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