BMW kicked off the 2012 bond calendar with two oversubscribed debt issues this week. The automobile giant moved quickly to secure funding requirements before volatility and eurozone fears return to the markets.

BMW's sale of €2.5bn worth of debt on January 4 amounted to the largest corporate bond issuance since March 2010, according to the deal's term sheet. The debt - the first corporate issues of the year - was split evenly between three-year notes paying out 2.125% and a seven-year tranche with a coupon of 3.250%.