Schuldschein’s negative illiquidity premium

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.

  • By Jon Hay
  • 08 Jul 2019

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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4 Barclays 60,956.59 268 4.49%
5 Goldman Sachs 52,037.90 257 3.84%

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5 Deutsche Bank 13,105.24 66 5.66%

Bookrunners of European HY Bonds

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5 Goldman Sachs 2,523.29 20 6.34%

Bookrunners of Dollar Denominated HY Bonds

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5 Morgan Stanley 9,577.47 74 5.87%

Bookrunners of European Corporate IG Bonds

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1 BNP Paribas 15,424.27 88 5.79%
2 SG Corporate & Investment Banking 13,698.52 64 5.14%
3 Barclays 13,517.08 57 5.07%
4 JPMorgan 13,358.35 58 5.01%
5 Citi 13,203.46 60 4.95%