Allen & Overy has advised Oesterreichische Kontrollbank on its issue of USD 1.5 billion 0.500% guaranteed global notes due 2026.
“Austria has learned in the last year that every choice needs to be evaluated and reevaluated,” says Klaus Pfeiffer, Partner at Weber & Co. in Vienna. “Especially when it comes to making decisions about the pandemic, facts on which assumptions are based can change rapidly.” Having learned this lesson, he says, the Austrian government has “put itself in a good position to be flexible and able to constantly reassess its position – which will lead to better responses to the current crisis and future challenges.”
One of the most important issues facing businesses in CEE is the impact of the ongoing COVID-19 pandemic on litigation and arbitration. In-person court and arbitration hearings have become problematic, if not impossible, and the importance of certain boilerplate contract clauses has skyrocketed. Zsolt Okanyi, Global Head of Dispute Resolution at CMS, Malgorzata Surdek, Head of Dispute Resolution at CMS Poland, and Daniela Karollus Bruner, Head of Dispute Resolution at CMS Austria, evaluate the current situation.
“The political situation in Austria is as stable as it ever was,” says Eisenberger & Herzog Partner Marco Steiner. “Everybody’s eyes are pointed towards the government’s handling of the crisis, especially given that we are right now in a third lockdown. However, the government will need to get right on with its reform agenda as soon as the crisis begins to die down.”