Germany
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No two crises are the same, and to expect financial instruments to behave in the same way in each one would be unfair and naïve. But having proved their mettle in the 2008 crisis, the Schuldschein and USPP markets seemed well placed to thrive in 2020. Not so. Instead, it was the turn of direct lending to shine. Silas Brown reports. -
Germany is looking to issue more syndicated deals and green bonds next year to finance an even bigger funding programme as a result of the coronavirus pandemic.
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KfW plans on extending its euro benchmark bond curve by adding a new 15 year line in 2021 in response to increasing demand from investors for longer tenors.
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Christian Hardt has returned to NRW.Bank as a senior sustainable finance and environmental, social and governance specialist.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.
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Qiagen, the Dutch diagnostics company, has launched the sale of a new convertible bond to refinance the unwinding of an older bond, set to mature in 2021.
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Puma, the sportswear maker, has sold €250m in a Schuldscheine tied to its sustainability performance. Small investor allocations imply that the deal was heavily oversubscribed.
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French energy firm Albioma has sold €100m of Euro PPs, with the interest on the debt tied to its share of renewable energy in its overall production.
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Home24, the German online furniture retailer, has sold €46.4m of new stock to finance its ongoing growth after the company’s share price more than tripled this year.
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Saxony elected to bring a 15 year benchmark to market on Tuesday, launching the deal in an otherwise deserted primary market. The negative yield told against the deal, which was sold without being fully subscribed.
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Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.
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