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Volume 6 No. 212

Franchises

On its first day of trading on the Frankfurt Stock Exchange, the corporate bond of Bundesliga club Schalke 04 took a hit and lost about 5%, according to German business newspaper HANDELSBLATT. The club “wants to use the return from its bond to restructure its debts.” The club announced that it "has sold bonds with a total value of €35M ($43M) by the end of the subscription period.” Handelsblatt wrote, "This is well below the club’s anticipated goal of selling bonds for a total value of €50M ($62M) (HANDELSBLATT, 6/11).