S&P tells TMI that Germany’s Mittelstand seek alternative funding sources

Dr Mark Währisch

Dr Mark Währisch

In the latest edition of TMI’s magazine, Standard & Poor’s Mark Währisch, Alexandra Krief and Claire Mauduit-Le Clercq reveal that slow banking disintermediation in Germany has not deterred the country’s famously robust mid-market, or Mittelstand, from seeking alternative funding sources to finance growth, including the well-established US private placement (USPP) market and the German Schuldschein market. Somewhat shielded from the current difficult economic conditions by their focus on exports, Germany’s mid-market firms still suffer from limited transparency – an obstacle to overcome going forward.

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