Corporate Financing
Per Jun 25
Corporate Bond and Loan Markets
European corporate loan and bond volume down by 17% and 2% in 2Q25 compared to 2Q24. After a short spike at the beginning of 2Q25, investment grade spreads returned to their previous low levels
European corporate loans (left) and bonds (right) – volume and number of transactions
Loans (per Jun-25)
Bonds (per Jun-25)
Corporate bond spreads in basis points (per Jun-25)
- In 1H25, the European corporate loan market declined to an issuance volume of €527bn, 16.6% less than 1H24, indicating significant economic headwinds and a decrease in borrowing activity compared to previous year.
- The corporate bond market remained essentially stable, with total issuance volume of €271bn in 1H25 - a slight decline of 1.8% compared to 1H24.
- Following the spike in early April, driven primarily by the announcement of U.S. tariffs, corporate bond spreads remained slightly elevated across all rating categories through 2Q25, indicating a recalibration of risk perception.
Source: PwC Research, Eikon
Schuldschein Market
Schuldschein volume rebounds in 2Q25, but structural pressures from bond markets persist
Schuldschein (SSD) issuance volume
After a disappointing start into the year, the SSD market saw a strong recovery in 2Q25 …
While issuance volume in 1Q25 dropped 71% YoY, total 1H25 volume rebounded to €8.4bn, narrowing the decline to -15.0% (1H24: €9.9bn).
Despite the rebound, issuance remains below pre-crisis levels, as issuers continue to favor bond markets offering more attractive terms.
…with ~40% of the issuance volume coming from Consumer Discretionary in 2Q25…
Substantial issuances in 2Q25 came from ArcelorMittal SE with €700m, followed by Eurofins Scientific SE (€500m), Zeppelin GmbH (€475m) and Acciona SA (€410m).
Issuance volume by industry in 2Q25
Number of issuances by geography in 2Q25
…heavily dominated by issuers from Germany.
In 2Q25, the largest share of issuances came from Germany with 62.9%, followed by Luxembourg with 14.3% and France with 6.7%.
Source: PwC Research, Eikon
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