Gewobag launches first Schuldschein with negative floors

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By Silas Brown
06 Nov 2019

Gewobag, the A2/A+ rated German housing company, has launched the first Schuldschein with Euribor floor set below zero, just months after placing €700m of Schuldscheine into the market.

BayernLB and LBBW are leading the €150m-minimum transaction, marketing the floating rate tranches with a floor for Euribor of minus 0.15%. Six month Euribor was minus 0.344% on Tuesday.

For two, three, four, five, six and seven year fixed and floating rate notes, the spread ranges are 35bp-40bp, 40bp-45bp, ...

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