Every six months, the team at iron AG analyzes trends in the German SME bond market and surveys underwriters about their forecasts for future market developments.
Analysis of the SME Bond Market, H1 2026
Higher Issuance Activity, More Selective Demand—Professional Guidance Is Becoming Increasingly Important
In the first half of 2026, 16 issuances with a total placement volume of approximately 370 million euros faced a more challenging market environment. The placement rate fell to 71.9%, while the average coupon remained virtually stable at 7.52% p.a.
Read more in our study:
- Why Professional Banking Support Is Increasingly a Decisive Factor in the Success of a Placement
- Which Sectors Shaped the SME Bond Market in the First Half of 2026
- How Investor Communications, Restructurings, and Bond Defaults Have Evolved
Download now for free:
STUDY ON SME BONDS H1 2026 (PDF)
The corresponding press release can be found under Insights.
Analysis of the SME bond market in 2025
Stable Despite Challenging Conditions—Professional Guidance Is the Key to Success
27 issues with a volume of EUR 1.00 billion were successfully placed, while coupons fell to an average of 7.34% p.a.
Read more in our study:
- What factors determine the success of an issue?
- How banks assess the market in 2026
- Why IR quality is becoming a competitive advantage
Download now for free:
SME BONDS 2025 STUDY (PDF - German only)
The corresponding press release can be found under Insights.
SME Bond Conference | iron x AIRTIME
iron not only observes the German SME bond market, we actively help to shape it. With the SME bond conference, which we are developing together with AIRTIME By hosting these events every six months, we create a high-quality platform for direct dialogue between issuers and institutional investors. A 20-minute presentation, followed by a 10-minute live Q&A, professionally moderated, without the hassle of a roadshow.
Sustainable SME bonds
An analysis from June 2024 takes a closer look at terminology, standards, and ratings for sustainable bonds. The most important findings can be found in the expert article"Sustainable bonds: classification, market development, and orientation".
Selected references
Are you considering issuing a bond?
We guide your transaction to success—from strategic preparation and support during placement to ongoing investor relations. With experience from around 50 successfully supported SME bond issues, we create transaction security, optimized capital costs, and sustainable access to the capital market.