--- title: "Focus on Credit: Corporate Schuldschein - Primary market Q2 2025" url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q2-2025 type: dd_research language: en updated: 2026-09-28 keywords: Credit, Credit Special --- # Focus on Credit: Corporate Schuldschein - Primary market Q2 2025 Focus on: Credit 4 July 2025 © Helaba | Research & Advisory | 4 July 2025 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q2 2025 Full steam ahead After a weak start to the year, issuance activity picked up noticeably in the second quarter. Improved sentiment in the second half of the quarter meant the number of deals on the market exceeded 20 at some point. Based on our current knowledge, at least EUR 6 billion was placed in 31 deals between April and June. The largest placements came from the Luxembourg-based steel group ArcelorMittal, which raised EUR 700 million, and the French company Eurofins Scientific SE, which raised EUR 500 million. At just under EUR 200 million, the average deal size remained similar to that of the previous quarter. There are currently 14 transactions in the marketing phase. In addition, a further six placements totalling around EUR 2.1 billion will be allocated in the third quarter, for which the marketing phase has already been completed. We therefore expect the segment's dynamic performance to continue in Q3. Sustainable finance with market share of 10 percent Two deals with a sustainability component were completed between April and June: a green Schuldschein and a KPI based sustainability-linked structure. Together, they accounted for around 10% of the market volume. This represents a cautious recovery compared to the first quarter, when no Schuldschein with an ESG component was issued. Nevertheless, the market share remained well below the peak values of previous quarters. In terms of sec- tor participation, Industrial Services with 10 transactions as well as Retail and Utilities with 7 deals each accounted for more than half of all transactions. Since the beginning of the year, unrated companies have accounted for more than 80% of placements. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Issue volume in Q2 more than twice as high as in Q1 Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable, as of 2 July 2025 Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 Q2 2020 Q3 2020 Q4 2020 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 Focus on: Corporate Schuldschein – Primary Market Q2 2025 © Helaba | Research & Advisory | 4 July 2025 2 of 4 Participation by non-German companies is recovering Since the beginning of the year, almost a third of the placements (14 transactions) and just under 40% of the mar- ket volume have now been issued by companies outside Germany. This indicates a significant improvement in the participation of foreign issuers compared to the first quarter, when there were only two placements from corpo- rates across the border. French companies issued the highest number of non-German deals, with four transac- tions, followed by the Netherlands with three Schuldscheine. The largest volume was placed by Luxembourg- based corporates, totalling EUR 1.2 billion. No foreign currency tranches were issued during the second quarter. However, Forvia's placement, which has already closed and will be allocated in July, includes a US dollar tranche. Schuldscheine ranging from EUR 100 to 250 million were significantly more popular in the first six months of the year than throughout 2024. Focus on: Corporate Schuldschein – Primary Market Q2 2025 © Helaba | Research & Advisory | 4 July 2025 3 of 4 Chartbook: Corporate Schuldschein issues Number of deals in Q2 reaches the similar level as the same quarter of the previous year Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable, as of 02.07.2025 Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 Q2 2020 Q3 2020 Q4 2020 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 Average volumes hardly changed ESG transactions remains on a low level Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen as of 02.07.2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 02.07.2025 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\* ø final issuance volume ø initial targel volume 16% 29% 33% 51% 38% 46% 41% 29% 20% 22% 13% 10% 0 1 2 3 4 5 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Market share of ESG-SSDs: Sustainability- linked( with KPI's) Sustainability- Linked Social Sustainability Green 2020 2021 2022 2023 2024 2025 Industrial services place most transactions Little activity by rated issuers continues in Q2 Corporate SSD: Number of valued issues\*, H1 2025 Corporate SSD: Number of deals with and without agency ratings\* \*as of 02.07.2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 02.07.2025 Sources: Bloomberg, Helaba Research & Advisory Industrial Services 10 Retail 7 Utilities 7 Other Materials 4 Technology 4 Consumer Disc. Products 2 Industrial Products 2 Real Estate 2 Other 7 26 43 41 59 84 76 109 108 100 126 113 100 90 128 132 126 90 38 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 30 7 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 not rated rated Focus on: Corporate Schuldschein – Primary Market Q2 2025 © Helaba | Research & Advisory | 4 July 2025 4 of 4 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 cur-rent 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 market share recovers A third of deals from non-German issuers Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, H1 2025 \*as of 02.07.2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 02.07.2025 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 German issuers Non-German issuers Germany 31 France 4 Netherlands 3 Luxembourg 2 Otherss 5 Transactions of between €100m and €250m gain popularity Corporate SSD: Valued issuance volume by tranche size\* \*as of 02.07.2025 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 > €500m >€250m - €500m >€50m - €100m >€100m - €250 m <= €50m Issue volume more than doubled compared to Q1. Lively participation of non-German issuers. Deal pipeline indicates continued high momentum.