Trafigura causes stir with debut Schuldschein

Magnifying glass due diligence from Adobe 17Aug20 575x375
By Silas Brown
15 Jan 2021

Commodities trading giant Trafigura has launched a Schuldschein which, due to its poor credit profile and high intended yield, is a clear outlier in the market, while some bankers are surprised that such a large company would try to raise such a small loan.

“It struck my attention,” said a veteran Schuldschein arranger away from the deal. “Trafigura’s deal looks a bit out of the ordinary, due to the coupon and the nature of the credit.” 

UniCredit is sole-arranging the deal, with three, four and five year tranches. The initial fundraising target ...

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