A refreshing euro debut for Heineken


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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