Public Debt

The AFS Public Sector Desk is the leading partner for issuers and investors in the Northwest European sub-sovereign debt market. We give
sub-sovereign issuers unrivalled access to the money market and capital market, both through traditional voice broking and through our smart
platform AFS Blue. Both investors and issuers – ranging from small municipalities to big cities, regional governments, local utilities, hospitals, housing associations and other entities – can count on unrivalled price discovery. Since most issuers are unrated, our dedicated and highly skilled team provides investors with thorough research on issuers and their regulatory treatment under EU banking and insurance regulations.

The notional size of sub-sovereign debt in our Northwest Europe core market is more than 300 billion euros, the bulk of which consists of debt with either an explicit or implicit sovereign guarantee, and thus a zero percent risk weighting or spread risk under EU banking and insurance regulations.

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Medium-term noted (MTN)

A medium-term note (MTN) is a note that usually matures in five to 10 years.


The Schuldschein is very similar to a bond, but less expensive, and it does not need to be registered at a stock exchange. Thus, the borrower of a Schuldschein has no access to the bond market. More flexible than a bond, the Schuldschein note can be adjusted to the customer’s needs regarding repayment terms, drawdown periods, etc. Lending amounts range between EUR 10 and 100 million.

Get in touch

Contact our Public Debt desk

Phone: +31 (0) 20 - 5 220 220