On 10 September 2025, the bond was successfully placed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The bond has a term of 10,25 years and a coupon of initially 4.375 percent that is adjusted by way of a reset mechanism after 5,25 years. Moody's assigned a Baa1 rating and Fitch assigned an A- rating. The subordinated bond serves to strengthen the total capital ratio and is to be classified as Tier 2 capital in accordance with Regulation (EU) 575/2013 (CRR). 

This is one of numerous transactions for NORD/LB that the Hogan Lovells team regularly advises on.

NORD/LB press release: NORD/LB issues Tier 2 bond in benchmark format

Hogan Lovells team for the banks

Dr. Jochen Seitz (Partner), Dr. Stefan Schrewe (Counsel), Anna Hersener (Associate) (all Capital Markets, Frankfurt)