The rise and fall of the German SME bond market. An empirical analysis using the propensity score method

Der Deutsche Mittelstandsanleihenmarkt war ein positiv antizipiertes Segment, welches es, beginnend etwa im Jahre 2010, auch kleineren Firmen erlaubte, Anleihen auf Börsen auszugeben. Nach einem gutem Start häuften sich Zinszahlungsausfälle und Konkurse der Emittenten. Diese dramatische Entwicklung führte zu einer emotionalen Diskussion und vielen Schuldzuweisungen und es entstand ein dringendes Bedürfnis, dieses Segment mit objektiven, wissenschaftlichen Instrumenten zu untersuchen.
The German Small- and Medium Entreprise (SME) Bond market (Deutsche Mittelstandsanleihenmarkt) was a widely celebrated segment which permitted, around the beginning of the 2010s, smaller firms to place bonds on German exchanges as restrictions were lifted and/or reduced. The initial feedback was thoroughly positive and a multitude of firms entered the market until, within a few years time, the first firms defaulted on their interest or principal payments. Suddenly, a strong decrease in issuance activity was observed. In parallel, the positivity towards the segment among stakeholders, financial market experts and banks started to decline. Whenever something starts out so auspiciously and crashes back down to earth so discouragingly, there will be many questions regarding the nature of this collapse. Several potential culprits were identified quickly - the media, underwriters, exchanges, the issuing firms themselves, investors, ... - no-one was safe of being accused to bear some or all of the blame. Naturally, this kind of discussion does not do much to forward actual understanding of the underlying factors for this development. Therefore, a strong need arose to analyze this segment objectively with proper scientific instruments.
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Innsbruck, Univ., Diss., 2021