The dollar market's rude health was amply demonstrated on March 5 when BP made its largest ever single visit to the bond market, a $3.25 billion transaction spread over three tranches. The issue came the day after BP filed its 20-F form with the SEC, a document foreign issuers of private securities in the US are obliged to complete.

"In common with all the oil majors given the direction of the oil price over the last year, BP's funding requirements for working capital and capex have gone up," say

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