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2018/01/31 / Erste Group Research

Spezialbericht | Corporate Schuldscheindarlehen

Die Beliebtheit von Corporate Schuldscheindarlehen (CSSD) scheint ungebrochen. Seit 2013 wächst das jährliche Emissionsvolumen laufend – sowohl am gesamten, als auch am österreichischen CSSD-Markt. 2017 wurden Schuldscheindarlehen in Höhe von rund EUR 29 Mrd. im Rahmen von rund 180 Transaktionen begeben; davon entfielen rund EUR 3 Mrd. auf österreichische Emittenten.

Der Schuldscheinmarkt präsentierte sich im vergangenen Jahr insgesamt vielfältiger als die Jahre zuvor: Neue Emittenten, mehr Herkunftsländer (darunter einige auch aus der CEE-Region) und Tranchen mit einem größeren Spektrum an Laufzeiten, Währungen und Abwicklungstechnologien.

Die anziehende Konjunktur, hohe Investorennachfrage, niedrige Spreads und die produktspezifischen Vorteile von Schuldscheinen sollten die Emissionstätigkeit auch 2018 auf einem hohen Level halten. Für das Gesamtjahr 2018 erwarten wir eine stabile Entwicklung des CSSD-Emissionsvolumens und prognostizieren dieses zwischen EUR 25 Mrd. und EUR 30 Mrd.

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General information

AuthorErste Group Research
Product nameMajor Markets Spezial Report
Topic in focusFX, Macro/ Fixed income
Economy in focus-
Currency in focus-
Sector in focus-


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