The issuance volume in the Schuldschein market has reached a new record level in Q1 of 2023. Despite the recent upheaval in the banking system and the ongoing rise in interest rates, a stellar EUR7.3bn* were placed in the first three months of the year. In our view, this strong performance is essentially due to the fact that the segment continues to attract a sizeable number of first-time issuers and that the internationalization trend remains unbroken. As a result, a constantly growing universe of corporates is taking advantage of the positive characteristics the Schuldschein offers as a refinancing tool.