Westdeutsche Landesbank has grabbed the mandate to manage a landmark £1.2bn (€1.93bn) loan for Innogy, the UK utility, from under the noses of Deutsche Bank and Royal Bank of Scotland.

The mandate represents the biggest sole-led mandate that WestLB has won in the UK. The fee revenue will be especially welcome against the background of a shrinking acquisition finance market. WestLB has not disclosed underwriting fees but bankers estimated they could be about £3.5m