Hogan Lovells advises joint lead manager on issuance of Volkswagen Bank bonds

Hogan Lovells, led by Frankfurt partner Jochen Seitz, has advised the joint lead manager Banco Santander, S.A., Bayerische Landesbank, Crédit Agricole Corporate and Investment Bank, Deutsche Bank (technical lead) and SMBC Nikko Capital Markets Limited on the placement of four bonds of Volkswagen Bank GmbH with a total volume of 2.5 billion Euros, which was completed on 31 January 2019.

The senior non-preferred notes have been issued in compliance with the minimum requirements for eligible liabilities (MREL) under Art. 72b CRR, as prescribed pursuant to the draft amendment to the CRR which is supposed to become into effect in coming months, and met with great interest from investors. According to Volkswagen Bank, the issue of notes was almost four times oversubscribed.

"We are pleased to have been able to support the bank consortium in the placement of the bonds with our legal expertise", said partner Jochen Seitz. 

Seitz and his team have been managing the issue programs of Volkswagen Financial Services AG and Volkswagen Bank GmbH as Dealer Counsel for a number of years.

Hogan Lovells for the joint lead managers 

Dr. Jochen Seitz (Partner), Stefan Schrewe, Christin Kotzur, Frank Salzgeber (Associates, Capital Markets, Frankfurt).


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