Clifford Chance has advised a banking syndicate consisting of Bayerische Landesbank and Raiffeisen International AG on a bond issue by Deutsche Bahn. The volume of the bond, issued by Deutsche Bahn Finance B.V. and guaranteed by Deutsche Bahn AG, is EUR 350 million and the term of the bond is five years.

The yield of the bond is -0.006%. This is the first euro-denominated corporate bond ever issued with a negative yield.

The Clifford Chance team comprised partner Sebastian Maerker and associate Dr. Peter Becker (both Banking & Capital Markets, Frankfurt) as well as partner Jurgen van der Meer and associate Ellen van Gessel (both Capital Markets, Amsterdam).