Allen & Overy advises banks on the issue of undated deeply subordinated reset rate notes

Allen & Overy Paris has advised Deutsche Bank and Société Générale CIB (as global co-ordinators, joint bookrunners and lead managers) and BofA Merrill Lynch, HSBC and Morgan Stanley (as joint bookrunners and lead managers) in connection with the issue by Veolia Environnement on 16 January 2013 of €1bn (£855m) undated deeply subordinated reset rate notes and £400m undated deeply subordinated reset rate notes.

The notes constitute hybrid securities that will be granted an intermediate equity content by Standard & Poor’s Ratings Services and a 50 per cent equity content by Moody’s Investors Service and will have an equity treatment in accordance with the IFRS.

The Allen & Overy Paris team was led by François Poudelet (partner, International Capital Market department), assisted by Laurent Vincent (associate, International Capital Market department). The tax team was led by Mathieu Vignon (partner, tax), assisted by Viviane Carpentier (associate, tax).

Clifford Chance Europe advised the issuer. The team was led by Cédric Burford (partner), assisted by Gemma Doyle (associate) and Boris Kreiss (associate).

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