Corporate Financing
Per 30 June-23
Corporate Bond and Loan Markets
European corporate loan volume down 28 % and bond volume up 12 % in 1H23 compared to 1H22; IG spreads remained stable throughout 2Q23
European corporate loans (left) and bonds (right) – volume and number of transactions
Spreads in basis points
Source: PwC Research, Eikon
Schuldschein Market
Strong Schuldschein issuance volume during 1H23, but 13% below 1H22, despite record EUR 2.7bn Porsche issuance in 1Q23
Schuldschein (SSD) issuance volume
The Schuldschein market came out strong during 1H23, only slightly lagging behind the record year 2022…
The Schuldschein market began 1Q23 on a strong note, with an issuance volume of EUR 8 billion, representing a significant increase of 50% compared to 1Q22. However, since then, the market has experienced a slowdown, declining to -13% in 1H23 compared to 1H22.
…with ~60 % the issuance volume coming from the Industrials and Consumer Staples industry in 2Q23.
Despite the slowdown, the Schuldschein market demonstrated its resilience in 1H23, as the issuance volume remained relatively high. This was supported by noteworthy issuances, including a record EUR 2.7 billion by Porsche SE and EUR 0.85 billion by Fresenius.
Issuance volume by industry in 2Q23
Number of issuances by geography in 2Q23
The SSD market heavily dominated by issuers from Germany in 2Q23, only ~17% of issuances came from other countries.
The biggest share of issuances from countries other than Germany comes from Austria (6.1%), Netherlands (5%) and Italy (4.1%).
Source: PwC Research, Eikon
ESG-linked Debt
Sustainable aspects have become a decisive feature in debt markets issuance
Total global ESG-labeled issuance by category in USD bn
ESG-linked corporate debt issuance across sectors in Europe
Source: PwC Research, Eikon, Scopegroup
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