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by Stephen Carter
Nov 05, 2025 12:25 PM ET
Crossover issuer: Schaeffler AG (SHAEFF) EUR750m (EUR500m) Reg S only bearer sr notes due 05/12/32 (6.5y). NCL (MWC B+35bp, 3mo par call (02/12/32), 85% clean-up call). Ba1/BB+/BB+ (stable/negative/stable). Via JPM (gloco, B&D)/BBVA/DZ/SEB jt books. Off its EUR10bn debt issuance programme dated 03/18/25 and supplemented 11/04/25. List Lux. German law. COC at 101. Annual pay (Act/Act) short first coupon 05/12/26. Denoms 100kx100k. Settles 11/12. ISIN: DE000A460PC0. IPT: 5% area. Final terms: EUR750m at 4.625% yield.
Priced: 4.50% at 99.337, yield 4.625%. ms+215.7bp; +226bp vs DBR 0.00% 02/15/32.
Books over EUR2.25bn. UOP: GCP and refi debt. Schaeffler is family owned. Biz: a global automotive and industrial parts (ball bearing and other motion products) and services supplier. HQ: Herzogenaurach, Germany.
DealRoadshow direct link: https://dealroadshow.com/e/London. Entry code: London.