Private debt report

Schuldschein, US PP, Euro PP


The Schuldschein has established itself as Europe’s private debt product of choice, no longer confined to the boundaries of German speaking countries. In the following section,GlobalCapital looks at how the product is spreading its wings not only in Europe but also the rest of the world, and how technology is reshaping this once old-fashioned financial product.

US Private Placements

The US private placement market is enjoying strong issuance volumes, with the UK playing a starring role despite Brexit uncertainty. As the following articles point out, while continental European issuers are having their heads turned by the all-conquering Schuldschein market, the US PP market looks set for continued success thanks to its resilience to external shocks and exceptionally strong credit analysis.

Euro Private Placements

The Euro PP market is certainly a great idea but recent issuance volumes suggest its time has not yet come. Nevertheless, important deals continue to be struck and the product remains an important alternative to the loan market for (mostly) French companies looking to diversify their sources of finance. As GlobalCapital says in the following section, institutional direct lending, of which the sapling Euro PP is part, will one day be an oak.

Private Debt Roundtables

GlobalCapital convened four roundtable debates across Europe — Frankfurt, Vienna, Paris and London — to allow key market participants including bankers, investors and issuers to discuss the latest advances and opportunities in Europe’s private debt markets.