Corporate Finance News

Lundi 3 Mars 2014

LMA announces publication of a guide to Schuldschein loans

The publication "Schuldscheindarlehen – LMA Product Guide" serves as an introduction to Schuldscheindarlehen and is aimed at those less familiar with the product, in particular the international borrower and lender/investor. The Guide gives current market perspectives, outlines the legal framework and summarises legal nuances particular to the product.

Schuldscheindarlehen have been in existence for many years with predecessors dating back to the end of the 19th century. In recent years, there has been a marked increase in overall volumes and increased interest in the product, both from a domestic German and an international perspective. In late 2012, the LMA decided to investigate where and to what extent it could add value in the market for corporate Schuldscheindarlehen, specifically with increasing internationalisation in mind. A Working Group was formed, based in Germany, with broad representation from both a commercial and legal perspective, bringing with it many-sided proprietary experience of structuring the product. This Guide is the result of extensive collaborative work by all involved in this Group.

"The concise summary of Schuldscheindarlehen-related material legal issues provided in the Product Guide is unique in the market. As such I am highly confident that the Product Guide will be warmly welcomed and will be of particular interest for non-German borrowers and lenders/investors.” Dr. Neil George Weiand (Partner, Allen & Overy).

"We have seen a continuous increase of interest from international borrowers in the product. In 2013 roughly one third of the total volume was raised by non-German companies. At the same time, the investor base has expanded geographically. The LMA Product Guide is the answer to this broadening international interest, giving a comprehensive insight into the mechanics of the product for investors and issuers alike." Raoul Heßling (Director, Loan Capital Markets, Commerzbank).

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