ESG price ratchet enters Schuldschein: bonds next?

By Jon Hay, Silas Brown
13 Jun 2019

A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.

Dürr, a German company that makes industrial machinery, is seeking to raise at least €150m in the Schuldschein market, which can be seen as a halfway house between loans and bonds.

The deal, led by ING and LBBW, is the first in that market to have credit margins ...

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