HEUKING’s Capital Markets lawyers show stellar performance with nine SME bonds in 2024

A study by IR.on AG found that 33 SME bonds were issued in the German market in 2024. HEUKING’s Capital Markets team played a key role in this sector, advising on nine of these issuances – more than a quarter of the total.
 
Notable client accomplishments include the successful exchangeable bond issuance by SANHA GmbH & Co. KG, a specialist for pipe performance systems, as well as Karlsberg Brauerei GmbH’s debut Nordic Bond, which earned recognition as the “Best Bond Issuer in the SME Bonds 2024” category. The Platform Group AG’s oversubscribed initial EUR 30 million bond led to an additional EUR 20 million issuance within the same year. “I am truly delighted that our team was once again able to support so many bonds issuers in 2024. In many instances, we were repeatedly retained by the companies – an excellent sign of successful collaboration,” said Dr. Thorsten Kuthe, Partner at the firm’s Cologne office.
 
Market analysis shows the 33 SME bonds were issued by 28 companies, targeting EUR 1.33 billion with EUR 1.10 billion successfully placed. Financial services dominated the sector distribution with seven issuances, followed by the industrial goods and services, energy, and chemicals sectors with six issuances each. IR.on AG annually reviews developments on the German SME bond market, surveying issuing houses about their market forecasts.
 
HEUKING’s Capital Markets team has a strong presence not only in traditional SME bond issuances. In addition to the bonds analyzed by IR.on AG, HEUKING’s experts have advised on numerous other issuances. The firm has further expanded its expertise to electronic securities, strengthening its team with Christopher Görtz’s promotion to Equity Partner and the strategic additions of Dr. Dr. Johannes Blassl in 2023 and Markus Joachimsthaler in 2025. The comprehensive Capital Markets practice also demonstrated excellence in stock corporation transactions, including listings, reverse mergers, structural measures, script dividends, and share buybacks. HEUKING further advised on multiple public takeovers, with plans to enhance this practice area through Dr. Andreas Meyer joining as Senior Counsel on April 1, 2025.