Gewobag negative Euribor floor seen as ‘sign of things to come’ in SSDs

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By Silas Brown
14 Nov 2019

Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero last week. Market participants said more will follow in 2020.

“Gewobag is the first, but I guarantee it won’t be the last,” said an investor from a commercial bank. 

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 November 5, ...

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