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2019/01/18 / Erste Group Research

Special Report | Corporate Schuldscheindarlehen 2018




Issuance activity in the market for Corporate Schuldscheindarlehen (CSSD) decreased somewhat in 2018 compared to the two preceding record years: Almost EUR 26bn were placed in around 170 transactions. Austrian companies issued SSDs with a total volume of EUR 3.6bn in 2018 – this represents a new record high, places Austria in second place behind Germany in the country rankings and is equivalent to a market share of 14%.

Spreads once again tightened. After the tightening trend that was already evident in 2017, pricing once again saw spreads decline by around 15% y/y.

Several important developments occurred in the Schuldschein market in 2018, such as a strengthened digitization trend, new GDV Credit Guidelines as well as standard contract templates for SSD issuers.

In 2019 as a whole, we expect issuance volume to once again rise slightly, as many supportive factors are in place. Year-to-date at least EUR 500mn in Corporate Schuldscheindarlehen were issued; another EUR 400mn are being marketed or were announced.

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General information

AuthorErste Group Research
Date2019/01/18
Languageen
Product nameSpecial Reports Macro, Fixed Income
Topic in focusFX, Macro/ Fixed income
Economy in focusCzech Republic, Germany
Currency in focusCzech Koruna, Euro
Sector in focus-
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