Barry Callebaut plumps for safer Schuldschein, reaps big harvest

Barry Callebaut has taken €600m across three tranches in one of the biggest international Schuldschein transactions in the last 12 months. The Belgian-French chocolate company now based in Switzerland had roadshowed for a public benchmark sustainable bond in November, but opted instead for its first Schuldschein deal, as the risks of execution in the public market were too great.

  • By Silas Brown
  • 13 Feb 2019

The Baa3/BBB- rated company's deal caught the attention of traditional German lenders, as well as commercial banks.

BayernLB and SEB offered Schuldschein lenders seven, eight and 10 year euro and Swiss franc tranches in the deal. Pricing ranges for the euro portion are 120bp-140bp, 135bp-155bp and 150bp-170bp over Euribor. ...

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