RWE and innogy implement Europe's largest guarantor and creditor exchange for EUR11 billion in corporate bonds


On 7 October 2016, innogy SE celebrated its debut on the Frankfurt trading floor. Soon thereafter, the guarantor and creditor change for all RWE AG senior bonds outstanding to innogy SE was initiated and successfully completed in February 2017. With a total volume of €11 billion equivalent, this transaction, which encompassed 18 bonds of various currencies, is the largest of its type by corporate in Europe.

The transfer was largely effected on the basis of the German Bond Act. This resulted in the act being applied to a large sized transaction outside of a restructuring situation for the first time. As a result of the successful implementation the corresponding financing between RWE and innogy has been eliminated. innogy is thus establishing itself as an autonomous player also on the bond market, emphasising the two companies' financial independence.