Clifford Chance advised Volkswagen AG and Volkswagen International Finance N.V. in connection with the issuance of EUR 3.5 billion in hybrid bonds. The bonds consist of two tranches, a tranche with an aggregate principal amount of EUR 1.5 billion with a first call date in December 2022 and a tranche with an aggregate principal amount of EUR 2.0 billion with a first call date in June 2027.

The joint lead banks were Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, HSBC Bank plc, Merrill Lynch International and MUFG Securities EMEA plc. The notes are listed on the regulated market on the Luxembourg Stock Exchange.

The Clifford Chance team comprised partners Dr. George Hacket and Sebastian Maerker, counsel Barbora Moring and associates Sarah Steece and Philippa Winter (all Banking & Capital Markets, Frankfurt), partner Jurgen van der Meer and associates Bauke de Vries and Moussa Louizi (all Banking & Capital Markets, Amsterdam), partner Olaf Mertgen and counsel Dr. Marie-Theres Rämer (both Tax, Frankfurt) as well as partner François-Xavier Dujardin (Tax) and senior associate Markus Waitschies (Capital Markets, both Luxembourg).