Schuldschein: Stable financing in uncertain times

The history of the Schuldschein dates back to the 19th century, but it is anything but outdated today. Since it is placed outside of the organised capital market, it offers companies a flexible and up-to-date financing solution that is used regularly.

The 2025 Schuldschein market: Stable despite headwinds

At the beginning of the year, there was noticeable reservation in the Schuldschein market. Political uncertainties and a weak economy, especially in Germany, dampened issuance activity. But with the onset of spring, a milder climate also returned to the Schuldschein market. By the end of 2025, market participants expect the market to hold its own compared to 2024 and even grow slightly. The total volume is forecast at around 23 billion euros.

Among the major issuers of the year are German companies such as Porsche Automobil Holding SE, which placed the largest Schuldschein in the market to date in 2025. European issuers, such as the Luxembourg steel companies ArcelorMittal and Aperam or the Spanish conglomerate Acciona, also use the instrument, the latter with an ESG structure. A trend can be observed: More and more new, international issuers are entering the market. Almost one in five issuers has been a debutant so far this year. As the number of new issuers increases, not only does the market participant base grow, but the expansion of the market is also accompanied by increasing demand from investors. The Schuldschein is thus developing into a European platform for private placements and underlines its role as an established financing instrument. The foundations for sustainable growth have been laid.

Parallel to the internationalization of the market, sustainability remains an issue – albeit with mixed dynamics. While ESG-Schuldscheine continue to be placed, their share of the total volume has recently decreased.

The role of banks in the Schuldschein market

The Schuldschein market is growing and banks are indispensable partners in it. Their role goes beyond lenders- they also act as intermediaries and arrangers between companies and investors. A strong network and a deep understanding of business models and financing strategies are therefore crucial. Digital marketplaces and platforms accelerate the exchange of information and simplify processes. Nevertheless, the Schuldschein remains an individually tailored instrument that is geared to the specific needs of the issuers.

ING consolidates its position in the Schuldschein market

Thanks to its global network, ING is one of the leading arrangers in the Schuldschein market. In 2025, the bank also supported the Otto Group, Entega, Mann+Hummel and Springer Nature in Germany with large-volume placements. With the "Schuldschein Meet-Up" in Frankfurt, the bank also offers a platform that brings investors and companies together. After the successful kick-off in 2024, this year's event attracted over 100 participants from business and investor circles.

The Schuldschein remains in demand

Schuldschein loans have proven to be a reliable financing solution over decades – especially in phases of economic uncertainty. The market was also robust in 2025. In the future, the Schuldschein is likely to maintain its firm place in corporate financing and gain strategic importance. Regulatory developments such as the EU Sustainability Reporting Directive (CSRD) are increasing the pressure on companies to integrate ESG criteria transparently. For issuers such as municipal utilities and energy suppliers, this opens up additional opportunities to combine public funds with private capital and thus accelerate the transformation

Authors

Klaus Pahle, Head of SSD Syndicate ING Germany

Juozas Seimys, Vice President SSD Syndicate ING Germany