Schuldschein market hits record lows as margins tumble
B. Braun, the German medical and pharmaceutical devices firm, set a new Schuldschein record for low margins, launching a €150m triple tranche transaction amid increasingly aggressive pricing conditions.
DZ Bank and Helaba offered tranches of six, eight and 10 years to Schuldschein investors, with margin ranges of 50bp-60bp, 65bp-75bp and 75bp-85bp respectively.B. Braun, as a German issuer that has entered the market before, is well known to domestic lenders. “It’s a middle of the fairway ...
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