Clifford Chance advised Volkswagen on a bond issue in the total volume of EUR 8 billion. The bond was issued by Volkswagen International Finance N.V. and is guaranteed by Volkswagen Aktiengesellschaft.

The bond is divided in four tranches: one tranch bears floating rate interest and has a two-year term with a volume of EUR 2.5 billion. The other three tranches have fixed interest rates of 0.500 %, 1.125 % and 1.875 % with terms of four, six and a half and ten years and volumes of EUR 1.5 billion (twice) and EUR 2.5 billion (once).

The issue was oversubscribed multiple times and marks Volkswagen's successful return to the bond market after an eighteen months' pause.

The Clifford Chance team included partners Sebastian Maerker and Dr. George Hacket, counsel Barbora Moring, associates Dr. Peter Becker and Philippa Winter (all Banking & Capital Markets, Frankfurt) as well as Partner Jurgen van der Meer and associate Bauke de Vries (both Capital Markets, Amsterdam).