an alternative to Commercial Papers/Bonds typically placed on German capital market, which are not traded on public market and the Issuer does not need to have external rating, as each Subscriber like Bank, Investment fund or Asset Manager makes its own credit assessment with regard to the quality of Issuer. In addition, the Issuer protocol is hereby replaced with Bilateral Schuldschein Agreement, which may be shorter in its scope than standardized LMA contract agreement. Also the registration of underlying documentation with any regulator is not needed. The subscribers usually buy these Papers in their own Portfolio and hold them until the final Maturity. Clearly, the main advantage is that this type of Funding is less expensive and requires less administrative steps. For instance, the Schuldschein European market brought-up a EUR 25 bn of newly subscribed deals, thereof almost 60% was placed in Germany itself, followed by Austria, Swiss and Luxembourg. As concerns the quality of Issuers, more than 90% of new transactions was unrated.