If there was a night school for bond origination, it would warn students never to issue in August. But it might also tell them that all rules are made to be broken. The European Aeronautic Defence and Space Company (EADS) broke the rules this August with spectacularly successful results.
The Airbus manufacturer is a rare visitor to the bond markets - until now, at any rate, although this may change. Since it was formed by the merger of its component national champions in 2000, it has issued bonds on only two occasions, both in 2003. One issue raised €1bn, maturing in 2010, and the second - in 15-year paper - raised €500m.
