Market depth brings issuers back for more
More than Eu31bn of bonds issued by corporates have already been sold in 2009, as borrowers are encouraged to pre-finance for the year ahead. Investors are still coming back for more. E.On returned to the euro market yesterday to print another Eu1.75bn of five year paper at mid-swaps plus 195b, taking its funding for the year to more than Eu5.6bn already. But it is not only single-A rated utilities which are attracting investor attention: Anheuser Busch, rated Baa2/BBB+, will price a triple-tranche euro and sterling transaction today. For full coverage of all the deals this week, read EuroWeek this Friday.
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