Next Generation Partners

Capital markets in Austria

Cerha Hempel

Managing partner Clemens Hasenauer now solely heads the team at Cerha Hempel. His specialism in M&A and corporate law serves as a reflection of the team's expertise in this intersection spanning a wide range of debt and equity transactions with much of its recent work falling into the DCM space. Volker Glas is a key contact for this and has recently led on a number of bond placements, including green bonds. Other regular instructions stem from financial services providers requiring assistance with the update of debt issuance programmes and with regulatory matters. The latter are typically led by Peter Knobl, while senior counsel Christian Aichinger provides wide-ranging capital markets, finance and corporate support. Edith Hlawati left the firm in February 2022 to take up a position on the management board of Österreichische Beteiligungs AG (ÖBAG).

Practice head(s):

Clemens Hasenauer


‘By far most experience in real estate DCM in Austria.’

‘Volker Glas is very experienced, pragmatic and client-orientated, very pleasant to work with.’

Key clients


CA Immobilien Anlagen AG


European Bank for Reconstruction and Development (EBRD)

Vienna Bar Association (RAK Wien)

Windkraft Simonsfeld AG

ING Groep NV


Kames Capital Plc (now renamed Aegon Asset Management UK Plc)

Immovate Realita GmbH

EnBW Trust e.V.


Raiffeisenlandesbank NÖ-Wien AG

nextbike GmbH

Work highlights

  • Advised S IMMO AG on its issue of a €150m retail green bond with a tenor of seven years.
  • Advised the European Bank for Reconstruction and Development (EBRD) on exercising its voting rights in Addiko Bank AG’s annual general meeting.
  • Advised CA Immobilien Anlagen AG in connection with its €350m debut placement of a fixed-rate senior unsecured green bond with a maturity of 5 years and an annual coupon of 1.0%.

Wolf Theiss

Wolf Theiss enjoys an excellent reputation in the DCM and structured finance space, resulting in a steady flow of instructions from predominately financial sector clients on the issuance of bonds, including blockchain-based and green bonds, regulatory matters and on debt issuance programmes. This specialism correlates with team head Claus Schneider‘s set of expertise, which combines skills in banking and finance, including blockchain and crypto assets, with wide-ranging capital markets capabilities. Richard Wolf is another key member of the team and a key contact for work at the intersection between banking and finance, corporate and capital markets, as is Alexander Haas, whose expertise extends to derivatives. Counsel Christine Siegl is a name to note for regulatory matters.

Practice head(s):

Claus Schneider


‘WT provides practical solutions.’

‘Claus Schneider has substantial knowledge about bank-specific processes.’

‘The Wolf Theiss team provides top quality legal services across all practice groups and provides advice on all relevant aspects for financial institutions.’

‘Dr. Claus Schneider is very responsive and efficient, has excellent expertise and experience, provides valuable advice that focuses on solutions instead of risks and problems.’

Dr. Nikolaus Paul provides excellent advice in relation to investment funds.’

‘Strong position, strong team.’

Key clients

Austrian National Bank

Erste Group Bank AG

Oberbank AG

BNP Paribas

Unicredit Bank Austria AG

Hypo-Bank Burgenland Aktiengesellschaft

Raiffeisen Bank International AG

Hypo NOE Landesbank für Niederösterreich und Wien AG

MUFG Securities (Europe) N.V.

Sparkassen-Haftungs GmbH

Attestor Limited

Interritus Limited

Kommunalkredit Austria AG

Eurex Clearing AG

BdB – Bundesverband deutscher Banken e.V.

Work highlights

  • Advised the Austrian National Bank (OeNB), the Austrian Central Securities Depositary (OeKB CSD), the Austrian Treasury (OeBFA), Raiffeisen Bank International and Erste Group on the issuance of the first Austrian blockchain-based bond.
  • Advising Erste Group with regard to its blockchain-based debt issuance platform Dealfabrix and the first bond issue thereunder.
  • Advising numerous banks on issuances of sustainability and green bonds.

