Transaction highlights Mizuho’s growing equity-linked capabilities and long-standing client engagement
London, 2 July 2026: Mizuho EMEA is pleased to have supported Vonovia SE, one of Europe’s leading residential real estate companies, in the successful issuance of €850 million senior unsecured convertible bonds due 2031.
The transaction marks Vonovia’s second convertible bond issuance within 13 months, further strengthening its capital structure while reinforcing its position as one of the largest issuers in the European equity-linked market.
Launched without pre-marketing, the transaction was met with strong and immediate investor demand, with the orderbook rapidly covered and enabling an upsizing from €750 million to €850 million. The deal was significantly oversubscribed, drawing broad participation from high-quality investors – particularly long-only accounts – and achieving attractive pricing for the issuer that still facilitated a positive aftermarket performance. Structurally aligned with Vonovia’s prior issuances, the bonds support the company’s financing strategy while incorporating features to enhance credit metrics and manage potential dilution.
By leveraging its global equity-linked distribution platform, Mizuho played a key role in the successful execution of the transaction which represents a significant milestone for Mizuho’s EMEA equity-linked platform.
Commenting on the financing, Christian Eder, Senior Banker, Mizuho EMEA: “We are delighted to support Vonovia on this important transaction, which reflects the strength of our long-standing relationship and our commitment to delivering tailored financing solutions that align with the company’s strategic objectives. The successful outcome underscores continued investor confidence in Vonovia and its compelling credit story.”
Jonathan Murray, Head of Equity Capital Markets, Mizuho EMEA added:
“We are grateful to Vonovia for their continued trust and are proud to support them in accessing the equity-linked market with another highly successful transaction. This deal demonstrates the strength of investor demand for well-structured opportunities and reflects our commitment to delivering consistent, high-quality execution as we continue to grow our equity-linked franchise in EMEA.”
About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a strong presence throughout the region, our client base includes leading corporations, financial institutions and state owned entities. Mizuho is deeply committed to serving client needs, enabling our people to flourish, and helping to improve society and communities where we do business.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40countries throughout the Americas, EMEA, and Asia. As of December 2025, its total assets were ~US$2 trillion.
