Clifford Chance has advised a banking consortium led by Morgan Stanley and including Commerzbank, ING, Société Générale, UniCredit Bank as well as other banks on a bond issuance by Siemens Financieringsmaatschappij N.V.

The bond guaranteed by Siemens AG amounts to a total volume of EUR 2.75 billion and was issued in three tranches, maturing in 2023, 2027 and 2030 and bearing interest at 0.375 percent, 1.000 percent and 1.375 percent respectively.

Siemens generated very strong demand resulting in an order book of EUR 6.8 billion.

It is the first issuance by Siemens of Euro denominated notes under the Siemens debt issuance programme since 2013.

Clifford Chance has previously advised on other Siemens transactions, such as the USD 7.5 billion bond issuance in 2017.

The Clifford Chance team advising the banking consortium comprised partner Sebastian Maerker, senior associate Christian Köhler and associate Wolfgang Ettengruber (all Banking & Capital Markets, Frankfurt) as well as partner Jurgen van der Meer and associate Moussa Louizi (both Banking & Capital Markets, Amsterdam).

Siemens was represented by its in-house legal team.