“European corporate bond issuance surged last week as investor demand pushed down interest rates on government bonds from “peripheral” eurozone countries such as Portugal, Spain and Italy to multiyear lows.

“The value of European investment-grade corporate bonds issued topped $20bn, the first week it had done so for nearly five years, according to Dealogic.

“The biggest issuers included Anheuser-Busch InBev, the Belgian-based brewer, which raised $3.5bn; the Spanish telecoms group Telefónica, which raised $2.4bn; and the leasing arm of Volkswagen, the German motor manufacturer, which raised $2bn.

“Analysts said issuers were keen to take advantage of low yields, which move inversely to prices, at a time when investors appeared relaxed about the Ukraine crisis but remained wary of putting funds into emerging markets.”

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