Schuldschein
-
Deal increased from €150m to €350m
-
The Schuldschein is increasingly resembling the standards for bonds and opting for lender-friendly features
-
Bond spreads have tightened, while Schuldschein pricing slowly accepts last year's widening
-
Both borrowers cut shortest tranches from final shapes
-
Claas, Vaillant and Danish Crown to price Schuldscheine in “strong” market
-
Sustainability-linked structure is not fading but thriving, sometimes combined with green assets
-
Schuldschein investors have returned to the market and are scaling up orders
-
Margins are linked to Austrian company’s ESG rating
-
Dual green and ESG-linked structure has only a margin step-up
-
Two from last deal not working on new issue
-
Savings banks clobbered by bond losses in 2022 have recovered their appetite for deals
-
€150m SSD shows the market's internationalisation and leaning towards sustainability