Lufthansa launches online-only Schuldschein on VC Trade

Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.

  • By Silas Brown
  • 14 Mar 2019

BayernLB and Helaba are arranging the transaction for the Baa3/BBB-/BBB- rated borrower, offering lenders an opportunity to participate in either three or five year tenors. Pricing ranges were 65bp-80bp and 85bp-100bp, respectively.

The initial size is €300m but that could rise if there is enough demand. One investor ...

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4 Barclays 48,519.07 199 4.71%
5 Deutsche Bank 39,130.42 193 3.80%

Bookrunners of Euro Denominated Corporate IG Bonds

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5 Bank of America Merrill Lynch 10,069.16 30 6.03%

Bookrunners of European HY Bonds

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5 Goldman Sachs 1,890.62 15 6.02%

Bookrunners of Dollar Denominated HY Bonds

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5 Morgan Stanley 7,624.77 56 6.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 11,153.16 44 5.78%
2 Citi 10,746.74 42 5.57%
3 BNP Paribas 9,702.75 54 5.03%
4 Barclays 9,653.59 40 5.01%
5 JPMorgan 8,970.38 37 4.65%