Homburger with ZKB on bail-in bond issuance
Homburger advised Zürcher Kantonalbank (ZKB) on the issuance of EUR 500 m bail-in bonds, at 3.153%.
BNP PARIBAS, Deutsche Bank, UBS Investment Bank and Zürcher Kantonalbank served as joint lead managers on the operation.
The context
The bonds in question have been designed on the basis of a legal framework which allows Cantonal Banks to issue total-loss-absorbing-bonds. Pursuant to such context, FINMA ordering the partial or complete reduction of the bondholders’ claims under the bail-in bonds would entitle the bondholders to receive recovery certificates.
The Homburger team
Benjamin Leisinger (pictured) led the Homburger team on the matter, working alongside Daniel Hulmann (both capital markets and financial market regulation). Dieter Grünblatt (tax) oversaw all tax aspects.
