IFR International - 03.11.2018

LOANS EMEA

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EMEA LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)

1 BNP Paribas 165 40,316.04 7.5
2 Credit Agricole 164 38,275.06 7.1
3 JP Morgan 63 34,577.28 6.5
4 SG 117 31,083.95 5.8
5 Deutsche Bank 84 25,217.06 4.7
6 UniCredit 123 24,911.78 4.7
7 Citigroup 74 23,399.38 4.4
8 ING 117 22,128.16 4.1
9 HSBC 101 22,050.31 4.1
10 BAML 54 16,532.72 3.1
Total 687 535,383.75
Proportional credit
Source: Refinitiv SDC code: R17

LMA launches Schuldschein

docs and user guide

„ EUROPE Market has new platforms to arrange deals using blockchain

The Loan Market Association has launched

new recommended forms of Schuldschein loan

agreements and a user guide to the product, to

promote efficiency and liquidity in the market.

The Schuldschein market has grown

significantly in the past few years with an

increase in volumes and an increased interest

in the product from domestic and international

borrowers and investors.

The Schuldschein market has also found

itself at the forefront of a digital revolution

in the capital markets with a number of new

platforms set up to arrange transactions through

blockchain technology.

“This project has been timely, as an

instrument which pre-dates the syndicated

loan market by over 100 years looks to new

technology to facilitate process change.

Recommended templates can only assist in

this evolution,” said Nigel Houghton, managing

director of the Loan Market Association.

The loan market already uses boilerplate

language in Schuldschein loan agreements,

but each arranger has made use of its own

templates, meaning there has been no common

approach.

The new documentation provides an agreed

starting point for agreements that tend to

be heavily tailored to fit the credit profile and

requirements of the borrower.

The recommended forms of documentation

are available in German and English for both

single borrower and borrower/guarantor

transaction structures.

The new user guide - also available in

German and English - addresses all material

Schuldschein loan-related legal issues, including

further sample clauses.

The LMA’s Schuldschein documentation project

began in late 2017 and involved a working party

comprising representatives from the Verband

Deutscher Treasurer (Association of German

Treasurers), domestic German and international

banks, including in-house lawyers, and major law

firms active in the Schuldschein market.

“As international borrowers and investors

increasingly adopt the Schuldschein as an

instrument of choice, one of the key considerations

has been the highly efficient execution,” said

Andreas Petrie, head of primary markets at Helaba.

“The next logical steps in this development

will therefore be further workstream

digitalisation through the use of electronic

platforms, as well as the establishment of

market-wide standards in the documentation.”

Alasdair Reilly