People
Rainer Bizenberger
Partner & Managing Director, Co-Head Turnaround and Restructuring DACH
Munich
Debt refinancing in the DACH region is settling into a new equilibrium, where short-term funding has become slightly cheaper, while long-dated interest benchmarks remain elevated, keeping strategic refinancing restrictive and forcing issuers to manage a compressed maturity wall.
Since May, an additional €36 billion - comprising both refinancings and new-money deals - has been pushed out to 2029, easing the near term while extending duration at higher coupons. Refinancing access remains two-speed: investment-grade names clear on acceptable terms, whereas unrated and sub-investment-grade borrowers face stricter terms, wider-ranging covenants, and higher all-in costs.
Primary markets are open, but selective. Leveraged-loan issuance rose to €270 billion in H12025 (refinancing and repricing led), high-yield totaled €39 billion, and banks are re-engaging only gradually. Private debt remains a core pillar, with €85 billion of DACH-focused capital, filling a gap as banks selectively retreat from higher-risk segments.
This report delves deeply into one sector in the DACH region where refinancing pressures are severe. The chemicals industry faces persistent input-cost disadvantages, global overcapacity, and a €3.4 billion maturity wall next year, partially resulting in liquidity stress and repricing risk. These developments have led to a deterioration in key credit metrics over the past three years, necessitating proactive measures to support a successful refinancing.
Execution excellence now depends on liquidity discipline, working capital release, tangible cost/margin actions, and transparent stakeholder management to secure terms, extend runways, and restore resilience.
Read the full report below or download it as a PDF.
