---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q4 2025"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q4-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q4 2025

Focus on: Credit 4 December 2025 © Helaba | Research & Advisory | 4 December 2025 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q4 2025 Vigorous end-of-year surge With total issuance of just under € 24 billion for 2025 as a whole, the Schuldschein market has performed somewhat more strongly than originally anticipated. As a result, issuance vol- ume in this segment has now reached approximately the level recorded in the previous year (€ 23 billion). In light of the absence of many investment-grade issuers—who are currently able to secure more attractive financing in the bond market—we consider this a very solid outcome. The result was supported in particular by issuance in the final quarter, with volumes between October and December roughly matching those of Q3 2025. Based on current infor- mation, total valued issuance is expected to reach at least € 7.5 billion across 35 transactions including private placements. The largest publicly reported placements were executed by EDEKA Zentrale AG & Co. KG and the hospital operator Asklepios, each with a volume of € 600 million. Looking ahead to next year, only a few remaining transactions currently in the marketing phase are scheduled for settlement in 2026. Given the continued funding advantage enjoyed by rated companies in the corporate bond market, we expect that refinancing needs among unrated issuers will remain the primary driver of Schuldschein activity in 2026. Overall, we forecast a total market volume of up to € 25 billion. Sustainable finance retains 11% market share thanks to major placement With an average transaction size of approximately € 205 million since the beginning of the year, Schuldschein notes were somewhat larger in 2025 than in the previous year. In the fourth quarter, three transactions with a sus- tainability component were brought to market, representing a 11 % share of total issuance. This solid perfor- mance was primarily driven by the sizeable Asklepios deal (€ 600 million), issued as a social SSD with a use-of-pro- ceeds structure. For the full year, ESG-linked placements account for 10 % of total issuance volume, correspond- ing to 8 of 116 transactions—still noticeably below the levels seen in prior years. Ulrich Kirschner, CFA Senior Analyst Phone +49 69/91 32-28 39 Issuance volume on a par with previous quarter Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable; as of 1 December 2025 Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 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 Q3 2025 Q4 2025 Focus on: Corporate Schuldschein – Primary Market Q4 2025 © Helaba | Research & Advisory | 4 December 2025 2 of 4 Retailers maintain strong presence Utilities, the retailers and industrial services were responsible for most transactions on the market in 2025 with 19 and twice 16 deals, respectively. The retail sector also recorded the highest placement volume, contributing just over 18 %—or € 4.3 billion—of total issuance. Industrial services followed with a 17.7 % share, equivalent to €4.2 billion. In the fourth quarter, six of the 35 transactions were issued by companies with publicly available agency ratings. For the year as a whole, only around one in five transactions came from rated issuers, representing a modest 21 % of total volume. French corporates remained the most prominent group of non-German issuers Non-German issuers were somewhat less active in the fourth quarter. Consequently, for the year as a whole they accounted for slightly under 30 % of all placements, while their share of total issuance volume reached just under one third. Activity was particularly strong among issuers outside the DACH region. With a transaction volume of nearly € 1.8 billion, French issuers formed the most significant issuer group in 2025. Euro-denominated Schuldscheine dominated issuance in the final quarter, with Mann+Hummel placing the only US-dollar tranche, amounting to USD 110 million. These proportions remained largely unchanged in Q4. Large placements exceeding € 500 million remained far more prevalent than in 2024. Focus on: Corporate Schuldschein – Primary Market Q4 2025 © Helaba | Research & Advisory | 4 December 2025 3 of 4 Chartbook: Corporate Schuldschein issues Deal count almost at previous quarter’s level Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable; as of 4 December 2025 Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 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 Q3 2025 Q4 2025 Activity of retailers remains unusually elevated Activity among rated issuers subdued Corporate SSD: Number of valued issues\*, FY 2025 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 4 December 2025 Sources: Bloomberg, Helaba Research & Advisory \*data up to 4 December 2025 Sources: Bloomberg, Helaba Research & Advisory Utilities 19 Industrial Services 16 Retail 16 Technology 10 Automotive 8 Other Materials 8 Food & Beverages 7 Industrial Products 6 Machinery 4 Media 4 Consumer Discretionary Products 3 Health Care 3 Others 12 26 43 41 59 84 76 109 108 100 126 113 100 90 129 132 126 90 93 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 30 23 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 Average issuance volume well above prior year ESG market share only slightly below Q3 level Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen, data up to 4 December 2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 4 December 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%22% 13% 10%11% 0 1 2 3 4 5 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Market share ESG-SSD: Sustainability -linked(KPI's) Sustainability -Linked Social Sustainability Green 2020 2021 2022 2023 2024 2025 Focus on: Corporate Schuldschein – Primary Market Q4 2025 © Helaba | Research & Advisory | 4 December 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 Phone +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. 31% of market volume from outside Germany French firms - largest non-German issuer group Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues \*, FY 2025 \*data up to 4 December 2025 Sources: Bloomberg, Helaba Research & Advisory \*data up to 4 December 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\* Germany Non-German Germany 83 France 10 Austria 7 Netherlands 4 Luxembourg 3 Switzerland 3 Finland 2 Others 4 Big-ticket deals more sought after Corporate SSD: Valued issuance volume by tranche size\* \*data up to 4 December 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 Sign up for our newsletter here: https://news.helaba.de/research/

Market volume in 2025 exceeds expectations at just under EUR 24 billion. Issuers from outside the DACH region strongly committed. Refinancing needs of unrated issuers remain market driver.