Last month saw the return of some old faces to the corporate bond market. Rhodia came back with a e1billion senior subordinated offering, with Bear Stearns returning after three years in the wilderness as joint bookrunner with BNP Paribas and Goldman Sachs.

Rhodia may have failed to tap the European debt market last year, but its return marked an important fund raising exercise – to refinance bank debt maturing this year. The transaction enabled Rhodia to term out its debt and diversify

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