Moody’s throws shade on Schuldschein market

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By Silas Brown
15 May 2018

Schuldschein issuance this year will be much lower than in 2017, Moody’s analysts have predicted. Their view echoes those of two German Landesbanks. But although there is a creeping consensus in the market of an impending fall, participants are no closer to agreeing why.

The Moody’s report, published on Tuesday, notes the paltry €4bn of Schuldschein issuance in the first quarter and expects output for this year to fall to €19bn, from last year’s €27bn.

Moody’s mentions several regulatory reasons, as well as the credit difficulties of some Schuldschein borrowers, including ...

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