RAG-Stiftung bags €1bn from Evonik sales

RAG-Stiftung, the German foundation created in 2007 to support the discontinuation of the country’s coal mines, opted to a block trade alongside an exchangeable bond to sell a 7% stake in Evonik Industries, the German speciality chemicals company, for €1bn.

  • By Aidan Gregory
  • 25 Sep 2018

Goldman Sachs, Deutsche Bank and UBS were bookrunners. They conducted a wall-crossing exercise earlier in the day that gave them full coverage on both lines of the trade.

The block had an initial size of 16m shares, a 3.4% stake, while the six year exchangeable ...

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All International Bonds

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4 Bank of America Merrill Lynch 42,095.04 147 5.90%
5 Deutsche Bank 38,720.01 140 5.42%

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4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

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5 Jefferies LLC 409.89 4 5.54%