Wolf Theiss has advised Erste Group Bank on its update of the Unlimited Commercial Paper and Certificate of Deposits program. Hogan Lovells’ Frankfurt office advised the bank syndicate which worked on the update, led by the arranging Citigroup Global Markets Limited.
According to Hogan Lovells, “under the program, Erste Group can issue CPs and CDs either through Erste Group Bank AG, Austria, or Erste Group Bank AG, Hong Kong Branch. CPs constitute money market instruments with a maturity of up to 364 days that are tradeable as bearer bonds. CDs are also money market instruments with short maturities that are securitized as certificates of deposit in bearer form. The program has a STEP label (Short-term European paper), which is relevant for the ECB eligibility of the securities issued. STEP is an initiative of the European Money Markets Institute that sets market standards and has established STEP as a seal of quality.”
Wolf Theiss’ team included Partner Claus Schneider, Counsel Eva Stadler, Senior Associate Nikolaus Dinhof-Renezeder, and Associates Sebastian Prakljacic and Alexander Quendler.
Hogan Lovells' team included Frankfurt-based Partner Jochen Seitz, Senior Associate Stefan Schrewe, Foreign Associate Kira Kuhnert, and Singapore-based Partner Andrew Ferris.