Bridging Markets: Exploring Opportunities in the Benelux and Nordic Schuldschein Markets
Schuldschein financing is growing beyond Germany, with the Benelux market showing rapid expansion and the Nordics progressing steadily despite regulatory challenges. These developments open new cross-border opportunities, where collaboration and ESG-linked innovations can help unlock the full potential of Schuldschein financing across Europe.
Schuldschein financing, a debt instrument that originated in Germany, has long been a popular alternative to traditional bank loans and public bonds, especially for mid-sized corporates. Its private placement nature offers flexibility and lower documentation requirements, making it attractive amid volatile market conditions. Germany remains the dominant market, accounting for around 69% of total deal volume and 78% of transactions, with approximately EUR 17.5 billion in deals out of a total European market of EUR 25 billion.
However, the Benelux region is rapidly gaining traction. Market volume surged from about EUR 305 million in 2024 to an estimated EUR 2.45 billion in 2025, reflecting growing interest from institutional investors, says Louai Al-Jaafari, Director, SSD Syndicate, RBI. The Nordic markets, while more cautious due to regulatory challenges and lower market familiarity, also show moderate growth, with deal volumes of around EUR 525 million in 2025.
The structural characteristics of the Benelux and Nordic markets, such as investor diversity in Benelux and the conservative but stable Nordic investor base, offer unique opportunities for cross-border Schuldschein transactions. “These markets serve as important bridges connecting issuers with core European investors, facilitating capital flows to regions with stronger growth-driven financing needs,” notes Louai Al-Jaafari.
Despite the promising outlook, challenges remain. Differences in legal frameworks, documentation standards, and risk perceptions require harmonization to unlock the full potential of cross-border deals. Regional banks and arrangers play a crucial role in bridging these gaps by connecting issuers and investors and adapting to the continued expansion of the Schuldschein market.
Looking ahead, Louai Al-Jaafari emphasizes that innovations such as ESG-linked Schuldschein deals are expected to drive sustainable growth. These developments will enhance transparency, liquidity, and investor confidence, further strengthening capital flows between Benelux, the Nordics, and Europe’s core investor base.
Ultimately, fostering collaboration and harmonization across European Schuldschein markets will be key to unlocking new opportunities and driving sustainable corporate growth in an ever-evolving economic landscape.
