Medtronic shows depth of euros with €7bn debut and €30bn book

The debate over whether the euro corporate bond market is still a poor relation of the dollar continues. Medtronic, the US-Irish maker of high tech medical devices, made a strong argument in the euro’s favour on Monday by making its debut in the currency with the kind of deal that issuers regularly bring in dollars, but that until recently was very rare or unheard of in euros. It issued six tranches of bonds totalling €7bn and the market was entirely equal to the task, producing over €30bn of demand.