German Sovereign

E.On launched a bond exchangeable into BKW shares alongside a convertible bond from the company itself on Tuesday morning, which together were set to raise around €250m.

German machinery maker Siemens has offered the shareholders of Dresser-Rand, the US oil and gas industry engineering company, $83 a share, valuing the business at $7.6bn (€5.9bn).

Tui shrank its high yield bond return to take advantage of the tighter pricing available from retail investors, according to bankers on the deal.

Merck KGaA, the pharmaceuticals company based in Darmstadt, has obtained bridge financing for its $17bn (€13bn) acquisition of Sigma-Aldrich. The final funding structure comprises cash and debt only: around €2bn of cash on Merck’s balance sheet, €4bn of bank loans and €7bn of bonds.

SAP has agreed to acquire Concur, the US travel and expenses software provider, for $8.3bn. To fund the deal, the German IT company has signed a €7bn credit facility and obtained its first credit rating.

A burst of M&A announcements early this week from Danish national phone carrier TDC, auto parts maker ZF Friedrichshafen in Germany and French telecoms firm Orange lifted the mood in the western European loans market. But Orange's financing plans, which include hybrid bonds, show that deals may not always lead to loan mandates.

This week's scorecard covers the funding progress of selected sovereign issuers. Read on to see which are over the 80% mark.

Nederlandse Waterschapsbank is set to sell a $1.5bn three year benchmark at the tight end of initial price thoughts — a level through its curve, according to one of the leads. Finnvera priced a straight five year having revised its maturity from a January 2020 announced on Monday.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

The German State of North Rhine-Westphalia capitalised on a bid for duration, despite a steady trickle of supply from German states in euros over the summer break, to print a long 10 year deal at a level leads said was in line with fair value on Tuesday.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some wobbles in secondaries over the past month.