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The obvious loser of the European Central Bank's corporate sector purchase programme might have been the US private placement market, which beforehand offered some price advantage for large cap issuers. -
Semperit, a rubber and plastic goods manufacturer, has come to the Schuldschein market with a uniquely diverse deal; as an Austrian firm issuing to a largely German market, in Polish and US currencies.
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The European high yield market looks bound to end the third quarter of this year with a flourish as the volume of September primary sales approaches the €10bn mark, some €2bn more than for June and July combined.
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Even if the European private placement market develops its own version of the USA’s NAIC ratings, that will not make tougher credits more digestible to institutional investors. But creating a Capital Markets Union that funds Europe’s growth has to channel funds to riskier borrowers, and for that, investors must do their own credit work.
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German real estate firm VIB Vermoegen is in the market for a €60m Schuldschein. Not only is a property borrower a rare sight in the market but the deal also raises questions about the subordination of Schuldschein debt.
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German automotive parts manufacturer Ifa Rotorion grew its Schuldschein from €100m to €140m in syndication, reaching the maximum amount the borrower was willing to take, according to one banker.
