Date: 2013-08-01

Schaeffler boost for bondholder rights

A bond sale by Schaeffler, the German engineering group, this month could usher in a new phase of increased bondholder rights and help to develop the European high-yield market, investors and bankers said.

Despite ranking alongside, or pari passu, senior secured bank lenders in recoveries, senior secured high-yield bondholders do not have the same restructuring votes or information disclosure in Europe as they do in the US, a fact that has frustrated many regional investors.

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Schaeffler

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