Binder Grösswang

Binder Grösswang is best known for advising issuers on the issuance of bonds on the one hand - this has recently included an increasing number of ESG-linked and green bonds - and for assisting banks with the implementation and update of debt issuance programmes on the other. Florian Khol and Tibor Fabian are key contacts for both segments, while Khol has also been increasingly active advising on shareholder disclosure. Thanks to its interdisciplinary approach based on a strong interplay between the firm's banking and finance and capital markets experts, the group is also well placed to handle a wide range of regulatory matters. This type of work is frequently handled by Michael Binder and Stephan Heckenthaler.


Competent, professional and reliable.’

Good contacts with supervisory boards.’

Key clients

Lenzing AG


Hypo Tirol Bank AG

Hypo-Wohnbaubank AG

Bank für Tirol und Vorarlberg AG

Sparkasse Oberösterreich


Work highlights

  • Advised Lenzing AG on the successful issuance of a hybrid bond with an issue volume of €500m.
  • Advised VERBUND AG on a sustainability-linked ESG bond with a volume of €500m.
  • Advised BKS Bank AG on the structuring of its debt issuance programme, in particular the preparation of the capital market prospectus and the execution of the approval procedures before the Austrian Financial Market Authority.

Schoenherr (Schönherr Rechtsanwälte)

Schoenherr (Schönherr Rechtsanwälte)'s capabilities advising on equity, equity-linked and debt capital markets transactions were further strengthened by the return of DCM and ECM expert Christoph Moser from Weber & Co. Attorneys-at-Law in January 2021. He jointly heads the team with Ursula Rath, whose expertise extends to financial services regulation. This makes for an attractive offering taken up by banks and issuers requiring assistance with the issuance of bonds, including convertible, green, sustainability-linked and high-yield bonds, alongside debt issuance programmes and regulatory matters. Clients also benefit from the group's close cooperation with the firm's banking and finance experts such as Martin Ebner, who handles derivatives and structured finance.

Practice head(s):

Ursula Rath; Christoph Moser

Other key lawyers:

Martin Ebner


‘The team is made up of experts with a vast variety of transaction experience from very different industries. Christoph Moser, who joined the team at the beginning of 2021, is a major personal asset for Schönherr’s capital markets practise.’

‘Christoph Moser excels through his incredible responsiveness and his pragmatic, hands-on approach – even to challenging legal issues. He understands his client’s business and thinks quickly and thus contributes extra value to every deal.’

‘Ursula Rath is one of the leading experts in this field. Her responsiveness, quality of service and commercial mindset set her apart.’

‘A lot of cross-practice potential.’

‘Christoph Moser joined at the beginning of this year. He brought us with him as a client. He knows the market very well. Well-known and connected in Austria.’

‘Schoenherr has a strong capital markets and finance practice and a very strong network all over eastern Europe.’

‘For capital markets issues we are working together with Ursula Rath. She is a good lawyer, always responsive and pleasant to work with.’

Key clients

ASFINAG Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft

Bank of America Merrill Lynch

Barclays Bank PLC/ Barclays Bank Ireland PLC

BofA Securities Europe SA


Commerzbank AG

Crédit Agricole Corporate and Investment Bank (CA CIB)

Credit Suisse AG

DekaBank Deutsche Girozentrale

Deutsche Bank

DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

Erste Group Bank AG

Goldman Sachs International Bank

HSBC Bank plc

HYPO NOE Landesbank für Niederösterreich und Wien AG

J.P. Morgan Securities plc

Jefferies GmbH

Landesbank Baden-Württemberg (LBBW)

Landesbank Hessen-Thüringen Girozentrale (Helaba)

Morgan Stanley

Nestlé S.A. / Nestlé Finance International Ltd

Nomura International plc


Palfinger AG

Relife S.p.A

Raiffeisen Bank International AG


SW Umwelttechnik Stoiser & Wolschner AG

UniCredit Bank AG

UNIQA Insurance Group AG

Wienerberger AG

Work highlights

  • Advised Jefferies, Erste Group and Hauck & Aufhäuser on the issuance of €100m 1.75% convertible bonds by DO & CO Aktiengesellschaft.
  • Advised BofA Securities and J.P. Morgan, Erste Group, Morgan Stanley and SociétéGénérale on the issuance of €500m 0.90 % green and sustainability-linked notes due 1 April 2041 by VERBUND AG.
  • Advised ASFINAG as issuer on its €12bn medium-term note (EMTN) guaranteed by the Republic of Austria and the issuance of €500m senior-secured notes.

