Clifford Chance has advised Siemens on a USD 7.5 billion bond issue primarily placed with institutional investors in the United States in accordance with Rule 144A of the Securities Act of 1933. The bond was issued by Siemens Financieringsmaatschappij N.V. and is guaranteed by Siemens AG.

The bond was launched in seven tranches. In addition to two floating rate tranches of USD 800 or 850 million due 2020 or 2022, the issue comprised five fixed rate tranches of between USD 1 billion and USD 1.5 billion, with terms between 3 and 30 years and interest rates between 2.200% and 4.200%.

The Clifford Chance team was led by partners Sebastian Maerker and Dr. George Hacket and comprised counsel Barbora Moring (US law) and Dr. Christian Köhler (German law, all Banking & Capital Markets, Frankfurt). Partner Jurgen van der Meer and associate Tom Smeele (both Banking & Capital Markets, Amsterdam) advised on Dutch law aspects.