---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q1 2026"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q1-2026
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q1 2026

Focus on: Credit 25 March 2026 © Helaba | Research & Advisory | 25 March 2026 1 of 3 Research & Advisory Corporate Schuldschein: Primary Market Q1 2026 Large-volume placements underline market’s resilience Based on our current information, just under € 4 billion was placed in 22 Schuldschein trans- actions in the first quarter of 2026. While this was significantly less than in the previous quar- ter, it exceeded the volume issued in the same quarter of 2025 by a wide margin. In our view, this represents a solid result, particularly in light of heightened geopolitical uncertainty and increased volatility in the financial markets. Among the largest transactions of the quarter were the Schuldschein issues of Lidl Dienstleistung GmbH & Co. KG (€ 850 million), Porsche Automobil Holding (€ 700 million), and Liebherr-International AG (€ 400 million). Together, these three deals accounted for more than half of total placement volume. ESG market share falls to zero – utilities record the most deals, while retail posts the highest volume Overall, placements were considerably smaller than in 2025, with an average size of € 155 million, compared with a revised 2025 average of € 191 million. No ESG-related transactions were issued in the opening quarter of 2026. With seven transactions, utilities were the largest sector by deal count. By volume, however, retail ranked first with 23 %, followed by automotive with 16.8 %. Participation by companies with agency ratings remained low, at three out of 22 placements. Together, they accounted for just under 13 % of total issuance volume. Activity by non-German issuers likely to rise in the second quarter Issuers from outside Germany remained relatively inactive in the first quarter. Of the five non-German deals set- tled in the first quarter, only one came from outside the DACH region. However, this was a tranche of the Schuldschein issued by Finland’s Valmet, the marketing of which had already been completed in 2025. At the same time, three additional Schuldschein deals from Italy, the Netherlands, and France have already come to market and will settle in the second quarter. We expect activity among this group of issuers to increase over the course of the year. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Q1 issuance volume stood at just under € 4 billion Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable, as of 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Focus on: Corporate Schuldschein – Primary Market Q1 2026 © Helaba | Research & Advisory | 25 March 2026 2 of 3 Chartbook: Corporate Schuldschein issues Deal count slightly higher than in the same quarter of 2025 Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable; as of 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Average volume to date significantly below 2025 No ESG-related deal in first quarter of 2026 Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen (promissory note), data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory \*as of 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory 0 50 100 150 200 250 300 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026\* ø final placement volume ø initial target volume 16% 29% 33% 51% 38% 46% 41% 29% 20%22% 13% 10%11% 0% 0 1 2 3 4 5 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Market share of ESG SSDs: Sustainability- linked (with KPIs) Sustainability- linked Social Sustainability Green 2020 2021 2022 2023 2024 2025 2026 Utilities account for almost one-third of deals Activity by rated issuers remains low Corporate SSD: Number of valued issues\*, 2026 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory \*data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory Utilities 7 Automotive 3 Industrial services 3 Mechanical engineering 3 Other commodities 2 Cyclical consumer goods 1 Financial services 1 Real estate 1 Retail 1 69 99 103 92 122 113 100 90 129 132 126 90 103 19 6 9 17 20 22 31 32 35 13 42 22 30 23 3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Not rated Rated \* Focus on: Corporate Schuldschein – Primary Market Q1 2026 © Helaba | Research & Advisory | 25 March 2026 3 of 3 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud Rosa Traud Chief Economist/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany T +49 69 / 91 32 - 2024 Internet: https://www.helaba.com/ Disclaimer This publication was very carefully researched and prepared. However, it contains analyses and fore- casts regarding current and future market condi- tions that are for informational purposes only. The data are based on sources that we consider reliable, though we cannot assume any responsibility for the sources being accurate, complete, and up to date. All statements in this publication are for informa- tional purposes. They must not be taken as an offer or recommendation for investment decisions. Sign up for our newsletter here: https://news.helaba.de/research/ Non-German SSD volume edged down DACH region dominated the first quarter Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, 2026 \*data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory \*data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory 0% 20% 40% 60% 80% 100% Germany International Germany 17 Austria 2 Switzerland 2 Finland 1 Market volume driven by large transactions Corporate SSD: Valued issuance volume by tranche size\* \*data up to 23 March 2026 Sources: Bloomberg, Helaba Research & Advisory 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 > €500m > €250m - €500m > €50m - €100m > €100m - €250m <= €50m \*

Q1 market volume of just under €4 billion, up on the previous year’s figure. Several successful, large-scale transactions highlight the market’s depth. Foreign issuers remain cautious; greater involvement expected in Q2.