Clifford Chance has advised a bank syndicate led by BNP PARIBAS, Crédit Agricole CIB and HSBC on a bond issue in the total volume of EUR 800 million. The bond was issued by Steinhoff Europe AG, a furniture and household goods retailer, and is guaranteed by Steinhoff International Holdings N.V. This was Steinhoff's debut issue in the Eurobond market.

The bond, issued in a denomination of EUR 100,000 on 24 July 2017, has a 7½ year term and bears an annual coupon of 1.875 per cent.

The bond was offered to institutional investors and was met with strong interest for Steinhoff’s business model. The strong investor demand led to an upsizing of the offering from the initial target size of EUR 500-750 million. The order book was more than four times oversubscribed.

The Clifford Chance team included partner Sebastian Maerker, associates Dr. Christian Köhler, Radoslav Lolov and Philippa Winter (all Banking & Capital Markets, Frankfurt) as well as partner Jurgen van der Meer and associate Moussa Louizi (both Capital Markets, Amsterdam).