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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.
03:15 PM -
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.
15 Oct 2019 -
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.
14 Oct 2019 -
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.
14 Oct 2019 -
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.
10 Oct 2019 -
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.”
10 Oct 2019 -
Birmingham Airport lands long money in US PP market
Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.
10 Oct 2019 -
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.
09 Oct 2019 -
National Express takes $500m-equivalent US PPs across three currencies
UK coach operator National Express has sold roughly $500m-equivalent US private placements, in dollars, euros and sterling, with substantial delayed draws.
09 Oct 2019 -
Paddy Power’s private placements shelved amid merger talks
Paddy Power’s prospective US private placement debut has been kicked into the long grass, according to sources familiar with the situation, as the Irish gambling company instead focuses on a merger with Canada’s PokerStars.
08 Oct 2019 -
Alpha Trains rolls into US PP market for euros
Alpha Trains, the rolling stock leasing firm headquartered in Luxembourg, has sold €200m of US private placements.
08 Oct 2019 -
Schuldschein in focus as Leica Camera to snap loans
Leica Camera, the German camera company, has launched a €50m triple tranche Schuldschein.
07 Oct 2019 -
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'.
04 Oct 2019 -
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.
03 Oct 2019 -
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.
02 Oct 2019
