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Schuldscheine Roundtable 2013

IFR’s inaugural Schuldscheine Roundtable, held on February 21 in Frankfurt, attracted a large group of the market’s brightest and best originators who were keen and eager to talk about why the market has exploded into action on such a global scale and discuss in an interactive setting where we are likely to see activity emerge in the coming year.

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Schuldscheine Roundtable 2013: Participants

To view the digital version, please click here. Christoph Zender Landesbank Baden-Wurttemberg Christoph Zender is head of corporate debt origination at Landesbank Baden-Wurttemberg and has been at the bank since 2002. Prior to that, he worked in DCM at DZ Bank and Dresdner Kleinwort. He has more than 15 years experience in corporate debt origination - bonds, Schuldscheindarlehen and syndicated loans. Raoul Hessling Commerzbank Raoul Hessling is a director in Commerzbank’s DCM Loans group. Hessling has held roles within Commerzbank’s DCM,...

Schuldscheine Roundtable 2013: Part 1

To view the digital version, please click here. IFR: Thanks to all of you for attending IFR’s inaugural Schuldschein roundtable. Given the impressive growth of the corporate Schuldschein segment in particular, and in light of the market’s notable issuer and buyside internationalisation, this discussion is very timely. The first question I’d like to ask is very simple: why are Schuldscheine (SSD) so hot and why now? Hassan Farhadi, Helaba: The Schuldschein format is obviously well known in Germany and it’s become more and more popular since...

Schuldscheine Roundtable 2013: Part 2

To view the digital version, please click here. IFR: One of the things I think is interesting as well, Paul is that as the market has expanded we’ve seen more examples of non-euro tranches and some completely non-euro denominated issues. What’s behind that trend? Do you think it will continue? Paul Kuhn, BayernLB: I believe the main reason for that development is that the Schuldscheine market is obviously becoming more international, meaning we have more international issuers so there is demand for funds in different currencies. And the...

Schuldscheine Roundtable 2013: Part 3

To view the digital version, please click here. IFR: How big can the Schuldschein market realistically become? Paul Kuhn, BayernLB: Well, in 2008, it was over €20bn. At that time, the capital markets were illiquid for several weeks but we had issuers coming along and creating demand for those kinds of volumes and it was very easy to bring issuers and investors together. So it was possible at that time to place more than €20bn and we saw order books of €1.6bn, €1.7bn for single deals. That shows you the possibilities of the Schuldschein market...