NXP semiconductors, the €8bn semiconductor business Philips sold to four private equity firms last month, today started marketing a €4.5bn ($5.7bn) issue of high yield bonds to investors. It will be the largest junk bond sale in Europe to date.

The financing, which backs last month's leveraged acquisition, trumps the €2.37bn in junk bonds issued in February by UK chemicals group Ineos which had been the previous record holder.