Almost a year after clubbing together and campaigning for bondholder rights, European high yield investors may have finally got their way, following the market-moving bond sale by Schaeffler.
The German engineering group’s €2 billion worth of senior secured bonds are the first in Europe to give full, proportional voting rights to bondholders in a restructuring, known as one euro, one vote.
“This is quite a departure from market practice,” said Gernot Wagner of Allen & Overy, who led the firm advising Schaeffler.
Historically,...