“A year ago it would have been nearly impossible to sell e1 billion of a triple-B-rated company’s bonds,” says Matthias Wittenburg, syndicate manager at Dresdner Bank in Germany, referring to Heidelberger Zement’s seven-year bond issued early last month. “But this bond generated demand exceeding e2 billion.”
Wittenburg might add that a year ago it would have been difficult even to find a German company with a triple-B rating. Most German corporates – if they issued bonds at all – were infrequent borrowers who expected to sell their paper mainly to local investors.
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