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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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Strabag has signed bank facilities totalling €2.4bn, the Austrian construction and technology firm becoming the latest borrower to refinance early amid cheap funding conditions. -
Deutsche Börse has run an amend and extend operation on a €750m loan to add a sustainable element to its debt, as some lenders continue to rail against the proliferation of what they see as refinancing in all but fees.
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Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.
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Indonesia Eximbank is sending out a covenant waiver request for a $1.15bn loan it sealed last year, as the policy bank's non-performing loan (NPL) ratio rose higher than the covenant allows.
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VC Trade, the leading digital challenger in the Schuldschein market, has begun cooperating with Scope Ratings, which will now offer optional credit opinions for any borrower using the platform. This will add efficiency and transparency to the market, proponents claim.
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LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.