Weber & Co. Attorneys-at-Law

Stefan Weber co-heads Weber & Co. Attorneys-at-Law's capital markets group with Philipp Baubin, who joined the practice from Herbst Kinsky Rechtsanwalte GmbH in early 2021. Both are experienced in DCM and ECM transactions - while most of its recent work falls into the former category and includes debt issuance programme work - and handle a wide range of associated matters such as banking and finance (Weber and Baubin) alongside corporate, M&A and regulatory (Weber). The team has recently been particularly active for issuers but also acts for banks. Christoph Moser left the firm in January 2021.

Practice head(s):

Stefan Weber; Philipp Baubin

Key clients

Morgan Stanley



OMV Aktiengesellschaft

J.P. Morgan

Suzano S.A. / Suzano Austria GmbH

Erste Group Bank AG

Wolford AG

Volksbanken AG

Raiffeisen Bank International AG

Work highlights

  • Advised HSBC, Morgan Stanley and UBS on ams AG’s placement of €760m convertible bonds due 2027.
  • Advising the issuer Suzano S.A. / Suzano Austria GmbH in connection with $750m 3.75% global sustainability-linked notes due 2031.
  • Advising the issuer Vienna Insurance Group AG in connection with its €500m debt issuance programme.

bpv Hügel

bpv Hügel offers clients combined capital markets and corporate law advice; an interface expertise, which also counts as co-managing partner and team head Christoph Nauer‘s strength and leads to regular public takeover mandates, among other matters. The group’s focus continues to lie on equity and equity-linked work, which is typically handled for issuers, and on capital markets compliance; the latter is routinely led by Daniel Reiter.

Practice head(s):

Christoph Nauer

Other key lawyers:

Elke Napokoj; Daniel Reiter


‘Outstanding knowledge and expertise, commitment, industry knowledge; excellent collaboration and availability.

‘Daniel Reiter: Extraordinary knowledge and expertise; joined-up thinking and solution-oriented, extremely pleasant and competent cooperation.

‘Christoph Nauer is technically superb with great business acumen.’

‘Christoph Nauer brings an incredibly comprehensive knowledge, can break down complicated facts to the essentials in fractions of a second and is always pragmatic in finding solutions. He is always available and takes time for us and our concerns.’

‘Competence of each individual lawyer paired with the uncomplicated internal coordination with other office departments. Cost estimates and caps are prepared after a (free) review of the facts and are always adhered to; in the event of an exceedance, this was simply waived without any prior discussion with us.’

‘Broad experienced team in certain legal fields. Experts in many countries.’

‘The partner and the teams know our company and our topics. The bpv team is available for our questions and proposes answers and provides experience for making decisions possible.’

Key clients



Hookipa Biotech AG

Valneva SE


BP plc

Raiffeisen Informatik GmbH

Molkerei Alois Müller

Work highlights

  • Advising ATX and IMMOFINANZ AG on its €1.14bn takeover bid for S IMMO AG (ATX).
  • Advising Raiffeisen Informatik on three placements of shares in SoftwareONE Holding AG placed in an over-night accelerated bookbuilding process (ABB) and valued at CHF840m.
  • Advised on a capital markets rescue deal for Autobank AG; including the creation of new capital authorisations (up to 50% of the share capital with exclusion of subscription rights), the preparation of share issuance, virtual AGM, investor agreements, the securitisation of a loan and leasing portfolio, due diligence, disclosure obligations and the implementation of banking regulatory requirements.

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH

CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH has been particularly active assisting international banking syndicates with the issuance of bonds but has also provided advice on EMTN programmes, script dividend schemes and regulatory matters. Thanks to its multidisciplinary approach, the group is also well versed in matters at various intersections such as finance. The promotion of payment services (PSD2) expert Philipp Mark to partner in May 2021 is testament to this approach, as is team head Martin Zuffer's set of expertise, which extends to corporate law and private equity.

Practice head(s):

Martin Zuffer


‘Outstanding quality in capital markets law matters.’

‘Dr. Philipp Mark is really flexible regarding billing methods, especially requirements within the group.’

