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FRANKFURT - Continental AG (OTC:CTTAY), the German automotive manufacturing company, has concluded a bond issue with a total volume of EUR 750 million, due on November 22, 2028. The bonds carry an annual interest rate of 2.875% and were issued at a price of 99.610%. Deutsche Bank AG (ETR:DBKGn), acting as the Debt Syndicate, announced today that no stabilization actions were taken following the bond’s issuance.
The securities, with the International Securities Identification Number (ISIN) XS3075393499, were offered with a spread of 95 basis points over the benchmark OBL 2.4% due on October 19, 2028. The syndicate of banks managing the transaction included BofA Securities, Deutsche Bank, J.P. Morgan, and UniCredit.
Stabilization measures are often used by underwriters to support the price of a security after its initial offering. However, in this case, the stabilization managers did not engage in such activities during the post-issuance period. The absence of these measures indicates that the market’s reception of the new debt issuance was stable.
Investors should note that the bonds have not been registered under the United States Securities Act of 1933 and, as such, may not be offered or sold within the United States absent registration or an exemption from registration. There will not be a public offering of these securities in the United States.
The successful bond issue reflects investor confidence in Continental AG’s creditworthiness and the company’s ability to meet its financial obligations. The announcement, based on a press release statement, serves to inform market participants and is not an offer to underwrite or acquire securities in any jurisdiction.
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