Unrated bonds: Borrowers go it alone

A large number of European borrowers are eschewing the rating process and issuing unrated bonds. Credit investigates whether this signifies a permanent shift in issuer mentality or is simply a cyclical factor that will die out when the supply/demand dynamic in the corporate bond market evens out.

This year, and in particular the last few months, has seen a number of prominent companies selling bonds without credit ratings. The list of borrowers electing to go down the unrated route includes