Corporate Financing
Per 31 Dec-24
Corporate Bond and Loan Markets
European corporate loan and bond volume up by 32% and 39% in 2024 compared to 2023; IG spreads slightly increased throughout 2024
European corporate loans (left) and bonds (right) – volume and number of transactions
Corporate bond spreads in basis points (per Dec-24)
Source: PwC Research, Eikon
- In 4Q24, the European corporate loan market volume continued its rebound compared to the same period in 2023, driven by improving market conditions and increased borrowing to support corporate operations and expansions.
- In 2024, corporate bond spreads remained relatively stable, with slight decreases indicating a gradually stabilizing yet still cautious credit environment.
- Overall, the European corporate loan and bond markets demonstrated visible recovery signs throughout 2024, with increased activity and a stable credit market, reflecting increased refinancing needs mainly driven by maturity of loans and lower interest rates compared to previous quarters.
Schuldschein Market
Schuldschein volume in 2024 came in 10% lower compared to 2023, continuing the declining trend from last year
Schuldschein (SSD) issuance volume
Due to the overall challenging economic environment, the Schuldschein market is lagging behind its robust performance in 2023…
The Schuldschein market in 2024 saw lower volumes than in the previous two years, with an issuance volume of only €21.8bn. This represents a decrease of 10% compared to 2023.
…with ~41% of the issuance volume coming from Industrials and Materials in 2024…
The biggest Schuldschein issuance in 2024 came from German company Messer SE & Co KGaA with a volume of c. €950m, followed by another German corporate Carl Zeiss AG (c. €900m).
Issuance volume by industry in 2024
Number of issuances by geography in 2024
…heavily dominated by issuers from Germany – however, ~34% of issuances came from other countries, amongst others France, Switzerland, and Austria
The biggest share of issuances from countries other than Germany comes from France (8.5%), Austria (7.0%), Switzerland (6.3%) and Italy (5.2%).
Source: PwC Research, Eikon
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