US investors use NSVs to lend to Germans

By Silas Brown
15 Oct 2019

Institutional investors from the US have been lending to German borrowers using the Namensschuldverschreibungen (NSV) — a non-callable registered instrument that is, unlike the Schuldschein, non-cancellable after 10 years. But some are sceptical of their involvement in the market, as they are of US lenders participating in the Schuldschein market.

“There are now regular deals with US investors under the NSV — not billions but more than 10 deals — and it’s coming up more and more often,” said one senior arranger from a Landesbank, who would not confirm which borrowers he was talking about, but said US ...

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