知情：理解舒尔茨

Investment Rating - The report does not explicitly provide an investment rating for the Schuldscheindarlehen (SSD) market Core Insights - The SSD has gained traction as a preferred financing instrument among German entities and international investors due to its appealing economic terms and low default rates [2][13] - The SSD market showed resilience with a new issuance volume of approximately EUR 20.7 billion in 2024, despite a 9% decline in the number of transactions compared to the previous year [15] Summary by Sections Main Characteristics - SSDs are bilateral loan agreements governed by German law, typically unsecured or secured by corporate guarantees, with a maximum term of 10 years [4][6][7] - They are primarily denominated in EUR, with digital issuance platforms facilitating the process [6][7] Funding Structure - A bank in Germany typically structures and arranges the SSD, acting as the original lender and distributing the relevant parts to investors [10] Default Rates - The average failure rate of SSDs arranged by VÖB member institutions between 2017 and 2023 was 0.27%, indicating a high level of security and stability for investors [13] Tax Implications - Payments under an SSD are generally not subject to German withholding tax, provided the borrower is not a German bank or financial institution [14] Statistics and Market Trends - In 2024, non-German companies accounted for approximately 34% of SSD issuances, with notable transactions including Rewe Group's EUR 1 billion SSD and Faurecia's EUR 718.9 million SSD [15] Conclusion - The SSD offers a flexible and attractive funding option for both German entities and foreign investors, allowing effective navigation of the market [16]