---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q4 2024"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q4-2024
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q4 2024

Focus on: Credit 5 December 2024 © Helaba | Research & Advisory | 5 December 2024 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q4 2024 Benchmark deals lift full-year statistics The final quarter of 2024 saw 26 Schuldschein transactions generate a total issuance volume of at least EUR 6.6 billion, slightly above that placed in Q4 2023. For the most part, this was because the average size of deals between October and December known to date, at around EUR 250 million, is considerably higher than in the previous three quarters. This quarter's largest public deals include placements by Carl Zeiss of EUR 900 million, Gerresheimer of EUR 600 million and Asklepios of EUR 500 million. These benchmark issues ensured that the mar- ket share of tranches in excess of EUR 500 million rebounded sharply, accounting for almost 20 % of total SSD issuance in 2024. As the final volume of some deals is still pending, and certain transactions are typically not announced until a later date, we expect that the final issuance volume for the fourth quarter will ultimately be even higher. On balance, there is a good chance that the total issuance volume for 2024 (incl. private placements) will comfortably top the EUR 23 billion mark. Given buoyant activity on the primary market for euro-denominated corporate bonds and pricing advantages for rated issuers in this segment, we anticipate that the majority of Schuldschein issuance will consist of smaller and medium-sized placements in the coming quarters and that the market volume 2025 will be in the region of EUR 20 to EUR 25 billion. Further decline in ESG volumes in Q4 The decline in the share of ESG-related transactions on the Schuldschein market continued in the final three months of 2024, slipping to 14 % - a full 15 percentage points lower than in Q4 2023. As a result, ESG deals have now fallen to their lowest market share by volume in four years. In absolute terms, issuance volume also recorded a year-on-year decline of EUR 1 billion, reaching EUR 900 million in Q4. Rating-linked structures in particular have been much less popular in the course of the year. Regarding transactions with earmarked use of proceeds, not one single green deal has been placed in the previous two quarters. The largest transaction with a sustainability com- ponent in Q4 was Asklepios' Social Schuldschein, which is the largest SSD of this kind to date. Since many compa- nies will have implemented the Corporate Social Responsibility Directive (CSRD) next year, we expect earmarked structures to stage a comeback. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Q4 issuance volume marginally higher than previous year Corporate Schuldscheine: Valued issuance volume\* in EUR (millions) \*values from previous quarter adjusted where applicable, data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 Q4 2019 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 Focus on: Corporate Schuldschein – Primary Market Q4 2024 © Helaba | Research & Advisory | 5 December 2024 2 of 4 Utilities and industrial services hold on to top spot despite modest activity in Q4 In Q4 2024, companies with an agency rating built on strong activity in preceding quarters; since January, a total of 30 transactions, a quarter of all deals, have been placed by these companies - significantly more than in 2023. However, with an average volume of around EUR 260 million, the bulk of them were well below the benchmark size typical for the bond market. An analysis of issuance by sector reveals that technology companies, with four place- ments, led the way in the fourth quarter. While utilities and industrial service providers only issued two SSDs each, they retained their top two sector rankings on a full-year basis. Since January, the largest volumes have been gen- erated by the automotive industry and the healthcare sector. Somewhat lower activity by non-German corporates in Q4 Non-German issuers have been less active in the final quarter of the year than in previous quarters. In the last three months of 2024, companies with headquarters in other countries concluded seven new deals, accounting for around a quarter of all transactions. In terms of both volume and number of transactions, issuers from outside Germany have captured one third of total market share since the beginning of the year. The only US dollar-denom- inated tranche in Q4 was issued by ZF Friedrichshafen, which raised EUR 45 million. While short-dated Schuldscheine were popular among investors as the year got underway, demand for these maturities normalised as the inverted yield curve gradually flattened. Focus on: Corporate Schuldschein – Primary Market Q4 2024 © Helaba | Research & Advisory | 5 December 2024 3 of 4 Chartbook: Corporate Schuldschein issues Fewer deals in Q4 - but with bigger tickets Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable, data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 Q4 2019 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 Higher average volumes than in prior year Renewed decline in ESG market share Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen (promissory notes), data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory \* data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory 0 50 100 150 200 250 300 ø final placement volume ø inital target volume 16% 29% 33% 51% 38% 46% 41% 29% 20% 21% 22% 14% 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 Market share ESG-SSD: Sustainability- linked(KPI's) Sustainability- Linked Social Sustainability Green 2020 2021 2022 2023 2024 Utilities in top spot Quarter of deals from rated issuers Corporate SSD: Number of valued issues\*, 2024 Corporate SSD: Number of deals with and without agency ratings\* \* data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory \* data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory Utilities 19 Industrial Services 14 Technology 10 Automotive 8 Industrial Products 8 Retail 8 Chemicals 7 Other Materials 7 Health Care 6 Machinery 6 Consumer Discretionary Products 4 Food & Beverages 4 Construction Materials 2 Financial Services 2 Household Products 2 Other 7 26 43 41 59 84 76 109 108 100 126 113 100 90 128 132 126 84 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 30 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\* not rated rated Focus on: Corporate Schuldschein – Primary Market Q4 2024 © Helaba | Research & Advisory | 5 December 2024 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 informational purposes. They must not be taken as an offer or rec- ommendation for investment decisions. Sign up for our newsletter here: https://news.helaba.de/research/ Non-German issuers account for third of market Every fifth SSD from outside DACH region Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, 2024 \* data up to 5 December 2024 Sources: Bloomberg, Helaba Research & Advisory \* data up to 5 December 2024 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\* Germany International Germany 76 Austria 12 France 9 Italy 6 Switzerland 4 Netherlands 2 Czech Republic 2 Other 3 Notable rise in share of big-ticket SSDs in Q4 Corporate SSD: Valued issuance volume by tranche size\* \* data up to 5 December 2024 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\* > €500m >€250m - €500m >€50m - €100m >€100m - €250 m <= €50m

Larger deals bring market volume to over EUR 23 billion in 2024. Placements with an ESG component currently less in demand. Placement volume of EUR 20 to 25 billion expected in the coming year.