senior Associate), member of the DCM team at Wolf Theiss.