--- title: "Focus on Credit: Corporate Schuldschein - Primary market Q2 2024" url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q2-2024 type: dd_research language: en updated: 2026-09-28 keywords: Credit, Credit Special --- # Focus on Credit: Corporate Schuldschein - Primary market Q2 2024 Focus on: Credit 09 July 2024 © Helaba | Research & Advisory | 09 July 2024 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q2 2024 Foreign issuers back in full swing With an issue volume of EUR 5.9 billion in 32 deals including private placements, slightly more was placed in the second quarter of 2024 than in the first three months of the year. Nevertheless, the result is still around half a billion below the Q2 level of the previous year. In our opinion, the fact that only two transactions of benchmark size have been valued on the Schuldschein market to date due to the favorable refinancing costs on the bond market may have played a role here. One of these came from Clariant in the amount of EUR 500m. The next largest transaction in Q2 was brought to the market by SIG AG with a ticket size of EUR 450m. To our knowledge, nine issues with a launch volume of around EUR 1.2 billion are currently in the marketing phase. In addition, 13 deals with a total volume of at least EUR 1.6 billion will be validated in the months of July to September, for which the marketing phase has already been completed. We therefore anticipate a better Q3 volume result than in the previous year (EUR 4.4 billion). Trend towards lower ESG volumes continues At just 22 % of the total issue volume, the proportion of placements with sustainability components remained at a low level in the second quarter. In Q2 of the previous year, ESG Schuldscheine still accounted for 46 %. Green Schuldscheine with earmarked use of funds have now become the dominant issue format again for the first time over the last four years. The largest transaction of this type, at EUR 400 million, was issued by the utility Ham- burger Energiewerke GmbH. However, the share of sustainability-linked deals in the total Q2 volume fell to just 5 % or EUR 265 million. Ulrich Kirschner, CFA Senior Analyst Phone 069/91 32-28 39 Volume sees recovery in Q2 Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 Q2 2019 Q3 2019 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 Focus on: Corporate Schuldschein – Primary Market Q2 2024 © Helaba | Research & Advisory | 09 July 2024 2 of 4 Industrial services and utilities in the top position - rated issuers more involved With 10 placements each since the beginning of the year, most deals were placed on the market by companies from the industrial services and utilities sectors. Both sectors also issued the highest volume in the first half of the year (12 % each). Just under a quarter of Schuldschein issues (15) came from companies with an agency ratings. This is significantly more than in the first half of the previous year. At EUR 3.4 billion, the rated corporates col- lected around a third of the placement volume. The respective average transaction size rose to EUR 226 million, but remained well below the benchmark size that is generally common on the bond market. Volume of foreign corporates at a high level - activity of French issuers normalizes The participation of non-German counterparties remained solid in the second quarter. In the first six months, they placed just under 44% of the issuance amount with 22 deals. 12 of these Schuldschein placements came from out- side the DACH region. The number of validated French deals (including one tranche for which the marketing pro- cess was already completed in 2023) increased to four. In addition, the marketing phase has already been com- pleted for two further issues from France, which will be placed in Q3. This normalization of the French activity rein- forces our view that the Schuldschein market is once again open to solid foreign borrowers. In terms of issue size, Schuldschein tranches with a volume of between EUR 250 and 500 million accounted for almost 45 % of the mar- ket. In addition, investors are primarily looking for short and medium maturities, not least due to the unchanged inverted yield curve. Focus on: Corporate Schuldschein – Primary Market Q2 2024 © Helaba | Research & Advisory | 09 July 2024 3 of 4 Chartbook: Corporate Schuldschein issues Number of deals in the second quarter close to the median level of the last five years 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 Q2 2019 Q3 2019 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 SSD on average as high as in the previous year ESG's market remains weak Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR million or % \*SSD = Schuldscheindarlehen (promissory notes), data up to 05 July 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 05 July 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% 22% 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 Market share ESG-SSD: Sustainability -linked(KPI's) Sustainability -Linked Social Sustainability Grün 2020 2021 2022 2023 2024 Industrial Services sector strongly engaged A quarter of deals from rated issuers Corporate SSD: Number of valued issues\*, H1 2024 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 05 July 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 05 July 2024. Sources: Bloomberg, Helaba Research & Advisory Industrial Services 10 Utilities 10 Machinery 6 Chemicals 4 Other Materials 4 Technology 4 Industrial Products 3 Consumer Discretionary Products 2 Financial Services 2 Food & Beverages 2 Health Care 2 Household Products 2 Media 2 Retail 2 Telecommu… Other 4 26 43 41 59 84 76 109 108 100 126 113 100 90 128 132 126 46 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 15 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 Q2 2024 © Helaba | Research & Advisory | 09 July 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 Phone +49 69 / 91 32 - 2024 Internet: 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 on high level One in five SSDs from outside the DACH region Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, H1 2024 \*data up to 05 July 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 05 July 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 39 Austria 7 France 4 Switzerland 3 Italy 2 Netherlands 2 Czech … Other 2 Medium Schuldschein size continue to be popular Corporate SSD: Valued issuance volume by tranche size\* \*data up to 05 July 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 Issue volume in Q2 exceeds level in first quarter. Foreign issuers issue more than a third of transactions. Deals in marketing phase point to dynamic Q3.