NautaDutilh advised SNS Bank with its first Tier 2 debt issue since the nationalisation in February 2013. On 29 October 2015, SNS Bank successfully placed EUR 500 million subordinated (Tier 2) notes with a wide range of institutional investors.
The transaction marks the strong return of SNS Bank to the capital markets and contributes to the strengthening and diversification of SNS Bank’s capital base.
The Tier 2 notes, having a maturity of 10 years, carry a fixed interest coupon of 3.75%, with a one-time call and reset date after five years. SNS Bank, under more, mandated Deutsche Bank AG (London Branch), Goldman Sachs International, ING Bank N.V. and UBS Limited as Joint Lead Managers on the transaction. The notes are listed on the Luxembourg Stock Exchange.
SNS Bank was assisted by Petra Zijp and Dewi Walian.