Dr. Stefan Henkelmann

Selected experience

• Corestate Capital Holding S.A., an investment manager and co investor with assets under management of around EUR 13.2 billion in its core business, on its successful restructuring. Under this highly complex multi-jurisdictional bond restructuring, financial liabilities under outstanding notes were reduced from EUR 535 million to EUR 143 million and the equity base received a substantial boost through recapitalisation (2023).
• An international investment bank as arranger and noteholder on an innovative asset-backed securities transaction involving a EUR 125 million multi-jurisdictional dealer floorplan financing for Europe’s leading digital automotive platform for buying and selling used cars (2023).
• An international private equity firm as investor in a EUR 3 billion regulatory capital relief (SRT) synthetic securitization involving a credit linked note (CLN) transaction with a major German credit institution as originator (2023). This landmark transaction was one of the largest CLN synthetic securitization transactions in the German market recently.
• A Romanian financial institution forming part of a German financial institutions group as originator on its EUR 370 million inaugural synthetic securitization (SRT) transaction with a multilateral development bank (2021) and on a recent EUR 335 million repeat SRT transaction (2023). The original transaction was the first synthetic securitization of this kind in Romania.
• An Estonian bank as originator on its inaugural EUR 660 million synthetic securitization (SRT) transaction with a multilateral development bank (2020). This transaction was the first synthetic securitization of this kind in the Baltic region.
• A banking syndicate as arrangers/dealers on the establishment of a EUR 5bn debt issuance programme for Vantage Towers AG, a leading towers company in the telecommunications sector in Europe. In the context of its new debt issuance programme, Vantage Towers AG successfully placed its EUR2.2bn inaugural bond offering, which was one of the largest investment grade issues in recent times and marks the company's bond market debut (2021).
• A banking syndicate as arrangers/dealers on the establishment of a EUR 3bn debt issuance programme for TAG Immobilien AG, a leading publicly listed German real estate company (2022).
• Divisions of a multinational financial institution on the update of its international mortgage covered bond programme and the benchmark issuance of EUR 500 million mortgage covered bonds on the international capital markets (2022). Under this innovative landmark transaction German law covered bonds were issued under the new Czech covered bond regulatory framework following the implementation of the EU Covered Bond Directive.
• Raiffeisenbank a.s. on the establishment of German law mortgage covered bonds under the new regulatory framework in the Czech Republic, including the subsequent issuance of EUR 500 million mortgage covered bonds (2021/2022).
• Raiffeisenbank a.s. on the update of its EUR 500 million international debt issuance programme and the issuance of German law governed senior non-preferred MREL-eligible green notes thereunder. Under this unique and first-of-its-kind transaction in the CEE region, MREL notes were issued under German law, but their status as senior non-preferred and MREL-eligible instruments was governed by the applicable Czech rules (2022).