European companies in record bond sales

European companies have sold record volumes of bonds so far this year, capitalising on renewed investor demand as corporations seek to refinance debt. Non-financial European companies sold $15.2bn of bonds last week, one of the largest weeks ever for bond issuance, according to data provider Dealogic. Companies have been turning to the bond markets to refinance debt as bank lending has become constrained. Capital-intensive sectors such as utilities, telecoms and carmakers have been the most active issuers in early 2009, with Gaz de France, Daimler and Deutsche Telekom among the largest European issuers. US groups such as Staples, the stationery retailer, and printing company RR Donnelley have also been selling bonds.