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2022/07/27 / Erste Group Research

Schuldschein market comeback with record half-year

In 1H 2022, corporate Schuldscheindarlehen in the amount of more than EUR 16bn (+140% y/y) were issued; a new record in a half-year. At 16%, Austria's market share was well above the long-term average of ~10%. The CEE region was again represented after an absence of two years.

We attribute this strong revival primarily to the increased relative attractiveness of the Schuldschein market compared with the bond market.

The recovery is reflected in many ways: International issuers are returning, long-term maturities are increasingly being used, and the sustainability trend is flourishing in new ways. Price levels also eased; on average, they fell back to pre-pandemic levels in 1H 2022.

We think that the issuance volume in 2022 will follow the previous boom years 2016-19 and could possibly surprise with a new record. Our forecast is at more than EUR 30bn.

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General information

AuthorErste Group Research
Date2022/07/27
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusEurozone
Currency in focusEuro
Sector in focus-
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