On 14 February 2020, Vattenfall established its first ever Swedish law governed Euro-Commercial Paper (ECP) programme, replacing its previous English law governed programme. In addition to the change of governing law from English to Swedish law, the programme amount was increased from EUR 2,000,000,000 to EUR 4,000,000,000, so as to allow for a consolidation with the current domestic commercial paper programme. An ECP programme is a programme for short-term debt instruments, which often have a maturity that ranges from 1 day to 365 days.
The ECP programme establishment follows Vattenfall’s update of its Euro Medium Term Note programme in 2018, which also involved a change in governing law from English law to Swedish law.
Vattenfall is a leading European energy company that employs approximately 20,000 people and has operations mainly in Sweden, Germany, the Netherlands, Denmark, the UK and Finland. Vattenfall is owned by the Swedish government.
Vattenfall was advised by Mannheimer Swartling in connection with the establishment of the Swedish law governed ECP programme.