---
title: "Focus on Credit: Corporate Schuldschein - Primary market Q3 2024"
url: https://www.helaba.com/en/focus-credit-corporate-schuldschein-primary-market-q3-2024
type: dd_research
language: en
updated: 2026-09-28
keywords: Credit, Credit Special
---

# Focus on Credit: Corporate Schuldschein - Primary market Q3 2024

Focus on: Credit 9 October 2024 © Helaba | Research & Advisory | 9 October 2024 1 of 4 Research & Advisory Corporate Schuldschein: Primary Market Q3 2024 Large deals in the spotlight According to our current knowledge, EUR 5.7 billion was placed on the Schuldschein market in 33 transactions in the third quarter. This was just under EUR 300 million less than in the previous quarter, but more than EUR 1.2 billion more than in the same quarter a year earlier. The volume trend benefited not least from the fact that the average size of the placements was significantly larger than in Q3 2023 at around EUR 170 million. By far the largest transaction was that of industrial gases manufacturer Messer with a volume of EUR 950 million. In addition, ZF Friedrichshafen entered the market with a Schuldschein of almost EUR 700 million. Moreover, the EUR 612,5 million transaction of the French company Forvia SE was concluded in July. The automotive supplier was also the only corporate who placed a USD tranche (USD 93 million) with valuta in Q3. The total issuance volume in the SSD market since January was just under EUR 16 billion. Seven deals with an initial volume of more than EUR 900 million are currently in the marketing phase and will be placed in Q4. In addition, there are deals worth at least EUR 1.5 billion that have already completed the marketing phase. We therefore expect the total annual volume to exceed EUR 20 billion. Persistently lower ESG volumes Placements with a sustainability component accounted for around 22% of the issuance volume in the third quar- ter, roughly the same market share as in Q2 2024. This was still significantly lower than in the course of 2023. Only sustainability-linked Schuldschein deals were placed, the majority of which were in a KPI format. The largest ESG transaction of this type was the Forvia transaction. Meat and sausage producer Tönnies also placed a EUR 200m KPI-linked Schuldschein. Ulrich Kirschner, CFA Senior Analyst Phone 069/91 32-28 39 Solid issue volume in Q3 only slightly below previous quarter's figure 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 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 Q3 2024 Focus on: Corporate Schuldschein – Primary Market Q3 2024 © Helaba | Research & Advisory | 9 October 2024 2 of 4 Utilities with most deals - rated issuers still very active Utilities were the most active sector in the first nine months with 17 transactions. However, some of these were smaller in size. Overall, the sector accounted for a market share of around 12.5% of the volume, or EUR 1.3bn, only slightly less than that of industrial services companies (12.8%). Since January, around a quarter of deals (24 is- sues) have been from agency-rated issuers. They raised a total of EUR 5.7 billion, more than a third of the market volume. At EUR 238 million, the average issue size of this group remained well above the general market average. Non-German corporates with strong participation - SSDs in the EUR 100-250 million range very popular Non-German issuers continued their solid activity in the third quarter: since the beginning of the year, they have placed just over 40% of the market volume (EUR 6.5 billion) in 32 issues. Issuers from outside the DACH region placed 19 deals with a total volume of EUR 3.9 billion or a market share of 24%. French corporates were particu- larly active with 7 issues and a total volume of EUR 1.5bn. In terms of issue size, Schuldschein tranches between EUR 100 million and EUR 250 million were much more present than in previous years. Since the beginning of the year, their market share has been around 36%. While short maturities were favoured by investors in the first half of the year due to the inverse interest rate structure, demand for medium-term tranches (7 years) has since picked up significantly. Focus on: Corporate Schuldschein – Primary Market Q3 2024 © Helaba | Research & Advisory | 9 October 2024 3 of 4 Chartbook: Corporate Schuldschein issues Number of deals increased slightly in Q3 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 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 Q3 2024 SSD size on average slightly higher than in 2023 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 07 October 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 07 October 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% 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 Q3 Market share ESG-SSD: Sustainability -linked(KPI's) Sustainability -Linked Social Sustainability Green 2020 2021 2022 2023 2024 Utilities most important sector A quarter of deals from rated issuers Corporate SSD: Number of valued issues\*, M9 2024 Corporate SSD: Number of deals with and without agency ratings\* \*data up to 07 October 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 07 October 2024. Sources: Bloomberg, Helaba Research & Advisory Utilities 17 Industrial Services 12 Automotive 6 Industrial Products 6 Machinery 6 Technology 6 Chemicals 5 Other Materials 5 Retail 5 Consumer Discretionary Products 4 Food & Beverages 3 Health Care 3 Financial Services 2 Household Products 2 Media 2 Other 6 26 43 41 59 84 76 109 108 100 126 113 100 90 128 132 126 66 61 25 4 14 16 6 9 17 20 22 31 32 35 13 42 22 24 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 Q3 2024 © Helaba | Research & Advisory | 9 October 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 at 40 % One in five SSDs from outside the DACH region Corporate SSD: Valued issuance volume\* Corporate SSD: Number of valued issues\*, 9M 2024 \*data up to 07 October 2024. Sources: Bloomberg, Helaba Research & Advisory \*data up to 07 October 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 58 Austria 10 France 7 Italy 5 Switzerland 3 Netherlands 2 Czech Republic 2 Other 3 Medium Schuldschein size of up to EUR 250m with relatively high market share Corporate SSD: Valued issuance volume by tranche size\* \*data up to 7 October 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

Q3 placement volume significantly above previous year's level. Market share of non-German issuers at 40%. Total annual volume of over EUR 20 billion expected.