World-leading Germany-based car manufacturer Volkswagen AG and its affiliate Volkswagen International Finance N.V. have issued EUR 2.75 billion in hybrid bonds. International law firm Clifford Chance has advised Volkswagen on this transaction.

The bonds consist of two tranches, one tranche with an aggregate principal amount of EUR 1.25 billion with a first call date in December 2024 and another tranche with an aggregate principal amount of EUR 1.5 billion with a first call date in June 2028. The notes are listed on the regulated market on the Luxembourg Stock Exchange.

The joint lead banks were Barclays Bank plc, BNP Paribas, Merrill Lynch International and UniCredit Bank AG.

The Clifford Chance team advising Volkswagen comprised partners Dr. George Hacket and Sebastian Maerker, counsel Barbora Moring and associate Andrei Manea (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 (Tax, Frankfurt) as well as partner François-Xavier Dujardin (Tax, Luxembourg).