Germany

This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of March.

A €704m share block in German remote software company TeamViewer showed that the equity capital markets are still open for large opportunistic block trades, despite equity market fears over the spread of the Covid-19 coronavirus.

Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.

German auto and industrial supplier Schaeffler has launched an inaugural Schuldschein. The funds will be used in accordance with its green finance framework.

Dürr is looking for its second sustainability-linked Schuldschein, after the listed mechanical and plant engineering firm launched its first issue in the format last May.

BMW Finance, a wholly owned special purpose vehicle of BMW, brought a Rmb3.5bn ($502m) dual tranche private placement Panda bond on Tuesday. Both tranches received plenty of demand from domestic investors, the result of flush liquidity onshore.

Eurex launched MSCI index derivatives tailored to fit environmental, social and governance (ESG) investment criteria on Monday, as it works to expand its suite of related products beyond Europe.

Workers of the world’s capital markets united this week in efforts to keep the funding flowing as the threat of the Covid-19 coronavirus advances. Roadshows, mandate pitches and even quotidian office life faced emergency changes as embattled financiers braced themselves and their businesses for virus disruption.

Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 24. The source for secondary trading levels is ICE Data Services.

Santander UK took advantage of improving sentiment in the euro market to launch a new senior bond from its holding company on Friday, while Hamburg Commercial Bank announced its intention to raise tier two capital.

BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.