Led by Frankfurt partner Jochen Seitz Hogan Lovells has advised Commerzbank, Deutsche Bank (technical lead), RBC Capital Markets and Banco Santander on the subscription and placement of three corporate bonds of Volkswagen Bank GmbH with an overall volume of EUR 2 billion. Seitz together with his team advised on the subscription agreement and the securities prospectus.

This has been the third Euro-benchmark-issuance of Volkswagen Financial Services this year and the first for Volkswagen Bank GmbH since August 2014. Established 1949, Volkswagen Bank GmbH has been a subsidiary of Volkswagen Financial Services AG until 1. September 2017 and is now a direct subsidiary of Volkswagen AG. With a balance sheet value of approximately EUR 78 billion as per September 2017 Volkswagen Bank is the leading automobile bank in Europe.

"We are very happy to support the banking consortium with our legal expertise on this bond issuance of Volkswagen Bank", said Jochen Seitz. The team around Jochen Seitz has acted as dealer counsel for the debt issuance programs of Volkswagen Financial Services and Volkswagen Bank for many years. Hogan Lovells also acts as legal advisor in relation to securitization transactions of Volkswagen Financial Services.

Hogan Lovells for the banks

Dr. Jochen Seitz (Partner), Sarah Frank (Senior Associate), Stefan Schrewe (Associate, Capital Markets, Frankfurt).