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19 June 2026

Clifford Chance advises banking syndicate on €375 million exchangeable bond issuance of RAG-Stiftung

Capital Markets & IPO Financial Services Completed United States

Advising firms

Clifford Chance
Underwriters acting for banking syndicate comprising BofA Securities Europe SA and Morgan Stanley Europe SE as Joint Global Coordinators and Joint Bookrunners, and Commerzbank Aktiengesellschaft as Co-Bookrunner

Deal team

7 lawyers named
LawyerFirmSeniorityPracticeOffice
George Hacket Lead Clifford Chance Partner Capital Markets Frankfurt
Cristina Freudenberger Clifford Chance Partner Capital Markets Frankfurt
Axel Wittmann Clifford Chance Partner Capital Markets Frankfurt
Andrei Manea Clifford Chance Counsel Capital Markets Frankfurt
Henrik Gildehaus Clifford Chance Counsel Capital Markets Frankfurt
Olaf Mertgen Clifford Chance Partner Tax Frankfurt
Steffen Waadt Clifford Chance Counsel Tax Frankfurt

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Stated terms

Stated value
EUR 375m (€375 million)
What the figure measures
Issue size
Client
BofA Securities Europe SA, Morgan Stanley Europe SE, and Commerzbank AktiengesellschaftUnderwriters
Counterparties
RAG-Stiftung (Issuer)
Evonik Industries AG (Other)