9 February 2005 – LAWFUEL – The Law News Network – Allen & Overy has…

9 February 2005 – LAWFUEL – The Law News Network – Allen & Overy has advised Nomura International plc as sole book-runner and manager of the issue by KfW of e1,100,000,000 0.50 per cent. Exchangeable Bonds due 2010, exchangeable into ordinary registered shares of Deutsche Post AG.

The exchangeable bonds were offered to Japanese retail investors by way of a Uridashi offering, a non-Yen denominated retail issue that is fully registered in Japan. This is the first time a bond of this type has been offered to the Japanese retail market. The Japanese market responded very favourably with the target size of the offering increasing from e500,000,000 to e1,100,000,000 during the bookbuilding period. The offering, which is an important step in the continuing privatisation of Deutsche Post, has proved to be an innovative way for KfW to further diversify the investor base for Deutsche Post shares. The size of the issue clearly demonstrates Nomura’s ability to create demand for an innovative issue such as this during the bookbuilding process in Japan.

Allen & Overy partners Dr. Michael Schlitt and Philip Smith led the Allen & Overy team, supported by associate Dr. Susanne Schäfer, with German tax advice being provided by partner Dr. Asmus Mihm.

Philip Smith and Michael Schlitt comment: “We are very pleased to have been involved with this market first transaction. Our role demonstrates yet again our strength both globally and in Germany for international capital markets work.”

KfW was advised as to German law by Hengeler Mueller and as to Japanese law by Nagashima Ohno & Tsunematsu.
Nomura International plc was advised as to German law by Allen & Overy and as to Japanese law by Anderson Mori & Tomotsune.

For further information, please contact Dr. Michael Schlitt ([email protected]) on +49 (0)69 2648 5921 or Philip Smith ([email protected]) on +49 (0)69 2648 5754.

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