Key clients

BofA Securities, BNP Paribas, Erste Group, Goldman Sachs International, JP Morgan, UBS

Banco Santander, Commerzbank, Dankse Bank, Dekabank, Erste Group, NATIXIS

BNP Paribas, Banca IMI, Erste Group, LBBW, Morgan Stanley

Deutsche Bank, Erste Group, Goldman Sachs International, JP Morgan, UBS

Atrium European Real Estate

European Bank for Reconstruction and Development (EBRD)

Erste Group Bank AG


Romco Group

Best in Parking

Satchi Holdings



Cornelia Capital SpA

AGORA Immobilien

Erste Asset Management

REWE International

Arca Brokerage House


Work highlights

  • Advising the international banking syndicate consisting of BofA Securities, BNP Paribas, Erste Group, Goldman Sachs International, JP Morgan and UBS as joint lead managers on the issuance of €750m undated fixed-to-fixed resettable notes (additional tier 1 notes) by Erste Group Bank AG.
  • Advising the international banking syndicate consisting of Banco Santander, Commerzbank, Dankse Bank, Dekabank, ErsteGroup and NATIXIS as joint lead managers on the successful issuance of €750m MREL eligible senior-preferred notes issued under Erste Group’s Multi Issuer EMTN Programme dated 4 December 2019.
  • Advising the international banking syndicate consisting of BNP Paribas, Banca IMI, ErsteGroup, LBBW and Morgan Stanley as joint lead managers on the issuance of €500m MREL eligible senior-preferred notes issued under Erste Group’s Multi Issuer EMTN Programme dated 4 December 2019.

DORDA Rechtsanwälte GmbH

DORDA Rechtsanwälte GmbH has traditionally been focusing on equity capital market transactions but has recently been more active advising issuers and financial institutions on the issuance of notes, including high-yield transactions, alongside compliance and regulatory issues. Much of its work takes place at various intersections such as banking and finance as well as corporate and M&A, which is a reflection of its interdisciplinary approach. Key individuals include Tibor Varga, who regularly handles finance-related work, public M&A and capital markets expert Andreas Mayr, Christoph Brogyányi  (corporate, M&A and capital markets) and Andreas Zahradnik (banking, capital markets law, M&A and restructuring).


Very good team!

Andreas Mayr excels as a diligent drafter and excellent negotiator.

Experienced, highly qualified and client-focussed team.

Key clients

AbCellera Biologics

UBM Development AG

Work highlights

  • Advised AbCellera Biologics Inc., a Canadian biotech company, on matters pertaining to its IPO at Nasdaq, including its directed share programme (DSP) for Austria.
  • Advised HSBC and Raiffeisen Bank International on the issuance of €100m deeply subordinated (hybrid) ESG-linked notes by UBM Development AG, including a liability management exercise.
  • Advised an international social media platform provider on its launch of a blockchain-based social media platform.

DLA Piper Weiss-Tessbach Rechtsanwälte GmbH

As an integral part of the firm's corporate practice, DLA Piper Weiss-Tessbach's capital markets group is led by Christian Temmel, whose combined M&A, corporate and capital markets law expertise is a reflection of this interdisciplinary set-up, and handles a wide range of capital markets transactions alongside capital markets-related corporate and M&A mandates. Recently this included assistance with the placement of bonds alongside finance and takeover law-related matters.

Practice head(s):

Christian Temmel

Other key lawyers:

Maria Doralt


‘Reliant, extremely knowledgeable, solution-driven, broad experience.’

‘Christian Temmel leads the team; excellent services delivery. Goes the extra mile.’

Key clients

Caroo Mobility GmbH

Nabriva Therapeutics

Ardagh Packaging Holdings

Raiffeisen Bank International


UBM Development AG

Warimpex Finanz- und Beteiligungs Aktiengesellschaft

UniCredit Bank Austria AG

Erste Group Bank AG

Baader Bank AG

Work highlights

  • Advising Vienna-based real estate developer UBM Development on the placement of the first sustainability-related bond in Austria. The volume of the bond was €150m.
  • Advising Caroo Mobility GmbH on the issuance of the Eloop token.
  • Advising PhytinIQ Group on the public offering of subordinated capital market debt instruments.

