Greece corporate bond issuance bounces back Greek companies have raised a record €4bn in debt capital markets this year, amid a surge of corporate bond issuance across the eurozone's most stressed economies. The flurry of activity highlights how companies are turning increasingly to markets for essential finance instead of relying on Europe's weakened banks. It also shows the rising investor interest in riskier eurozone assets. Greek corporate bonds Peripheral eurozone corporate debt issuance "There is a broader trend from bank borrowing to bond issuance but Greek companies are also trying to make a statement to the market, proving they have market access like companies from any other European country," said Frazer Ross, managing director of corporate debt syndicate at Deutsche Bank. Some 15 Greek companies have issued €3.97bn in debt so far this year, according to Dealogic. One of the biggest deals was by a Greek arm of Coca-Cola. Others, however, had stronger links with the domestic economy, including OTE, the telecoms group, and Hellenic Petroleum in the energy sector. This month, yields on 10-year Greek government debt fell below 8 per cent for the first time since May 2010 - when Greece's debt woes erupted into a eurozone crisis - and bankers forecast further Greek companies will tap bond markets in the coming months. "Three or four are expected before the end of the year from top-30 Greek companies," said Nikos Karamouzis, chief executive of Geniki Bank. Corporate bond issuance has also risen in other countries on the eurozone's periphery, including Ireland and Portugal, although total Portuguese corporate debt issuance, at €5.6bn so far this year remains below the record €9bn raised in 2009. Total eurozone periphery corporate issuance has reached €61.6bn, also the highest since 2009. On Friday, Galp Energia, an unrated Portuguese oil and gas company, raised €500m on a bond maturing in 2019. The 4.25 per cent yield is below the yield on five-year Portuguese sovereign debt. That shows international investors "are increasingly willing to look beyond sovereign and associated euro bloc concerns," said Gideon Gent, head of corporate bond syndication at BBVA in London. However, Mr Ross cautioned: "For some investors it is still a step too far. If we see continued improvement in the European macroeconomic backdrop and in Greece in particular, it is conceivable that investors will pile into Greek corporate bonds. But everyone needs to be mindful of the fact that the Greek economy remains under a high degree of stress.