Deutsche Bank Extends Trustee and Agency Service to Include German Common Representative
Since 5 August 2009, the German Debenture Act (Gesetz ueber Schuldverschreibungen aus Gesamtemissionen (Schuldverschreibungs-gesetz-SchVG)) provides for the appointment of a common, or joint, representative (Gemeinsamer Vertreter) to act as an intermediary between bondholders and issuers on all new debt issuances which are subject to German law. The purpose of the Act is to facilitate interaction between issuers and their bondholders.
Recognising the changing needs of the market, Deutsche Bank says it is leveraging its expertise in the provision of trustee and paying agent services for international bond and note issues to offer independent third party common representative services on German debt issues. Staff providing the service will be based in Frankfurt and London and speak both German and English.