Clifford Chance advises Volkswagen Group on US$3.05 billion bond issuance

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$3.05 billion structured through five tranches issued by Volkswagen Group of America Finance, LLC. The banking syndicate for this transaction comprised Morgan Stanley & Co. LLC, Barclays Capital Inc., Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc., Santander US Capital Markets LLC and U.S. Bancorp Investments, Inc. All bonds are guaranteed by Volkswagen AG.

Clifford Chance regularly advises Volkswagen on the issuance of high-volume bonds in the U.S., most recently in September 2025.

The cross-border Clifford Chance team comprised partner George Hacket, counsel Andrei Manea and senior associate Gordana Golubic-Huertas on U.S. Capital Markets matters as well as partner Cristina Freudenberger and transaction lawyer Felicitas Fischer on German law matters (all Capital Markets, Frankfurt), partner Paul Deakins (Capital Markets, London), partner Olaf Mertgen and Avrohom Gelber (both Tax, Frankfurt and New York).