Norton Rose Fulbright with banking consortium in €2.25 bn bond by State of North Rhine Westphalia

Norton Rose Fulbright advised a banking consortium consisting of Barclays Bank Ireland PLC, BNP Paribas, Danske Bank A/S, ING Bank N.V., Nomura Financial Products Europe GmbH. Norddeutsche Landesbank – Girozentrale – on the issuance of a sustainability bond by the State of North Rhine Westphalia.

The bond in question, with an issuance volume of € 2.25 billion, bears a fixed rate of interest of 3.30 per cent. and will mature on 6 May 2036.

The Sustainability Bond was issued under the Sustainability Bond Framework established by the State of North Rhine Westphalia in June 2025, and was more than 2.3 times oversubscribed.

The Norton Rose Fulbright team

The Frankfurt based Norton Rose Fulbright team was led by partner and head of debt capital markets Christoph Enderstein (pictured), and included counsel Michael Born (regulatory law, DCM), senior associate Florian Fraunhofer (DCM) and associate Quynh Anh Nguyen Walter (DCM).