Corporate Financing
1Q24 | April 2024
Corporate Bond and Loan Markets
European corporate loan and bond volume up by 11% and 35% in 1Q24 compared to 1Q23; IG spreads slightly lowered throughout 1Q24
European corporate loans (left) and bonds (right) – volume and number of transactions
Corporate bond spreads in basis points (per Mar-23)
Source: PwC Research, Eikon
Schuldschein Market
Schuldschein volume in 1Q24 plummeted by over 40% compared to the same period in 2023 – following a robust performance in 2023
Schuldschein (SSD) issuance volume
Due to the overall challenging market environment, the Schuldschein market is falling behind its robust performance in 2023…
The Schuldschein market in 1Q24 began weaker than the previous year, with an issuance volume of €4bn, representing a significant decrease of 43% compared to 1Q23.
…with ~63% of the issuance volume coming from Industrials and Consumer Discretionary in 4Q23.
The biggest Schuldschein issuance in 1Q24 came from German company HOCHTIEF AG with a volume of c. €470m, followed by Swiss company Liebherr-International AG (€400m).
Issuance volume by industry in 1Q24
Number of issuances by geography in 1Q24
The SSD market always has been heavily dominated by issuers from Germany in the past and continues to be in 1Q24 – however, ~43% of issuances came from other countries, amongst others Switzerland, France and the Czech Republic.
The biggest share of issuances from countries other than Germany comes from Switzerland (9%), France (9%), Czech (9%), Austria (7%), Luxembourg (5%) and the Netherlands (4%).
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)
Source: PwC Research, Eikon, Scopegroup
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