Global law firm Clifford Chance has successfully advised leading automotive manufacturer Volkswagen Group in its recent high-volume bond issuance in the U.S. market.
In the Rule 144A U.S. offering, Volkswagen Group raised a total of US$3.5 billion structured through six tranches issued by Volkswagen Group of America Finance, LLC. The banking syndicate for this transaction comprised BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, and Mizuho Securities USA LLC. All bonds are guaranteed by Volkswagen AG, and have a rating of Baa1 by Moody’s, BBB+ by S&P and A- by Fitch.

Clifford Chance regularly advises Volkswagen on the issuance of high-volume bonds in the U.S., most recently in August 2024.