Schuldschein taps ground with B. Braun hit

By Silas Brown
08 Jun 2017

German medical firm B. Braun sold what some are calling the tightest six year loan in Schuldschein history this week, even as it more than doubled the €150m initial target. However, some Schuldschein bankers believe German issuers have reached the pricing floor.

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. Final pricing was not disclosed.

B. Braun last entered the market two to three years ago, when margins were some 10bp-15bp wider, said a ...

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