Norton Rose Fulbright advises BNG Bank on USD 2 billion bond issuance

Global law firm Norton Rose Fulbright has advised BNG Bank on the issuance of its USD 2 billion bond, the first benchmark US Rule 144A issuance of 2026 by a Dutch issuer.

Norton Rose Fulbright has advised BNG Bank on the issuance of its USD 2 billion Rule 144A/Reg S Notes, which have a fixed interest rate of 4.250 percent and will mature in 2036. BNG Bank, the leading SSA issuer in the Netherlands after the Dutch State, will use the funds in line with its general corporate purposes, which include financing clients active in the public domain in the Netherlands.

The bond was placed globally with Banco Santander, Deutsche Bank, Morgan Stanley and RBC acting as joint lead managers for the issuance. Norton Rose Fulbright acted as US federal securities, New York and Dutch law legal counsel to BNG Bank.

The Norton Rose Fulbright team was led by Amsterdam-based capital markets partner Peter Voorhees and supported by counsel Chris Sanderson and associate Bea Byrne Hill. The wider Dutch team also included partner Joris Ravelli, counsel Thomas Ticheloven and associate Elizabeth Bosman. Tax law advice was provided by partner Bart Le Blanc and associate Mark de Haan in Amsterdam and partner Michael Flamenbaum and counsel Kevin Prokup in New York.

Peter commented:

"We are very pleased to start the new year advising on an issuance of this caliber and to support BNG Bank in achieving its financing goals through the debt capital markets, including in relation to its funding activities in the US."