Mark Dodd, deputy head of syndicate at RBS in London, describes June's five-tranche EUR5 billion transaction for Italian utility Enel as a "defining moment" in the evolution of the corporate bond market. "If the deal had gone badly it would have set a negative tone for the entire credit market, and the transactions that followed would not have been done at anything like the spreads they achieved," he says.

It is easy to see why. The Enel transaction, led by Credit Suisse, Deutsche Bank, Goldm