A refreshing euro debut for Heineken

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Having no credit rating and no track record in the euro debt capital market did not put off investors from buying into the Heineken name last month. The Dutch firm – the world’s third largest brewer – poured a little liquidity into the market with €1.1 billion of 2010 and 2013 bonds.

But what is surprising about the deal is that investors were so ready to accept a bond from a company that has no credit rating – the bonds were still four times oversubscribed.

Though the company has an implied

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