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ARTICLE · 14 FEBRUARY 2018

High Yield Bonds By German Real Estate Companies

Mayer Brown
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Over the last few years, our finance lawyers have witnessed the increasing convergence / overlap between traditional real estate finance, leveraged finance and debt capital markets products, for example, in the form of high yield bonds

GermanyFinance and Banking
Bernd Bohr
Bernd Bohr
Joachim J. Modlich
Joachim J. Modlich
Fabian Hartwich LLM
Fabian Hartwich LLM
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Over the last few years, our finance lawyers have witnessed the increasing convergence / overlap between traditional real estate finance, leveraged finance and debt capital markets products, for example, in the form of high yield bonds.

Although far from replacing traditional forms of financing in the real estate sector, there has been a steady flow of "corporate-style" debt capital markets transactions by real estate companies across Europe, including a small but increasing number of high yield bond offerings, including recent high yield bond offerings by German real estate companies.

The very largest and/or more highly rated real estate compa­nies across Europe, including large, investment-grade rated German real estate companies, have been accessing the debt capital markets for years at very attractive terms. Recent examples of such offerings include the offering of €800,000,000 1.625% Fixed Rate Notes due 2028, at an issue price of 97.179%, by Aroundtown SA (S&P:

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