Clifford Chance

Clifford Chance advises on landmark €5 billion bond issuance by DSV to fund DB Schenker acquisition – the largest corporate bond issue from the Nordics

Clifford Chance has advised the joint lead managers on the €5 billion senior unsecured bond issuance by DSV as part of the financing of the €14.3 billion acquisition by DSV of DB Schenker from Deutsche Bahn. DSV is a leading provider of global transport and logistics services.

DSV has set a new benchmark in the debt capital markets, marking the second phase of financing of the acquisition. This latest issuance follows the company's €5 billion Accelerated Bookbuild (ABB) earlier this month, and refinances the committed acquisition facilities, underscoring DSV's active and strategic approach to growth financing.

The €5 billion issuance, structured across six tranches with tenors spanning from 2 to 10 years, is tied for the largest EUR corporate issuance of 2024 and represents the largest corporate bond issuance from the Nordics in history.

The Clifford Chance team on the bond financing was led by Partner Kate Vyvyan with support from John Thomson, Caroline Smyth, Kaneeka Kapur and Carolin Talver. The Clifford Chance team on the ABB was led by Partner Johannes Juette with support from Sarah Wetzel and Ines Teixeira. The Clifford Chance team on the acquisition facilities was led by Partner Jim MacHale, with support from Elphina Franklin, Associate Boma George and Trainees Chantelle Richter and Sian Grady.