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2020/07/07 / Erste Group Research

Corporate Schuldschein market resilient despite corona virus

In the first half of 2020, corporate Schuldscheindarlehen in the amount of more than EUR 10bn were issued in 60 transactions. This corresponds to a 30% decline in issuance volume year-on-year.

The outbreak of the COVID-19 pandemic primarily weighed on deals marketed in March and April. In light of the unpredictable progress of the corona crisis and its economic impact investors were partly very cautious. Issuers were concerned that they may not be able to place their securities as desired due to a lack of investor interest or only at significantly higher issuance spreads.

In the first half of 2020, the Schuldschein market had shorter maturities, smaller volumes and higher price levels. The diversity that had become increasingly pronounced in recent years declined. At the same time, trends that have recently emerged have consolidated: digital, green and sustainability-linked Schuldscheindarlehen.

For 2020 as a whole, we expect issuance volumes of EUR 22-24bn, well below the level of the last four record years.

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General information

AuthorErste Group Research
Date2020/07/07
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusEurozone
Currency in focusEuro
Sector in focus-
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