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$ 2 billion structured through four tranches issued by Volkswagen Group of America Finance, LLC. The banking syndicate for this transaction comprised Deutsche Bank Securities Inc.; Goldman Sachs & Co. LLC; HSBC Securities (USA) Inc.; MIZUHO Securities USA LLC; and SMBC Nikko Securities America, Inc. All bonds are guaranteed by Volkswagen AG, and have a rating of A3 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 March 2024.
The cross-border Clifford Chance team, consisting of lawyers in Frankfurt, London, and New York, comprised partner George Hacket, senior associate Andrei Manea and associate Gordana Golubic-Huertas on U.S. Capital Markets matters as well as partner Sebastian Maerker and associate Wolfgang Ettengruber on German law matters (all Capital Markets, Frankfurt), partner Paul Deakins and senior associate Sophie Wilkinson (both Capital Markets, London), partner Olaf Mertgen and senior associate Steffen Waadt (both Tax, Frankfurt) as well as partner Avrohom Gelber (Tax, New York).