E+H Rechtsanwälte GmbH

E+H Rechtsanwälte GmbH combines its capital markets expertise with know-how in banking and finance as well as in corporate and M&A; interface capabilities, which are shared by practice head Peter Winkler and Philipp Schrader (partner since July 2021), translating into instructions on bonds, including green and convertible bonds, share sales, stock market listings, capital increases and regulatory issues such as MAR compliance. Much of its client base stems from regulated industries such as banking, insurance, transportation and telecoms.

Practice head(s):

Peter Winkler

Other key lawyers:

Josef Schmidt; Philipp Schrader


Peter Winkler: Extremely hard-working and quick, always available, very business-oriented.

We work with Dr. Winkler and Dr. Schmidt. They have great experience, are very straight-forward, render quick help and excellent advice and can be completely relied upon.

Relatively small team but good performance.

Dr. Winkler: Great experience, great knowledge, easily accessible and always available, gives excellent advice; Dr. Schmidt: he has great knowledge, provides excellent advice and is really a great help.

Key clients

Ronny Pecik Group

BAWAG GROUP AG BAWAG P.S.K. BANK für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft


XB Systems AG

Deutsche Bank

Barclays Bank

BNP Paribas



Work highlights

  • Advised BNP PARIBAS, Deutsche Bank and Jefferies as joint bookrunners on real estate developer SIGNA Development Selection’s issuance of a €300m unsecured green bond. The bond has a maturity of five years and an annual coupon of 5.5%.
  • Advising the initial purchasers Barclays Bank, Deutsche Bank and NatWest on the issuance of €665m senior-secured notes of APCOA Parking Holdings GmbH.
  • Advising BAWAG Group AG on its €175m undated non-cumulative fixed to reset rate additional Tier 1 Notes of 2020 with a first reset date on 1 April 2026.

Herbst Kinsky Rechtsanwalte GmbH

Herbst Kinsky Rechtsanwalte GmbH is best known for providing full-service advice to start-ups, from financing rounds to IPOs, capital increases and compliance. Due to this specialism, the team's expertise also covers crypto currency matters and issues at various intersections such as banking and finance alongside corporate and M&A, which is also where the strength of key contacts Philipp Kinsky and Phillip Dubsky lies. Philipp Baubin left the firm in early 2021.

Practice head(s):

Philipp Kinsky; Phillip Dubsky


‘Capital markets is a key strength. On urgent items the feedback is fast. Overall communication is excellent.’

‘From the beginning, Philipp Kinsky has been key to our public listing. Answers come quickly and with high accuracy.’

‘Herbst Kinsky is a go-to-firm for start-ups. In terms of capital markets, if a start-up aims for a listing or an IPO, Herbst Kinsky is definitely one of the prime firms in Austria. They have built a stable and impressive deal flow in start-up M&A transactions and can surely rely on their clients in case a capital markets idea pops up.

‘Philipp Kinsky is the prime contact at Herbst Kinsky when it comes to capital markets. He has a strong track record, dating back to the period 2000 to 2008, with lots of capital markets work. He is reliable, a quick-thinker and hands-on, with solid capital markets expertise and lots of transactional know-how.’

‘They try to have different perspectives on the relevant issues to have a mutual understanding with the client and find the best solutions.’

‘Young, professional and very dynamic team.’

‘Philipp Kinsky is an exceptional expert in his field; he is also very pragmatic and very approachable. He was always available for our project and managed sometimes very difficult positions very well. He always delivered great quality of work.’

Key clients

Biogena Group Invest

ams AG

IST – cube funds

Marinomed Biotech AG



Illwerke vkw AG


Wolftank AG

Work highlights

  • Advised Biogena Group Invest on its capital increase to approximately 4 million shares. The subscription period for the total of 1,995,000 new shares started on April 12, 2021 and ended on April 26, 2021.
  • Advised Wolftank-Adisa Holding AG on its capital increase by issuing 125,000 new no-par value bearer shares by utilising companies capital reserves against cash contributions and excluding shareholders’ subscription rights.
  • Advised IST cube Management on the structuring and establishment of the IST Cube (EuVECA) funds with major investors as European Investment Fund, Lansdowne Partners and aws venture funds.

