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Hogan Lovells Advises B&N Bank on US$300 Million ECP Programme

14 August 2012

MOSCOW, 14 August 2012 - Hogan Lovells in Moscow has advised long-standing client B&N Bank, on the establishment of its US$300 million European Commercial Paper (ECP) programme and on the first issue of US$40 million thereunder on Wednesday 1 August 2012.

New style ECP programmes have proved popular amongst Russian issuers in 2012 with issuers including Alfa Bank, Gazprombank and Russian Standard Bank. The programme will allow B&N Bank to raise short-term funding and represents the return of B&N Bank to the international capital markets.

The Hogan Lovells team acting for B&N Bank was led by Michael Pugh, partner and head of the Moscow capital markets practice, who was supported by associates Arthur Sanikidze and Andrew Robinson.

Commenting on the transaction Michael Pugh said:

"With August being traditionally a quiet month in the capital markets, this issue demonstrates the positive investor appetite for ECP and rewards B&N Bank's bold approach and confidence in approaching the market at this non-traditional roadshow time".

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