Schuldschein Market update – Q3 2021

Market snapshot

Current developments on the Schuldschein market

  • The Schuldscheinmarket is recovering much more slowly from corona impacts than the bond market. In H1 2021 deal volume are is still 51% below H1 2019
  • International issuers return to the market, despite two-thirds of deals still from Germany
  • Corporate Schuldschein issuance decreased 6% in the first nine months of 2021 with €11.97 billion of volume when compared to the first nine months of 2020 which saw €12.76 billion of issuance
  • A total of 81 deals were completed in the first nine months of 2021, up from 77 deals completed in the first nine months of 2020.

 

Schuldschein activity –  Spotlight selected Real Estate

  • Zech Group is a frequent issuer with relationship banks and selected international partner banks
  • Hamborner REIT well comparable peer, however, no Schuldschein post COVID placed
  • Greenman has a complex structure, therefore no placed volume/deal
  • FCR Immobilien public bond coupon 4.25%, 5 years maturity
  • Noratis AG residential portfolio developer, 4.75% yield, 6 years maturity, EUR 10m private placement

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Torsten Aul
Torsten Aul
Partner
Germany