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Issuer could step up pace of deals
German promissory notes come into their own in times of stress
GlobalCapital is pleased to announce the winners of the Syndicated Loan, Leveraged Finance and Private Debt Awards 2025.
Company last issued Schuldscheine in 2019
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Schuldschein salespeople, hunting for new investors with deep pockets, are targeting institutions with environmental, social and governance portfolios as the trend for green deals flourishes.
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Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality. -
As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.
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Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.
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US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.
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Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.
