IFLR1000

Volkswagen €2.5 billion hybrid bond issue

20/3/2015
Convertible and hybrid securities
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€ 2.5 billion

Completed

20/3/2015

Overview:

  • German car manufacturer Volkswagen issued a €2.5 billion hybrid bond in two tranches.
  • The smaller €1.1 billion tranche has an interest rate of 2.5% and a first call date of March 20, 2022.
  • The larger €1.4 billion tranche has an interest rate of 3.5% and a first call date of March 20, 2030. 
  • The bonds are listed on the Luxembourg Stock Exchange.
  • BNP Paribas, Commerzbank, JP Morgan Securities, and Merrill Lynch International were joint bookrunners. 
  • Citibank and BNP Paribas Securities Services were listing agents. 

Ben Naylor - Regional Editor

Jurisdictions:

Germany
Luxembourg
Netherlands

Deal type:

Convertible and hybrid securities

Practice area:

Capital markets : Debt

Industry sector:

Automotive

Firms:
Clifford Chance

Party: Volkswagen AG St ON (Issuer)

Party: Volkswagen International Finance NV (Issuer)

Lawyers: Frank Graaf, George Hacket, Jurgen van der Meer, Sebastian Maerker

Linklaters

Party: BNP Paribas (Bookrunner)

Party: Commerzbank AG (Bookrunner)

Party: JPMorgan Securities (Bookrunner)

Party: Merrill Lynch International (Bookrunner)

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