Corporate bond supply may have slowed to a trickle by the end of February, but investor sentiment remains sufficiently upbeat to deliver the occasional surprise. One came on February 26 courtesy of the Dutch brewer Heineken, which came to the market with its first sterling transaction, the first unrated issue in the currency since 2001 and the largest ever from an unrated corporate. This is also the first unrated overseas borrower to tap the sterling investor base.

The trade's proceeds will repay

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