Traton debuts as Schuldschein opens with a bang

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By Silas Brown
11 Jan 2021

Traton, the Volkswagen subsidiary which makes MAN, Scania and VW commercial vehicles, on Monday launched a sustainability-linked Schuldscheine with a minimum target of €400m. The first SSD deal of the year, Traton’s target size is a good indication the market is looking to make up ground it lost last year.

LBBW, SEB and UniCredit are arranging the three, five and seven year deal for the the Baa1/BBB rated credit. Spread ranges are 85bp-105bp, 105bp-125bp and 125bp-145bp, priced over six month Euribor for floating rate notes and mid-swaps for fixed.

The margins are linked to Traton’s ESG ratings from ...

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