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Clifford Chance advises Volkswagen on the issuance of EUR 3 billion hybrid bonds

18 June 2020

Clifford Chance advises Volkswagen on the issuance of EUR 3 billion hybrid bonds

Volkswagen AG and its affiliate Volkswagen International Finance N.V. have issued EUR 3 billion in hybrid bonds. International law firm Clifford Chance has advised Volkswagen on this transaction.

The bonds consist of two tranches, a tranche with an aggregate principal amount of EUR 1.5 billion with a first call date in 2025 and a tranche with an aggregate principal amount of EUR 1.5 billion with a first call date in 2029. The notes are listed on the regulated market on the Luxembourg Stock Exchange.

The joint lead banks were Barclays Bank plc, BNP Paribas, BofA Securities, Deutsche Bank and RBC Capital Markets.

The Clifford Chance team comprised partners George Hacket and Sebastian Maerker and associates Andrei Manea, Elizabeth van de Sande and Wolfgang Ettengruber (all Banking & Capital Markets, Frankfurt), partner Jurgen van der Meer and associate Gesrow Hamid (both Banking & Capital Markets, Amsterdam), partner Olaf Mertgen (Tax, Frankfurt), associates Robin Houtveen and Nolan Groenland (both Tax, Amsterdam) as well as partner Geoffrey Scardoni and senior associate Josselin Badoc (both Tax, Luxembourg).