The market for Schuldschein loans was also remarkably robust last year, despite a changed interest rate landscape and economic influences, which led to a slight slowdown. The diversity of industries persisted, and by the end of the year, issuers outside the DACH region also became more active again. However, debut issuers were more cautious compared to the previous year. Issuers' demand for digital issuance remained at a high level.
Key figures: 2023 2022
Transaction volume 148 pieces - 16%
Issue volume 24.5 EUR billion - 24%
Average deal size 166 EUR million - 10%
Average price 5 years (IG) 147 bps + 20%
Sustainability 22% - 25%
NON-ROOF 14% - 40%
Interest rate landscape and spread development:
While interest rates rose sharply in 2022, they were on a plateau last year.
Volatility was also significantly lower last year compared to the previous year.
The inverse yield curve is increasingly smoothing out and turns to a normal (flat) yield curve.
In Q4/2023, mid-swap rates fell by up to 80 bps.
Risk factors:
Inflation continues to smolder and there is an increase in regulation, such as CSRD. The geopolitical environment is also a risk factor, including the Europe/US elections in 2024.
Review of 2023: The market for Schuldschein loans was also remarkably robust last year, despite a changed interest rate landscape and economic influences, which led to a slight cooling. The diversity of industries persisted, and by the end of the year, issuers outside the DACH region also became more active again. However, debut issuers were more cautious compared to the previous year. Issuers' demand for digital issuance remained at a high level.
