For evidence of the strength of investor demand to the German corporate sector look no further than the spectacularly successful Schuldscheindarlehen issue from Stadtwerke München (SMW) in May. Planned as a Eu250m transaction, the Bavarian utility’s deal generated orders of Eu1.7bn. Although this demand was unprecedented, SWM’s Eu750m deal was still a long way short of the record Eu1.35bn BMW raised in April 2008.
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