Davis Polk advised the joint lead managers on an SEC-registered offering on Schedule B by Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) of $1.5 billion 1.750% notes due 2020. The notes are guaranteed by the Republic of Austria.

OeKB is primarily engaged in export financing. It administrates the Republic’s guarantees covering commercial, political and foreign exchange risks in connection with Austrian exports and also provides medium- and long-term financing to banks and foreign importers for Austrian export transactions.

The Davis Polk corporate team included partner Leo Borchardt and associate Josef Schmidt. All members of the Davis Polk team are based in the London office.

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