Restructuring chaos threatens Schuldschein stability

The staid and centuries-old Schuldschein market used to be a humdrum affair, full of prudent German borrowers coupling with familiar lenders. But, with flocks of foreign lenders and borrowers entering the market, and some riskier credits with them, questions have arisen over whether the traditional deal structure is fit for purpose in racier times, write Silas Brown and Nell Mackenzie.

  • By Nell Mackenzie, Silas Brown
  • 24 Aug 2017

The legal framework that governs the Schuldschein market has organically evolved over the years and defaults have been a rare thing. That has been just as well, given a peculiarity of the market that can make corporate debt restructurings tricky.

A Schuldschein is a collection of ...

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 280,920.77 948 10.87%
2 JPMorgan 242,452.80 885 9.38%
3 Citi 169,334.62 530 6.55%
4 Wells Fargo Securities 136,167.12 642 5.27%
5 Barclays 103,623.11 429 4.01%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 3,666.99 10 15.51%
2 Citi 3,086.50 9 13.06%
3 First Abu Dhabi Bank 2,644.31 11 11.19%
4 JPMorgan 1,496.41 4 6.33%
5 SG Corporate & Investment Banking 1,375.20 5 5.82%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 15,227.31 60 7.02%
2 BNP Paribas 13,525.21 72 6.24%
3 Goldman Sachs 12,507.36 48 5.77%
4 Deutsche Bank 11,531.87 64 5.32%
5 HSBC 11,159.39 69 5.14%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%