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A Schuldschein is a “credit contract” entered into between a borrower (for example, a State, region or municipality) and an investor via a bank.


In exchange for a loan of funds from an investor, you issue negotiable securities, which represent part of the repayment.


Investors may obtain favorable accounting treatment of a Schuldschein, which is governed by German law.


The Schuldschein documentation is less cumbersome than for a bond loan.


  • Compared to a traditional investment loan, the Schuldschein ensures a certain liquidity of receivables.
  • Compared to a syndicated loan, creditors are independent of one another. No decisions are made on a majority basis.
  • Compared to a bond issue, the security is not revalued on a daily basis.

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