The Lawyer’s newest product is the most comprehensive overview of the Asia-Pacific legal market yet produced. With rankings of the top 100 local law firms by lawyer headcount as well as analysis of the leading 50 international players in the region, it is essential reading for anyone interested in the strategic future of the world’s fastest growing legal market
Allen & Overy (A&O) has advised Schroder Salomon Smith Barney and West LB on the development of a E10bn (£6.3bn) framework debt issuance programme for Germany's biggest state
The system, which was first used by Saxony-Anhalt and Hesse earlier this year to cut costs and allow more flexible issuance, has now been adopted by North Rhine-Westphalia.
The Saxony-Anhalt programme was set up by Deutsche Bank, using Hengeler Mueller for legal advice, and the Hesse programme by a consortium of Credit Suisse First Boston and BNP Paribas. For A&O, still a second-tier firm in Germany, its appointment by Schroders to the North Rhine-Westphalia work is a boost for the firm's organically-grown practice.
Although A&O is instructed by WestLB in Germany, in this instance, the deal came through Schroders to A&O in London. The deal was led out of Frankfurt by partner Johannes Bruski and senior associate Jochen Artzinger-Bolten.
The issuance programmes are likely to be replicated across many German states. According to Artzinger-Bolten, the firm is currently bidding for several similar projects.
Artzinger-Bolten said: "When considering the costs of a programme establishment, typically, after around three or four draw-downs, you tend to reach break even with a view to the costs you would have incurred on that many stand-alone debt issues. The programme allows the State to issue four different types of debt instruments on a repetitive basis, at short notice if necessary."
The debt issuance programme will allow the German state to issue on any German exchange or in Luxembourg. There is a group of 20 permanent dealers under the programme, suggesting that the state will issue debt fairly regularly.