Vonovia SE’s € 20 Million Bond Offering


Linklaters advised Vonovia SE on the issuance of the company’s first fully digital registered bond in the amount of € 20 million.

Security tokens were used for the issuance to transfer ownership of the receivable under the highest security standards. The transfers of the claim right from the registered bond take place on the established Stellar Blockchain, which is used internationally for transactions. The term of the debenture is three years.

The transaction represents a first in the capital market, bringing tokenization to the institutional capital market.

The Linklaters team was led by Dr Alexander Schlee (Picture – Partner, Capital Markets Partner, Frankfurt) and Dr Christian Storck (Capital Markets Partner and Global Co-Head of Innovation, Frankfurt).

Involved fees earner: Alexander Schlee – Linklaters; Christian Storck – Linklaters;

Law Firms: Linklaters;

Clients: Vonovia SE;