Hogan Lovells advises banks on the Green Bond debut placements of Volkswagen Leasing GmbH

Press releases | 06 October 2023

The Frankfurt capital markets team of global law firm Hogan Lovells led by partner Dr Jochen Seitz advised Deutsche Bank Aktiengesellschaft (Lead Manager), Intesa Sanpaolo S.p.A., ING Bank N.V., Skandinaviska Enskilda Banken AB (publ) as well as Société Générale on the placement of three Green Bonds issued by Volkswagen Leasing GmbH.

On September 21, 2023 the Green Bonds were issued with a volume of EUR 2 billion. The Bonds feature terms of 2.5, 5.5 and 8 years, a coupon of 4.500, 4.625 and 4.750 per cent. p.a. respectively and have been admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The proceeds from the bonds are to be used to finance and/or refinance eligible environmentally friendly projects related to zero-emission vehicles. Further provisions on the selection and the evaluation of such projects are contained in the Green Finance Framework 2023 of Volkswagen Financial Services Aktiengesellschaft. This is the first "Green Bond" of the Volkswagen Financial Services Aktiengesellschaft Group.

The Hogan Lovells team had previously advised the dealers in connection with the update of the Volkswagen Financial Services Aktiengesellschaft EUR 50 billion debt issuance programme as well as the integration of the Green Finance Framework into the programme.

Please see the press release of Volkswagen Leasing GmbH for further information: https://www.vwfs.com/en/media/press-releases/2023/first-green-bond-transaction-successful.html

Hogan Lovells team for the banks

Dr Jochen Seitz (Partner), Dr Stefan Schrewe (Counsel), Anna Hersener (Associate), Kira Kuhnert (Foreign Associate) (all Capital Markets).