Hengeler Mueller advises Commerzbank on issuance programme for additional tier 1 capital and first EUR 1.25bn bond issue

10. June 2020

Commerzbank AG has successfully issued the first AT1 bond under its new issuance programme for additional tier 1 capital (AT1). The bond has a volume of EUR 1.25 billion and a fixed coupon of 6.125% per annum. Under the programme launched at the end of May, the bank is allowed to gradually issue subordinated bonds with a total nominal value of up to EUR 3 billion.

Hengeler Mueller advised Commerzbank on both the AT1 issuance programme and the first issuance. The team was led by partner Alexander Rang (Capital Markets, Frankfurt) and included partner Matthias Scheifele (Tax, Munich) as well as associates Pascal Brandt (Capital Markets, Frankfurt) and Tim Würstlin (Tax, Munich).

In July 2019, Commerzbank issued its first additional tier 1 bond with a volume of USD 1 billion. The Hengeler Mueller team, led by Alexander, advised Commerzbank also on this transaction.