Davis Polk advised the dealer managers in connection with a cash tender offer by Hamburg Commercial Bank AG (“HCOB”) to certain institutional investors in respect of the outstanding €500 million LB Kiel Silent Participation Assimilated Regulatory Capital (SPARC) Securities issued by Banque de Luxembourg (on a fiduciary basis), $300 million LB Kiel Re-Engineered Silent Participation Assimilated Regulatory Capital (RESPARC) Securities issued by RESPARCS Funding Limited Partnership I, €500 million RESPARC Securities issued by RESPARCS Funding II Limited Partnership and $500 million HSH Nordbank Silent Participation Hybrid Equity Regulatory (SPHERE) Securities issued by Banque de Luxembourg (on a fiduciary basis).

HCOB is a German commercial bank with headquarters in Hamburg and Kiel, primarily focused on shipping, transportation, real estate and renewable energy. Created from the merger of Hamburgische Landesbank with Landesbank Schleswig-Holstein and formerly known as HSH Nordbank AG, HCOB is the first privatized landesbank in Germany.

The Davis Polk team included partner Reuven B. Young, counsel Radoslaw Michalak and associate James Harmer. All members of the Davis Polk team are based in the London office.

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