Deals of the year 2010: BP $3.5 billion senior unsecured dual tranche

After 2009’s blockbuster year for corporate issuance, 2010 was relatively subdued. The common reason for this put out by debt capital markets participants was that although issuance conditions were generally conducive for investment-grade companies, they simply didn’t need the funds. They were in fact hoarding cash. US companies have been doing so at the fastest rate for more than 50 years and European and Japanese companies have been following suit.