Vonovia €3 billion three tranche eurobond issue

Overview:

• Vonovia sold a €3 billion eurobond in three tranches, which was the largest ever instrument of this type issued by a real estate company. 
• The issuer, formerly Deutsche Wohnen, is Germany's largest listed landlord.
• The tranches were €1.25 billion 1.625% notes with a maturity of 2020, €1 billion 2.25% notes with a maturity of 2023, and €750 million floating rate (three month Euribor rate plus 0.95%) notes with a maturity of 2017.
• The bonds were listed on the Luxemborg Stock Exchange. 
• Commerzbank, Credit Suisse, JPMorgan, Merrill Lynch, Société Générale and UniCredit were joint bookrunners.

Ben Naylor - Regional Editor