Clifford Chance advised Volkswagen Aktiengesellschaft and Volkswagen Group of America Finance, LLC on the issuance of U.S.$ 2.0 billion of bonds by Volkswagen Group of America Finance, LLC primarily to U.S. institutional investors pursuant to Rule 144A of the Securities Act of 1933.

The bonds are irrevocably and unconditionally guaranteed by Volkswagen Aktiengesellschaft. This was Volkswagen Group of America Finance LLC's second issuance of bonds to U.S institutional investors.

The bonds were issued in three tranches: the U.S.$ 750 million 1.600% senior notes due 2017, the U.S.$ 750 million 2.450% senior notes due 2019 and the U.S.$ 500 million floating rate senior notes due 2017.

The Clifford Chance advisory team consisted of partner George Hacket, counsel David Detweiler and associates Ryan Dunmire and Sarah Steece (US law, all Banking & Capital Markets, Frankfurt). German law advice was provided by partner Wolfgang Richter (Corporate, Frankfurt), English law advice by partner Stuart Dunlop and associate Kathryn McArdle (Capital Markets, London).