Carillion: the insouciance of Schuldschein

The UK building and services company had borrowed Schuldschein loans, which are unlikely to be paid in full — and the Schuldschein market couldn’t care less.

  • By Silas Brown
  • 16 Jan 2018

Schuldschein bankers are wheeled out at every conference to rehash the tired argument of credit defaults. 

What happens when a foreign issuer falls? Does all hell break loose? Every Frankfurt subsidiary shut down? Gerexit? 

The answers are less exciting than the questions, and Carillion shows why.

The UK firm issued ...

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