19 02 2016

FMS Wertmanagement's tender offer for DEPFA bonds.

White & Case LLP has advised Deutsche Bank, as dealer manager, on FMS Wertmanagement's tender offer for DEPFA bonds.


The cash tender comprised parallel European and US offers for bonds denominated in euro, Swiss francs, US dollars and Canadian dollars with maturities ranging from 2017 to 2037. The bonds were issued by DEPFA ACS Bank and DEPFA Pfandbriefbank International S.A., both subsidiaries of FMS Wertmanagement. Both issuers were previously owned by Hypo Real Estate Group. FMS Wertmanagement was founded in 2010 by the German Financial Market Stabilisation Authority (Bundesanstalt für Finanzmarktstabilisierung) as Germany's winding-up institution for taking over and unwinding risk positions and non-strategic operations from Hypo Real Estate Group (which then included the DEPFA Group). The White & Case team which advised on the transaction was led by partners Jochen Artzinger-Bolten (Frankfurt) and Doron Loewinger (London) and included partner Raymond Simon (New York), with support from counsel Alexander Born (Frankfurt) and associates Joshua van der Ploeg (London), Juliane Holl and Cristina Freudenberger (both Frankfurt). Involved fees earner: Jochen Artzinger-Bolten - White & Case; Doron Loewinger - White & Case; Joshua Van der Ploeg - White & Case; Juliane Holl - White & Case; Cristina Freudenberger - White & Case; Raymond Simon - White & Case; Alexander Born - White & Case;

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