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Demand for debt securities has remained high since the start of 2022. In the full year, 108 transactions with a volume of > 21 billion EUR have already been valued. The number of transactions currently on the market is record-breaking. There are currently more than 30 issuers offering attractive offers on the Schuldschein loan market.
On the investor side, this leads to a wide range of interesting investment opportunities. Due to the high number of transactions, including from very well-known companies, less well-known companies have a harder time and, in addition to conventional spread premiums, have to accept significant risk premiums and shorter terms (3 years).
Like the previous quarters, the interest rate markets are very volatile and almost at the level of the 2008/2009 financial market crisis. Following a fall in interest rates in June/July 2022, levels have risen sharply again since the beginning of August. At the end of last year, the
5-year Midswap at zero interest rate level, the reference interest rate is 2.98%. (As of 26.10.2022). Midswap rates have doubled again in the past 3 months. At the end of September 2022, the yield curve was now inverted after a term of 5 years.
The short-term yield curve based on the 6-month EURIBOR's is also rising sharply, currently at 2.03%.
In this context, we are also eagerly awaiting the upcoming ECB meeting on 15.12.2022.
In addition to interest rate curves, risk premiums also only have one direction. Issuers must also factor in rising risk premiums in the 4th quarter and for 2023. This affects all sectors to varying degrees and is due to future economic uncertainty and rising refinancing costs on the part of lenders.
Talk to us about your financing considerations. We will be happy to provide you with an indicative offer or to present the platform at any time.
