Heidelberger Zement’s rock-bottom appeal

Amount: e1 billion

Type of issue: Corporate bond

Launched: Launched February 7 2000

“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.