365.bank
Advised the underwriter on a bond issuance by 365.bank, a.s. with an aggregate principal amount of EUR 150 million.

Adler Group
Advised Adler Group S.A. and its subsidiaries on the agreement with a steering committee of bondholders supporting a comprehensive recapitalization of the Group. Part of the agreement is the extension of the maturities of the Group's existing debt and the strengthening of equity by converting existing bonds into subordinated perpetual bonds, which are expected to be classified as equity under International Financial Reporting Standards.

Aixtron
Represented the joint global coordinators on the issuance of unsecured and unsubordinated convertible bonds with an aggregate principal amount of EUR 450 million of AIXTRON SE.

Berlin Hyp
Advised Berlin Hyp AG on the issuance of a blockchain-based mortgage Pfandbrief, the first issuance of a digital mortgage Pfandbrief by a bank. The Pfandbrief with an aggregate principal amount of EUR 100 million was issued as a crypto security under the German Electronic Securities Act (eWpG).

Brenntag
Advised Brenntag Group on a dual tranche issuance with an aggregate principal amount of EUR 1 billion. The notes were issued by Brenntag Finance B.V. and guaranteed by Brenntag SE.

Deutsche Börse
Advised a bank consortium on the issue of fixed rate notes by Deutsche Börse AG with an aggregate principal amount of EUR 650 million. This issuance is the first under Deutsche Börse AG's Debt Issuance Programme, which was newly established in 2025.

Deutsche Lufthansa

• Advised Deutsche Lufthansa AG on the issuance of unsecured and unsubordinated convertible bonds with an aggregate principal amount of EUR 600 million and a tender offer regarding its senior convertible bonds due 2025.
• Advised Deutsche Lufthansa AG on the issuance of EUR 750 million fixed rate notes under its debt issuance programme.

E.ON
Advised E.ON SE on the issuance of two tranches of notes with an aggregate principal amount of EUR 1.75 billion. The second tranche has a principal amount of EUR 900 million and was issued as a green bond.

Eurogrid
Advised Eurogrid GmbH on the issuance of fixed rate EU Green Bonds with a principal amount of EUR 1.1 billion, divided into two tranches of EUR 500 million and EUR 600 million and guaranteed by 50Hertz Transmission GmbH and 50Hertz Offshore GmbH. Both tranches were issued as EU Green Bonds and were the first EU Green Bonds issued by a German issuer.

Evonik

• Advised Evonik Industries AG on the issuance of a green hybrid bond with a volume of EUR 500 million and a concurrent tender offer for its outstanding EUR  500 million hybrid bond issued in 2021.
• Advised Evonik Industries AG on the issuance of fixed rate notes issued with an aggregate principal amount of EUR 500 million. The notes are represented by a central register security entered into a central register operated by Clearstream Banking AG, Frankfurt and have been issued via the digital platform D7 Digitiser.

Federal Republic of Germany
Advised a syndicate of banks on the tap issue of green bonds of the Federal Republic of Germany with a principal amount of EUR 3 billion. The new outstanding principal amount of the bond is EUR 9.5 billion.

Fresenius Medical Care
Advised the bookrunners on a EUR 500 million bond issued by Fresenius Medical Care AG.

JAB Holdings B.V.
Advised the joint bookrunners on the EUR 750 million bond issuance by JAB Holdings B.V. The notes are guaranteed by JAB Holding Company s.à.r.l.

Knorr-Bremse
Advised a consortium of banks on a EUR 1.1 billion dual tranche bond by Knorr-Bremse AG, the second tranche of which was issued as a Green Bond with an aggregate principal amount of EUR 500 million.

NowCM
Advised NowCM, a global technology leader in digital and automated bond issuance, on the launch of NextGenCP, a novel platform with integrated legal advice for corporate and other commercial paper (CP) issuers.

OMV
Advised a consortium of banks on the issuance of a unsecured hybrid bond by OMV Aktiengesellschaft with a total volume of EUR 750 million.

Schaeffler
Advised a consortium of banks on the issuance of two tranches of fixed rate notes of Schaeffler AG with an aggregate principal amount of EUR 1 billion.

Sirius
Advised Deutsche Bank AG, HSBC and Morgan Stanley on a EUR 350 million bond issuance by Sirius Real Estate Limited.

Symrise
Advised Symrise AG on the inaugural issue of a rated bond on the European debt capital market. The bond has a volume of EUR 800 million, a term of seven years and a fixed coupon.

Verbund

• Advised Verbund AG on the issuance of a EUR 700 million European Green Bond. This is the first issuance under the VERBUND Debt Issuance Programme, established in 2025. The notes have been issued in accordance with the EU Green Bond Regulation.
• Advised Verbund AG on its issuance of a Green Bond including biodiversity with a volume of EUR 500 million.

Vier Gas
Advised Vier Gas Transport GmbH on the issuance of fixed rate notes with an aggregate principal amount of EUR 500 million.

Vonovia

• Advised a bank syndicate on the issuance of two series of senior unsecured convertible bonds by Vonovia SE with a total volume of EUR 1.3 billion.
• Advised a consortium of banks on a bond issuance by Vonovia SE with an aggregate principal amount of EUR 850 million. Vonovia SE intends to use an amount equal to the net proceeds from the issuance of the notes to finance and/or re-finance, in whole or in part, new or existing Social Assets in line with the Sustainable Finance Framework established by the Vonovia Group.