Global law firm Dentons has advised Bayerische Landesbank as arranger in connection with the renewal of METRO AG’s issuance platform for short-term bonds (commercial paper). The newly updated commercial paper program has a maximum value of €2 billion (revolving) and was furnished with the STEP label (Short-term European Paper).
STEP is an initiative of the European Money Market Institute (EMMI), which aims to improve the integration of the European markets for short-term paper through the convergence of market standards and practices. Its standards are relevant, among others, for the possible European Central Bank eligibility of commercial paper. METRO AG’s commercial paper program is, so far, among a relatively small number of programs of German corporate issuers, which have received the STEP label.
Bayerische Landesbank acted as arranger and dealer on the transaction. The dealer consortium also includes Banco Santander, BRED Banque Populaire, Commerzbank, Crédit Industriel et Commercial, DZ BANK Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, ING Bank, Landesbank Baden-Württemberg, Natwest Markets, Société Générale, and UniCredit Bank.
A Dentons team, led by partner Oliver Dreher, advised Bayerische Landesbank and the other consortium members on the transaction. Dentons was the only external law firm involved and thus acted as transaction counsel.
Oliver Dreher and his team have a solid track record advising Bayerische Landesbank and other leading placement banks and companies on corporate bonds, both in stand-alone transactions and issuance programs.
Bayerische Landesbank serves large and medium-sized companies and public clients and is active in commercial real estate financing. It cooperates with more than 400 savings banks in Germany. It is one of the leading arrangers of public bond issues.
METRO is a leading international food wholesaler and global market leader in the cash-and carry format. METRO is active in over 30 countries worldwide, with more than 670 wholesale stores under the METRO and MAKRO brands.
Advisors to Bayerische Landesbank:
Dentons (Frankfurt): Oliver Dreher (Partner), Valeria Hoffmann (Senior Associate), Tobias Henke (Senior Associate), all Capital Markets.