Germany

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.

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.

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.

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.

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.

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.

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.

Guarantor: Federal State of Baden‑Württemberg

Marcel Göldner has been picked as the successor to Andreas Petrie, the retiring head of primary markets at Helaba.

Germany’s Volkswagen ended an absence of almost seven years from the offshore renminbi bond market this week, braving a year-end dip in liquidity to seal a Rmb1bn ($153m) deal. It offered yet another diversification opportunity for the carmaker, which is already a well-established name in China’s onshore securitization market. Addison Gong reports.

Nordex, the German wind-turbine developer, has raised €200m from the sale of 10.7m new shares to fund growth.

Kommunalbanken, the financing agency for Norwegian municipalities, and L–Bank, the development bank for the State of Baden–Württemberg, built well covered order books as they brought what will likely be the SSA market’s final dollar benchmark deals of 2020.