Müller Partner Rechtsanwälte

Clients from regulated industries such as finance, energy and insurance routinely instruct Müller Partner Rechtsanwälte to assist with capital markets transactions  - recently, this has mostly been in the DCM space - alongside capital markets compliance, including stock exchange law, market abuse regulation and security supervision law. Gernot Wilfling heads the team and is the main contact for both transactional and compliance work.

Practice head(s):

Gernot Wilfling


‘They offer a high degree of professionalism and always respond in a timely manner. Social and environmental concerns are important to them and they support various causes.’

‘Mr. Wilfling’s expertise in (dept) capital markets transactions and regulations was particularly helpful to us and his work is marked by a high degree of responsiveness.’

‘Müller Partner has been advising us in various capital markets and corporate law issues for many years. The partner in charge and main point of contact is Gernot Wilfling.’

‘We particularly value Gernot Wilfling for his in-depth knowledge of capital markets regulation and the Austrian Stock Corporations Act. He always provides quick and reliable advice.’

‘The whole team worked together, knew about the project and there was no problem with holidays or the project standing still because of people missing. The team was very well organised and kept the quality constantly at perfect levels.’

‘Gernot Wilfling coordinates all our needs. Great foresight. His team is motivated and works in a very friendly, competent way.’

‘Clear focus on capital markets law combined with corporate law.’

‘Gernot Wilfling: Fast, reliable and highly qualified.’

Key clients

KELAG Kärntner Elektrizitäts-Aktiengesellschaft



Rockets Holding GmbH

Frauenthal Holding AG

Vienna Insurance Group AG

Österreichische Post AG

Erste Group Bank AG

Don Bosco Finanzierungs GmbH


OMV Aktiengesellschaft

Erste Bank der österreichischen Sparkassen AG

Work highlights

  • Advised KELAG as the issuer and UniCredit as the lead manager on the offering of KELAG’s €100m ESG-rating linked bond.
  • Advised EVN AG on the resale of its own shares to employees by way of a public share offering with a seven-digit offering volume.
  • Advised Don BoscoFinanzierungs GmbH on the issuance of a €10m education bond where proceeds are used to support a Latin American University.

Rautner Rechtsanwälte GmbH

With capital markets and banking and finance expert Uwe Rautner heading the practice at the eponymous firm Rautner Rechtsanwälte GmbH, the team is best known for its capabilities at this intersection. This translates into regular mandates from financial services providers, while the team has recently also been increasingly active in the energy space, on debt and equity capital markets transactions alongside regulatory issues.

Practice head(s):

Uwe Rautner

Other key lawyers:

Melany Buchberger-Golabi


The whole team consists of highly qualified professionals. They deliver spot-on advice and recommendations in a timely manner.

Key strengths are that they are always very responsive to requests and deliver tailor-made results.

We always felt that we were in very competent hands.

During Covid-19-related difficulties, we were positively surprised how well our virtual collaboration with Rautner worked out. Virtual meetings felt like they were even more productive than life meetings and we felt that regardless of where we and our lawyers were physically, they always delivered the same high-quality advice we have been used to since before the pandemic.

All individuals I have been working with at Rautner in the past are experts in their respective fields.

Managing partner Uwe Rautner has proven time and again over the many projects we have been working together over the last couple of years that he is not only an expert in the field of capital markets law but also a uniquely talented project manager. His abilities to coordinate the different parties and guide the whole process towards a successful closing are unmatched in my experience.

Key clients

UniCredit Bank Austria AG

Erste Group Bank AG

Erste Bank der oesterreichischen Sparkassen AG

Banco Santander

HSBC bank plc

Windkraft Simonsfeld AG

BNP Paribas S.A. Austrian Branch

oekostrom AG

Work highlights

  • Advised oekostrom AG on all aspects of its recent share offering. As part of a capital increase, oekostrom AG placed 201,019 new registered shares with an issue volume of €4.1m.
  • Advising HSBC Bank plc, Merrill Lynch International, Morgan Stanley & Co International plc and Société Générale as joint lead manager in connection with the issue of €500m AT1 notes of Erste Group.
  • Advising Danske Bank A/S, DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main, Erste Group Bank AG, ING Bank N.V., NATIXIS and UniCredit Bank AG as dealer manager on the first issue under Erste’s new multi-issuer program, which allows standardised documentation of the bonds recorded across several group companies and flexible participation by different issuers.