Rarity value of German corporate issuance stokes investor demand
Corporate issuance from Germany is well down on last year. This has only served to heighten the appeal to investors of any new deals by the country’s biggest companies, which are proving resilient to the economic downturn.
After a glut of borrowing in 2009, when German companies took advantage of the dramatic return of investor appetite for corporate credit to lock in long-term financing, this year has seen a significant contraction in new deals. Investment grade issuance by German corporate names totalled some €23 billion by mid-October, and it looks unlikely that full-year volumes will come close to the €71 billion issued last year.
When looking at the figures alone, German corporate issuance in 2010 seems more
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