| Issuer / Guarantor | RAG-Stiftung |
|---|---|
| Size | EUR 375mn |
| Type | Exchangeable into Evonik |
| Leads | BoA, Morgan Stanley |
| Maturity | 16 Dec 2031 (5.5 years) |
| Coupon | 1.45% (1.2 - 1.7%) |
| Premium | 27.5% (25 - 30%) |
| Calls | @ 100% from Jul 2030 (4.1 yrs); 130% trigger |
| Puts | t/o @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | c/t ratchet |
| CoCo | None |
| Announced | 09 Jun 2026 |