---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q3 2025"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q3-2025
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q3 2025

Focus on: Credit 6 October 2025 © Helaba | Research & Advisory | 6 October 2025 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q3 2025 Sustained momentum The brisk pace of issuance on the Schuldschein market in the second quarter of the year was repeated in Q3, with 33 transactions as of today generating just under EUR 7 billion – around EUR 800 million more than from April to June. It should be noted, however, that this figure includes a EUR 1.5 billion Schuldschein from Porsche Automobil Holding, for which the mar- keting phase had already been concluded in Q2. Other notable placements between July and September included a EUR 650 million note issued by Austrian Federal Railways, ÖBB-Perso- nenverkehr AG, and a EUR 395 million transaction from Italian shipbuilder Fincantieri SpA. We are currently aware of 11 transactions in the marketing phase with a combined initial target volume of EUR 1.1 billion, while marketing has been completed for a further five deals (com- bined initial target volume EUR 700 million). Overall, despite a lacklustre performance in the first three months of the year, we expect to see a total placement volume of some EUR 20 billion in 2025 as a whole. Modest increase in market share of Sustainable Finance to 13% In the quarter under review, two notes with a sustainability component were placed – matching the number seen in the previous three months. Both ÖBB-Personenverkehr AG and Stadtwerke Düsseldorf issued sustainability- linked Schuldscheine tied to defined KPIs. The relatively large ÖBB transaction lifted the ESG share of total issu- ance slightly to 13%, though this remains significantly below the levels of prior years. Since the beginning of 2025, there has been an unusually strong showing by retailers. In terms of number of transactions, they clinched second place alongside utilities with 12 deals each after the 13 notes placed by industrial service companies. Re- tailers also issued the second-highest Schuldschein volume (EUR 3.1 billion or 19%). The industrial services sec- tor accounted for a slightly higher total issuance volume of EUR 3.3 billion. The third quarter also saw a modest increase in activity by rated issuers, which accounted for 9 of the 33 Schuldschein tranches placed. Consequently, around one-fifth of all transactions during the period were brought to market by companies with a public agency rating. Ulrich Kirschner, CFA Senior Analyst T +49 69/91 32-28 39 Further rise in issuance volume Corporate Schuldscheine: Valued issuance volume\* in EUR (billions) \*values from previous quarter adjusted where applicable; as of 1 October 2025. Sources: Bloomberg, Helaba Research & Advisory 0 2 4 6 8 10 12 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 Q3 2025 Focus on: Corporate Schuldschein – Primary Market Q3 2025 © Helaba | Research & Advisory | 6 October 2025 2 of 4 French corporates dominate the field of non-German issuers At around 30 % of total market volume, close to a third of SSD placements – 24 transactions – were issued by com- panies outside Germany. To date, French corporates have placed by far the highest number of Schuldscheine with a total of nine deals, of which five were not valued until Q3. Notably, the automotive supplier Forvia's placement also included two US dollar-denominated tranches in its offering. As in the previous quarter, Schuldschein tranches in the EUR 100-250 million range remained the most common issuance format, while smaller deals of up to EUR 50 million only played a marginal role. Focus on: Corporate Schuldschein – Primary Market Q3 2025 © Helaba | Research & Advisory | 6 October 2025 3 of 4 Chartbook: Corporate Schuldschein issues Number of deals unchanged from prior quarter Corporate Schuldscheine: Number\* of valued issues \*values from previous quarter adjusted where applicable; as of 1 October 2025 Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 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 Q3 2025 Average volume now well up on previous year Modest increase in ESG market share Corporate SSD: Average transaction volumes\* in EUR (millions) Corporate SSD: ESG issuance volume\* in EUR (millions) or % \*SSD = Schuldscheindarlehen (promissory note), data up to 1 October 2025 Sources: Bloomberg, Helaba Research & Advisory \*as of 1 October 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 initial target volume 16% 29% 33% 51% 38% 46% 41% 29% 20%22% 13% 10% 13% 0 1 2 3 4 5 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Market share of ESG SSDs: Sustainability- linked (with KPIs) Sustainability- linked Social Sustainability Green 2020 2021 2022 2023 2024 2025 Unusually strong showing by retailers Activity by rated issuers remains slightly lower Corporate SSD: Number of valued issues\*, 9M 2025 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 1 October 2025 Sources: Bloomberg, Helaba Research & Advisory \*data up to 1 October 2025 Sources: Bloomberg, Helaba Research & Advisory Industrial Services 13 Retail 12 Utilities 12 Automotive 7 Technology 7 Industrial Products 5 Other Materials 4 Food & Beverages 3 Consumer Discretionary Products 2 Leisure Products & Services 2 Media 2Real Estate 2 Others 7 26 43 41 59 84 76 109 108 100 126 113 100 90 129 132 126 90 62 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 30 16 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 Q3 2025 © Helaba | Research & Advisory | 6 October 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 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. Sign up for our newsletter here: https://news.helaba.de/research/ 30% of market volume from outside Germany A third of SSDs issued by non-German companies Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, 9M 2025 \*data up to 1 October 2025 Sources: Bloomberg, Helaba Research & Advisory \*data up to 1 October 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 54 France 9 Netherlands 3 Austria 3 Italy 2 Luxembourg 2 Switzerland 2 Others 3 Transactions of between EUR 100 to 250 million retain substantial market share Corporate SSD: Valued issuance volume by tranche size\* \*data up to 1 October 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 - €250m <= €50m

Schuldschein market continues robust momentum from the second quarter. ESG placements with slightly increased market share. French corporates lead the field of non-German issuers.