Nokia Raises $2.3B In Euro Bonds; Credit Market Not Dead

Imagine that. Nokia (NOK) today actually managed to find buyers in the credit market, raising 1.75 billion Euros - $2.3 billion - in the company’s first offering of Euro bonds. The offering included a 1.25 billion Euro five-year offering and a 500 million euro 10-year tranche. The company said proceeds will be used to repay existing short-term borrowing and to increase financial flexibility. NOK today is up 50 cents, or 4%, to $13.06. (link)