Schaeffler redefines PIK market

摘要

Schaeffler sold the largest post-crisis payment-in-kind toggle bond on Thursday, a monster €3.59bn-equivalent trade that also smashed records for the risky asset class's lowest coupons. The German bearing-maker announced plans on Wednesday to raise a €2.5bn-equivalent senior secured PIK toggle note issue split into euros and US dollars at its holding company, with maturities of 5NC2, 7NC3 and 10NC5. At this size the deal would already have been the largest PIK toggle sold post-crisis.