Schuldschein rarity as Agrana markets fixed, floating notes at different margins

By Silas Brown
20 Jun 2019

Agrana, a food producer headquartered in Vienna, is marketing a Schuldschein where its floating notes are some 20bp inside the fixed note offering. Two market participants said they had never seen this before.

Helaba, Raiffeisen Bank International and UniCredit are arranging the transaction, offering investors the opportunity to participate at five, seven and 10 years.

The fixed notes have spread ranges of 120bp-140bp, 140bp-160bp and 170bp-190bp over Euriboer, while the floating notes are tighter, at 100bp-120bp, 120bp-140bp and 150bp-170bp over six ...

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