Mayr-Melnhof first to €1bn in Schuldschein market

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By Silas Brown
03 Mar 2021

Austrian paper and packaging company Mayr-Melnhof Karton has sold €1bn of long-dated Schuldscheine, in the first transaction of that size this year. The deal, which will fund acquisitions in Finland and Poland, showcases the high amounts and attractive structures companies can achieve due to a supply and demand imbalance in the German private placement market.

Most people involved in the deal, as well as those away from it, did not expect such a bumper amount.

The initial target was €300m, and many thought the deal would close at €500m-€600m. Arrangers Erste Bank, Raiffeisen Bank International and UniCredit began marketing with tenors at three, ...

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