RAG-Stiftung returns with third Evonik exchangeable

By Aidan Gregory
09 Mar 2017

RAG-Stiftung, the German state-backed foundation set up in 2007 to support the discontinuation of the country’s coal mines, tapped the equity-linked market for a third time on Thursday with a €525m note exchangeable into shares in Evonik Industries, the German speciality chemicals company.

Citigroup, Deutsche Bank and UBS were bookrunners.

Launched on Thursday morning, the €500m senior unsecured, zero coupon six year bonds are callable from four years.

They were offered at an issue price of 104 to 106 and an exchange premium of 30% to 35% above the volume-weighted ...

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