Steinhoff woe brings angst to 100 lenders in its Schuldschein

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.

  • By Bianca Boorer , Silas Brown
  • 07 Dec 2017

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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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 166,520.67 478 11.27%
2 JPMorgan 157,853.18 453 10.68%
3 Wells Fargo Securities 82,974.45 310 5.62%
4 Citi 78,170.70 251 5.29%
5 Mitsubishi UFJ Financial Group 69,987.93 467 4.74%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 2,942.31 6 10.15%
2 JPMorgan 2,618.81 5 9.03%
3 Standard Chartered Bank 2,514.82 6 8.67%
4 HSBC 2,341.67 5 8.07%
5 Mizuho 2,238.89 4 7.72%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 6,017.39 25 6.38%
2 Goldman Sachs 6,000.60 20 6.36%
3 BNP Paribas 5,679.50 22 6.02%
4 UniCredit 5,441.24 29 5.77%
5 Barclays 5,256.27 14 5.57%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 25,947.26 30 9.71%
2 Citi 16,842.42 38 6.30%
3 SG Corporate & Investment Banking 15,575.88 46 5.83%
4 Deutsche Bank 14,198.98 44 5.31%
5 Bank of America Merrill Lynch 13,028.84 31 4.88%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%