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