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Dr. Michael Teig
Deputy Head of Financials Credit Research
Banks, Covered Bonds
UniCredit Bank, Munich
Am Eisbach 4 - MRE3FI
80538 Munich
Germany
+49 89 378-12429

Dr. Michael Teig is Deputy Head of UniCredit's Financials Credit Research and a senior credit analyst focusing on European banks. Before joining UniCredit, Michael worked in the credit risk management department for public finance and financial institutions at Deutsche Pfandbriefbank AG in Munich. From 2008-2012, he worked in the International Sovereign and Public Finance Ratings team at Standard & Poor’s in Frankfurt. Michael has a graduate degree in economics and a PhD in economics from Germany’s Bamberg University. 

Latest contribution

a9c0db951a2922a1888350f23674ecb2bc3ed03d8c0024c89a05c984c2d79b47;;[{"layout":"detailed","uid":25822,"publicationDate":"14 Jul 21","emaObject":{"protectedFileLink":"https:\/\/www.research.unicredit.eu\/DocsKey\/credit_docs_9999_180712.ashx?EXT=pdf&KEY=n03ZZLYZf5miJJA2_uTR8i6BBYr_YDtFbNi7Wqp0tt8=&T=1&T=1","protectedFileLinkDe":"https:\/\/www.research.unicredit.eu\/DocsKey\/credit_docs_9999_180667.ashx?EXT=pdf&KEY=n03ZZLYZf5miJJA2_uTR8hOoVgkd1nQ3lZ4prY0o_FQ=&T=1&T=1","protectedFileLinkIt":""},"title":"Sector Report - Corporate Schuldschein loans: 1H21 - record half for ESG-linked notes (English version)","titleDe":"","titleIt":"","product":"Credit Sector Report","synopsis":"<p>Translation of the original German version, published on 9 July 2021<ul class=\"ucrBullets\"><li>The transaction volume in the Schuldschein market in the first half of 2021 was lower than in the same period of the previous year. According to our calculations, the issuance volume of corporate Schuldschein loans (SSD) was approximately EUR 7.8bn in the first half of 2021 (closing date, 1H20: EUR 10.2bn). There were 54 SSD issues in 1H21, slightly less than in the first half of last year (60). In 1H21, issuers from European countries outside Germany increasingly returned to the SSD market. 1H21 was a record half-year for the sustainable SSD market (especially ESG-linked) ' almost 75% of 2020\u00b4s full year volume was achieved in the first half of 2021. In 1H21, the market share (volume) of sustainable SSDs in the overall Schuldschein market was 26% (1H20: 20%, 2020: 13%, 2019: 10%). <\/li><li>After a somewhat weaker 1H21, UniCredit Research has lowered its estimated issuance volume for the corporate Schuldschein loan market in 2021 from EUR 20bn to EUR 18bn (closing date). However, according to our database, more transactions were in the marketing phase in June, so we expect a further recovery in 2H21. We assume that there will be more debut issuers and more international issuers will return to the SSD market. SSD issuance volume in 2021 will also be driven by expectations of rising interest rates, in our view. Sustainable corporate Schuldschein loans are likely heading for a record year in 2021. We estimate that their market share will continue to grow steadily and forecast a share of more than 30% of the total SSD market by volume in 2021. <\/li><li>Banks are becoming more confident about lending, with a greater differentiation of credit standards across sectors. Lending standards were only tightened slightly in 1Q21 after a more pronounced tightening in 2020. No sectors are completely excluded from financing, but the individual risk assessment is being given greater weight and the viability of business models plays an important role. The extension of KfW guarantees until the end of 2021 and an extension of regulatory relief for banks are having a supportive effect on lending.<\/p><\/li><\/ul>","synopsisDe":"","synopsisIt":"","hash":"a9c0db951a2922a1888350f23674ecb2bc3ed03d8c0024c89a05c984c2d79b47","available":"0","settings":{"layout":"detailed","size":"default","showanalysts":"-1","showcompanies":"-1","showcountries":"-1","showcurrencies":"-1","nodate":"0","notitle":"0","noproduct":"0","noflags":"0","dateformat":"d M y","nolinktitle":"0","synopsislength":"400","synopsisexpand":"1","shownav":"0","limit":"1"}}]

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