The changing face of Schuldschein

Author: | Published: 27 Mar 2018

This traditional German debt instrument is attracting international interest

The German Schuldschein has been used as a traditional private debt instrument by German small and mid-cap companies for decades. But it has attracted little attention from major corporates and international market players. After the public bond markets came to a standstill following the financial crisis in 2008, the Schuldschein market has seen growing participation from major corporates and international debt issuers and investors. The eurozone crisis further increased the interest of international investors in Schuldschein instruments, as it offers a way to avoid market volatility. Since then, the interest of international issuers and investors in Schuldschein instrument has grown steadily....