From a sporting point of view, the last matchday of the 2nd Bundesliga was to be forgotten for Hamburger SV and Schalke 04.

While Hamburg played a draw for the eighth time, Schalke even lost their home game.

Werder Bremen won their away game, but is bobbing around in the middle of the table.

Promotion to the Bundesliga, that much can already be said, will not be child's play for the clubs.

And that can also be important for investors - because all three associations have issued bonds.

As a reminder: All three clubs were long-time members of the Bundesliga - and notoriously clammy. Hamburger SV issued its last bond so far in 2019, back then in the second division. He collected 17.5 million euros from 5,000 investors who invested between 100 and 500,000 euros. The bond, which runs until 2026, bears interest at 6 percent. However, the proceeds are only intended to ensure the repayment of an old bond, the anniversary bond. This was launched in 2012 and expired in 2019. Those responsible at the time promised to use the money to build a new performance center for the next generation. In truth, however, the money was used to avoid insolvency.Despite several years in the second division, the bond price is relatively stable and is currently around 103 percent.

The situation is similar at Schalke 04. The club has often raised money through bonds. And so the current bond once again only served to redeem old claims and cannot really be understood as an investment in the future. The bond has a five-year term and bears interest of 5.75 percent per year. At that time, a total of 15.893 million euros was supposed to be raised, but the club clearly missed the financing target. In addition, refinancing is becoming more and more expensive for Schalke: The old coupon was 4.25 percent. 1.5 percentage points more is giant leap in the world of bonds - after all, the coupon has risen by a third. At least the bond price has remained stable and is quoted at 99.1 percent.

The Bremen bond also clearly missed its financing target, despite an attractive interest rate of 6.5 percent.

This shows that investors are slowly starting to see how dangerous these bonds are.

The longer the clubs stay in the second division, the riskier they become.