Clifford Chance Clifford Chance advised Siemens on the issue of a USD 7.75 billion bond mainly placed with institutional investors in the USA in accordance with Rule 144A des Securities Act of 1933.

The bond was issued by Siemens Financieringsmaatschappij N.V. and is guaranteed by Siemens Aktiengesellschaft. This was the first offer to institutional investors in the USA Siemens has made since 2006.

The bond was issued in six tranches. Besides one tranche (USD 500 million, due 2018) with a variable interest rate, five tranches with fixed interest rates and volumes ranging from USD 1 billion to USD 1.75 billion were issued, with maturities between 3 and 30 years and coupons of 1.450% to 4.400%.

The Clifford Chance team was led by partners Sebastian Maerker (German law) and Dr. George Hacket (US law) and included counsels David Detweiler and Barbora Moring as well as associates Ryan Dunmire and Sarah Steece (all US law) as well as Said Wais Ashrafnia and Dr. Christian Köhler (both German law) - all Banking & Capital Markets, Frankfurt. Partner Jurgen van der Meer and associate Katja Busuladzic advised on aspects of Dutch law (both Banking & Capital Markets, Amsterdam).