Evonik Industries has launched a buyback of up to €500m of its €1.25bn 5.125% 2013 notes. The German speciality chemical company is offering a purchase spread of 95bp over the interpolated mid-swap rate on October 21.
The tender runs from October 12 to October 20. Evonik, rated Baa3/BBB, said it may choose to extend the tender for retail investors until November 9. Commerzbank, Deutsche Bank and WestLB are the dealer managers.
Its a buyback which is not linked to a new bond unlike Sandvik,