---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q1 2025"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q1-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q1 2025

Focus on: Credit 19 March 2025 © Helaba | Research & Advisory | 19 March 2025 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q1 2025 Geopolitical turmoil dampens market activity The Schuldschein market got off to a rather muted start in the opening quarter of 2025. The number of transactions that we are currently aware of, with 13 deals including private place- ments and a tranche that was closed in the previous quarter, was at its lowest for more than ten years. Overall, our estimates suggest that the total issuance volume in Q1 will be in the region of EUR 3 billion. Some potential issuers are likely to have adopted a wait-and-see stance for the time being, particularly given unpredictable geopolitical developments and the resulting economic uncertainty. Over the last two years, a number of companies have already secured ample liquidity in the form of SSDs, bonds and loans; consequently, they are not sub- ject to any immediate funding pressure. Furthermore, investment grade issuers with agency ratings are currently able to raise funds more cheaply on the corporate bond market. However, according to sources in the market, the first quarter at least saw the appearance of one corporate issuer from the retail sector with an SSD of over EUR 1 billion. This serves to underline the fact that market absorption capacity remains high. Despite this, the environment continues to be challenging and, as such, we do not currently anticipate a rapid recovery in placement activity. Most deals placed by industrial services sector While the first three months did not see any issues with sustainability components, we expect the market segment of use-of-proceeds green SSDs, in particular, to pick up again once companies have fully implemented CSRD rules. In terms of sectors, the most frequent issuers were industrial services (3 deals) followed by utilities (2) and retail (2). As such, retailers accounted for an unusually high proportion of transactions, albeit their market share is of limited informative value given the small overall number of placements. In addition, this sector was responsible for more than half of total issuance volume. With 2 transactions and less than 15 % of issuance volume, compa- nies with agency ratings only played a limited role in the market. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Q1 issuance volume the lowest since COVID-19 Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable, as of 17 March 2025. Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 Q1 2020 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 Focus on: Corporate Schuldschein – Primary Market Q1 2025 © Helaba | Research & Advisory | 19 March 2025 2 of 4 Only 2 valued SSDs by non-German corporates in Q1 - but 3 more deals in marketing phase The first quarter of 2025 saw as few as two valued SSDs from corporates outside Germany, one of which had al- ready been marketed in 2024. Overall, both deals are likely to account for less than 10 % of total market volume in Q1. That said, there are currently three further deals in the marketing phase set to be placed in the second quarter. In our view, the prospects are good that the market share of non-German issuers will return to normal over the course of the year. Focus on: Corporate Schuldschein – Primary Market Q1 2025 © Helaba | Research & Advisory | 19 March 2025 3 of 4 Chartbook: Corporate Schuldschein issues Number of deals at 10-year low Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 Q1 2020 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 Average volumes on a par with typical levels No ESG transactions to date Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen (promissory notes), data in Q1 2025 up to 17 March 2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 17 March 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 placement volume ø inital target volume 16% 29% 33% 51% 38% 46% 41% 29% 20% 21% 22% 13% 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 Market share of ESG SSDs: Sustainability -linked (with KPIs) Sustainability -Linked Social Sustainability Green 2020 2021 2022 2023 2024 2025 Industrial services place most transactions Little activity by rated issuers Corporate SSD: Number of valued issues\*, Q1 2025 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 17 March 2025 Sources: Bloomberg, Helaba Research & Advisory \*data in Q1 2025 up to 17 March 2025 Sources: Bloomberg, Helaba Research & Advisory Industrial Services 3 Retail 2 Utilities 2 Automotive 1 Consumer Discretionary Products 1 Health Care 1 Industrial Products 1 Real Estate 1 Technology 1 26 43 41 59 84 76 109 108 100 126 113 100 90 128 132 126 90 11 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 30 2 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 Q1 2025 © Helaba | Research & Advisory | 19 March 2025 4 of 4 Publisher and editor Helaba Research & Advisory Editor: Stefan Rausch Publisher: Dr. Gertrud R. 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 as low as 10 % Only 2 deals from non-German issuers Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, Q1 2025 \*data in Q1 2025 up to 17 March 2025 Sources: Bloomberg, Helaba Research & Advisory \*data up to 17 March 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 11 France 1 Switzerland 1 Big-ticket deal distorts volume distribution Corporate SSD: Valued issuance volume by tranche size\* \*data in Q1 2025 up to 17 March2025 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 - €250m <= €50m

Number of deals in the first quarter as low as rarely before with only 13 transactions. No ESG deal on the market to date. - Stronger activity from non-German issuers expected as the year progresses.