Hogan Lovells advises banks on updating a €10 billion commercial paper and certificate of deposit program of Erste Group

Under the programme, Erste Group can issue CPs and CDs either through Erste Group Bank AG, Austria, or Erste Group Bank AG, Hong Kong Branch.

The programme has a STEP label (Short-Term European Paper), which is relevant for the ECB eligibility of the securities issued. STEP is an initiative of the European Money Markets Institute (EMMI) that sets market standards and has established STEP as a seal of quality. CPs constitute money market instruments with a maturity of up to 364 days that are tradeable as bearer bonds. CDs are also money market instruments with short maturities that are securitised as certificates of deposit in bearer form. 

Advising the banks was a Hogan Lovells team led by Frankfurt partner Jochen Seitz together with counsel Markus Brusch. Hogan Lovells acted as transaction counsel and advised on German law as well as Hong Kong law.

Hogan Lovells team for Erste Group Bank AG

Dr. Jochen Seitz (Partner), Markus Brusch (Counsel), Dr. Stefan Schrewe (all Capital Markets, Frankfurt);

Andrew Ferris (Partner), Daniel Mok (Senior Associate) (both Capital Markets, Singapore);

Roberta Chang (Partner, Corporate, Hong Kong).