Schuldscheine (promissory notes) are loans, i.e. they are not securities, and are a typically German product that are unknown as such in other jurisdictions. Buyers of these instruments are, therefore, limited to institutional investors in Germany. The issuer group, by contrast, has been growing for some years throughout Europe as the investor market here is deemed to be stable and attractive. The transaction costs associated with the issuance of a Schuldscheindarlehen are far less than those for bonds. Among other things, an explicit rating is not required. For this reason, the minimum sizes (but also the maximum sizes) for individual Schuldscheindarlehen are usually far smaller than those of bonds. Especially for medium-sized industrial companies or larger enterprises, Schuldscheindarlehen are usually the first approach to the capital market.

Thanks to its central role and importance in the German market DZ BANK is a leading provider of promissory notes.