Steinhoff woe brings angst to 100 lenders in its Schuldschein

The Scream 230x150
By Bianca Boorer , Silas Brown
07 Dec 2017

The Austrian subsidiary of Steinhoff issued roughly €650m of Schuldscheine in July 2015 — and, as its shares plunged on Wednesday, over 100 Schuldschein lenders were stuck with little ability to sell the debt. With no majority voting allowed in the Schuldschein market, some question whether the product's lean documentation can cope in headier times.

All Schuldschein investors could do as Steinhoff crumbled was watch as Rome burned.

There is no active secondary market in the Schuldschein market — as lenders are typically buy-and-hold — so there is very little capacity to sell loans fast. This is not normally a problem, as the ...

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