To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. IFR’s second Schuldscheine Roundtable, held in Frankfurt on March 11, attracted the market’s top originators who were keen to talk about the product’s role in Europe’s nascent private placement market and where we are likely to see activity emerge in the coming year. Schuldscheine was one of the very few markets to remain open as bond

To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. Having gained momentum in 2008 and 2009 during the height of the credit crisis, when both the loan and bond markets were largely shut down, Schuldschein volume peaked in 2008 at nearly $19 billion.  In 2012, Schuldschein issuers returned to the market via a series of refinancings to support over $14 billion of issuance. In 2013, as th

To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. Rachel Rueiying Yang: Chang Hwa Commercial Bank Rachel Rueiying Yang joined the credit and loans team at Chang Hwa Commercial Bank, London, in April 2010. She is currently an assistant manager in credit and loans, primarily responsible for analysing and facilitating syndicated loans and schuldschein investments. Kirsten Schulz-Lobeck:

To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. IFR: Welcome to IFR’s outlook for the Schuldschein market in 2014. This is very much a discussion for you, and I’m looking to you to shape the flow.  Well, it’s nearly spring and we’re well into the new year, so a good place to start might be thinking about what might be ahead for the rest of this year. What are you thinking about, or

To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. IFR: What’s the view on that, generally, around the table? Is the French private placement market competing with Schuldschein? Is there room for both markets? Michael Schramm, BNP Paribas: Well, it’s a different product. I mean, the European private placement that we’ve seen is clearly a market entry point for the French mid cap, but

To view the digital version of this report please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com. IFR: It sounds like the Schuldschein market is a bit of a beneficiary of the end of the retail market in syndicated loans, now that borrowers are arranging deals themselves? Do you feel like the Schuldschein market has picked up business as a result of that? Michael Schramm, BNP Paribas: I’m not too sure, when I’ve seen the last retai