German Sovereign

German IT company SAP today priced €2.75bn of the €4bn bonds it said it would issue to fund its acquisition of US expenses software firm Concur. The deal generated huge demand, with order books across the three tranches bulging to €11bn.

BMW became the latest in a string of international and non-UK companies to issue short dated sterling bonds recently, when it priced a £300m five year on Thursday.

The third time worked the charm for Aareal Bank, when on Thursday it sold what is likely to be its only additional tier one deal after having twice postponed sales this year amid spikes in market volatility.

Aareal Bank, whose plans to repay a loan to the German government by raising additional tier one capital were derailed by capital markets volatility in July and September, is hoping the third time is the charm as it announced a €300 million perpetual non-call five year AT1 on Thursday morning.

Following an independent valuation, Malaysia-based stationery maker Pelikan International Corp has shrunk the size of a rights issue that it will use to fund a restructuring.

Hella Hueck, the family-owned German car lights and electronics maker, made its stock market debut on Tuesday and traded up by 2.3%.

Goldman Sachs and KKR sold an 8.1% stake in Kion Group, the German forklift truck maker, on Monday evening, through an accelerated bookbuild.

Bankers marvelled last week at just how eager European investors were to buy very highly rated corporate paper - as evidenced by a rarely intense period of issuance by double-A rated firms. Another high grade deal came on November 7 to reinforce those feelings: Bayer launched a €500m bond and got a €4bn book.

German internet services provider United Internet is marketing a €300m Schuldschein, which is understood to be already oversubscribed.

German property firm Deutsche Annington Immobilien completed a €451m capital increase on Thursday, which it will use to buy new apartments.

The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.

German robotics firm Kuka is set to raise funds through a sale of new shares to finance its acquisition of a Swiss logistics firm.