Corporate debt in Germany in the course of the COVID-19 pandemic: An evaluation based on the AnaCredit dataset

We analyse developments in the bank loan debt of German non-financial corporations during the COVID-19 pandemic based on the AnaCredit dataset. This data source provides detailed and timely firm-level information on the corporate sector's bank loan debt and thus enables granular analyses. Using data sources available for longer periods of time, we assess the developments in a historical context. We find that, although the bank loan debt of German nonfinancial corporations has risen significantly on average since the outbreak of the COVID-19 pandemic, the increase was not extraordinarily strong by historical standards. However, a disaggregated analysis shows that, in the sectors hit particularly hard by the containment measures, bank loan debt has risen very strongly and to a historical degree.