The turnaround in interest rates makes bonds more attractive again.
This offers companies the chance to win back the private investors who were neglected during the low-interest phase in their financing.
This means that they should lower the entry hurdles from 100,000 euros to 1,000 euros in their bond issues.
The savers would thank them, because many would like to put a bond from well-known companies such as Mercedes-Benz, Siemens or BASF in their portfolio.
What is interesting is the development of the promissory note, which, unlike bonds, is not traded on the stock exchange and is therefore only accessible to private investors via a few specialized funds.
The large medium-sized companies that are preparing for the capital market in this way no longer dominate there, but increasingly well-known addresses such as Bosch, Vonovia or ZF-Friedrichshafen.
These companies have plenty of experience in the capital market, but use the promissory note again and again because it is associated with fewer regulatory obligations.
As pleasing as the issuance record and the high growth for the promissory note market is, the reasons for this must be questioned.
Above all, these include the unchanged favorable conditions (“convenants”) compared to listed bonds.
This stands in the way of the goal of greater capital market orientation for companies.