European borrowers head stateside

The euro and sterling investment grade markets saw no supply in the first three days of the week, as Europe’s well-funded corporate borrowers have little need for cash. But some are heading to the US. Spain’s Telefónica, fresh from a Eu1.2bn deal late last month, raised more than $10bn of orders as it sold a $2.75bn bond on Monday. Unilever printed a $1.5bn note, its first since June 2009, on the same day. Read EuroWeek on Friday for coverage.