Private Debt

  • Mann+Hummel struggles in Schuldschein market amid splurge in auto trades

    Mann+Hummel struggles in Schuldschein market amid splurge in auto trades

    Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.

  • US investors use NSVs to lend to German borrowers

    US investors use NSVs to lend to German borrowers

    Institutional investors from the US have been lending to German borrowers using the Namensschuldverschreibungen (NSV) — a non-callable registered instrument that is, unlike the Schuldschein, non-cancellable after 10 years. But some are sceptical of their involvement in the market, as they are of US lenders participating in the Schuldschein market.

  • ZF Friedrichshafen gets €9.2bn book for multi-trancher

    ZF Friedrichshafen gets €9.2bn book for multi-trancher

    Germany’s ZF Friedrichshafen has set final terms on a multi-tranche €2.7bn bond on Monday, with the car parts maker seeing far more demand at wider spreads than where it raised a similar amount in the Schuldschein market in recent weeks.

  • Bureau Veritas returns to US PP market

    Bureau Veritas returns to US PP market

    Bureau Veritas, the unrated certification agency headquartered in Paris, has entered the US private placement, according to market participants.

  • Flickers of secondaries appear in Schuldschein market

    Flickers of secondaries appear in Schuldschein market

    The Schuldschein market has for many centuries attracted buy-and-hold investors, but this may change as some arranging banks are offering lenders opportunities to buy sections of their own Schuldschein positions. But many fear that the whiff of secondary markets will see regulators reclassify the instrument as a security, instead of a loan.

  • Continental rolls in with fixed rate note

    Continental rolls in with fixed rate note

    German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”

  • Euro PP Charter adds ESG questionnaire

    Euro PP Charter adds ESG questionnaire

    Five years after its creation, the Euro PP Charter, an industry guidance document for the Euro private placement market, has been updated to reflect progress in, among other things, environmental, social and governance procedures.

  • FRN bonanza sweeps MTN market

    FRN bonanza sweeps MTN market

    Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.

  • Arrangers protect Schuldscheine from US banks out of fear of SEC

    Arrangers protect Schuldscheine from US banks out of fear of SEC

    Schuldschein arrangers have actively prevented US investors from lending in the market over the past few years, for fear of the consequences of US regulators ruling the instrument a bond security as opposed to a loan. But as new arrangers enter the market, the old guard’s ability to protect their cherished loan instrument — and their market share — is in question, Silas Brown reports.

  • LBBW solidifies position as top SSD house in bustling market

    LBBW solidifies position as top SSD house in bustling market

    Landesbank Baden-Württemberg has long held the crown as the top Schuldschein arranger, but even as the market internationalises the Stuttgart-based bank has retained its ability to cope with deal flow, as well as push the market beyond its usual borders.

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