18 February 2005 – LAWFUEL – The Law News Network – Allen & Overy Pari…

18 February 2005 – LAWFUEL – The Law News Network – Allen & Overy Paris advised Lehman Brothers, BNP Paribas, Dresdner Kleinwort Wasserstein and Oddo & Cie in relation to the issue of €400 million undated deeply subordinated notes by AGF (Assurances Générales de France).

This issue, which allowed AGF to strengthen their solvency margin, was an innovative tool as it:
· combined the features of a Tier 1 instrument; and
· received a “Basket C” treatment from the rating agency Moody’s – a first in France.

The Allen & Overy Paris International Capital Markets team involved in this transaction was composed of François Poudelet, Pierre Gissinger and Hervé Ekué.

De Pardieu Brocas Maffei advised AGF.

This transaction illustrates once again the International Capital Markets team’s expertise in relation to Tier 1 issues. Over the past several months, the Allen & Overy Paris team advised the arrangers on the following transactions, which amount to over €2 billion:

· ABN AMRO, BNP Paribas, HSBC Bank plc and Merrill Lynch International in relation to the issue of €375 million deeply subordinated notes by Axa;

· Deutsche Bank in relation to two issues of deeply subordinated notes by Axa each for a value of €250 million;
· Calyon, HSBC Bank plc and Lehman Brothers in relation to the issue of €600 million deeply subordinated notes by Crédit Agricole SA;

· Lehman Brothers, BNP Paribas and HSBC Bank plc in relation to the issue of €750 million deeply subordinated notes by the Banque Fédérative du Crédit Mutuel.

For further information, please contact Isabelle Epp ([email protected]) in Paris on +33 (0)1 40 06 54 28.

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