The Schuldschein market has garnered much attention in 2016 for having another year of record volumes, though one banker was not impressed by some poor etiquette in the market.
When the Schuldschein market has been at its busiest, the order books for certain deals have closed within 24 hours of opening, not the customary five weeks, HSBC’s Ingo Nolden explained, leaving many investors without the chance to make commitments.
It is only the German investors who arrive first, before other investors have even switched on their computers, and place all of the deal among themselves.
Nolden (a German himself, so he should know well) said that is was a classic example of Germans on holiday: setting their alarm clocks early and racing to reserve a sun bed before other holiday makers have even woken up.
“I don’t understand why some deals close in 24 hours,” said an unimpressed Nolden. “I am clearly against this.”
Though French investor Thierry Valliere from Amundi takes a much more laid back approach to investing. “We only invest in one of 20 deals put to our credit committee,” said Valliere.
Valliere would probably be found eating breakfast in bed on holiday while his German colleagues prowl the poolside.