SG CIB was active as the co-bookrunner in Volkswagen's capital increase for an amount of EUR 4,219 billion. In terms of size, this was the largest issue completed in Germany in eight years and the third largest ever. The capital increase is an essential step in the process of creating an integrated group with the manufacturer Porsche. The deal represents 16% of the share capital of Volkswagen and 62% of its preferred shares. The offer, for which there was a pre-placement of the entire volume in advance of the launch of the subscription period, was well received by the market and the price was stable during the creation of the order and subscription book.