Schuldschein’s negative illiquidity premium

tight pricing
By Jon Hay
08 Jul 2019

The Schuldschein market has given issuers exceptionally tight pricing, relative to the bond market, in the past six to nine months, but that advantage may be ebbing as bond spreads and yields have come down in recent months.

A report by Scope Ratings, published on Monday July 8, says the median credit spread on Schuldschein issues this year has been 110bp — up 15bp from last year’s level of 95bp, and in line with the median in 2017. In 2016 it was 138bp.

But this widening ...

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