Hogan Lovells advises banks on placement of EUR 2.15 billion debt capital of Volkswagen Financial Services AG

Led by Frankfurt partner Jochen Seitz international law firm Hogan Lovells has advised the joint lead managers UniCredit Bank AG (technical lead) as well as Banco Santander, S.A., J.P. Morgan Securities plc, Merrill Lynch International and MUFG Securities (Europe) N.V. on the placement of three bonds with a total nominal of EUR 2.15 billion of Volkswagen Financial Services AG.

The issuances are one of the first bond issuances by a car manufacturer in the European capital market after the beginning of the corona crisis. Prior to the issuance, Volkswagen Financial Services AG published a CSSF approved supplement to its securities prospectus which describes risks in connection with the corona crisis. The coupons of the bond are 2.500% (maturity in 2023), 3.000% (maturity in 2025) and 3.375% (maturity in 2028).

The team around Jochen Seitz has been advising Volkswagen Financial Services AG and Volkswagen Bank GmbH as dealer counsel in relation to their debt issuance programmes for many years.

Hogan Lovells team for the joint lead managers

Dr. Jochen Seitz (Partner), Dr. Sven Brandt (Partner), Bianca Engelmann (Partner), Dr. Stefan Schrewe, Frank Salzgeber (Associates), Nina Fischer (Business Lawyer) (all Banking and Finance, Frankfurt);

Dr. Daniel Flore (Partner, Litigation, Frankfurt).

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