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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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Andrew Hollingworth, a portfolio manager at Holland Advisors and shareholder in Sports Direct, has urged Mike Ashley, the sports retailer’s owner, to pay more attention to corporate governance. But had Hollingworth known about the US private placement market’s experience of dealing with Ashley — in this case over debt owed by one of his other businesses, Newcastle United FC — he might have campaigned for it even more strongly. -
Fraport, which operates Frankfurt airport and has stakes in several other airports, has entered the Schuldschein market for a second time this year, with an initial target of €200m.
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The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.
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Deutsche Kreditmarkt-Standards (DKS), a German industry body, held a conference call with Schuldschein participants on Thursday afternoon to discuss restructuring in the Schuldschein market, and whether there is a case for a standardised collective action clause.
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East Midlands Housing Group (EMH), a housing association located in the UK county of Leicestershire, has secured £100m ($124.8m) of long-dated debt from the Pension Insurance Corporation (PIC).
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The Schuldschein market, traditionally a safe and stolid funding product for German companies borrowing from German insurers, has been on a tear of late, with extensive international interest on the buy- and sell-sides, booming issuance volumes, and a procession of digital initiatives to streamline the market. But it has not all been good news.
