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In the first quarter of 2023, the Schuldschein loan market recorded a valued volume of 7.8 billion euros and 37 transactions. This volume was higher than in the same quarter of the previous year (6 billion euros and 26 transactions) and was therefore at a high level. Porsche Automobil Holding SE's record transaction of 2.7 billion euros and 22 valued forward transactions from 2022 were decisive for this.
In the area of issuers, many transactions with sustainable structures (ESG/KPI links) continued to be launched in the first quarter of 2023, with a share of over 50 percent. Around two thirds of issuers came from Germany, while seven Austrian issuers used the Schuldschein loan market.
Investors showed a clear willingness to invest, particularly in the investment grade sector and in stable industries as well as in growth markets. The focus was on terms of between 3 and 7 years, while there was less demand for terms of more than 10 years with corresponding spread premiums on coupons.
With regard to digitization, a total of more than 70% of transactions were digitally supported in the first quarter of 2023. finpair was able to expand its number of transactions and is now in 5th place in the Schuldschein Loan League Table (based on the number of deals).
The spreads of cash bonds compared to the iTraxx index provide information on movements during the crisis. Cash bond spreads have been stable and slightly declining since the beginning of the year. However, economic uncertainty and rising refinancing costs may again lead to higher spreads over the course of the year.
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