The €1.5bn ($1.8bn) bond that France's Schneider Electric launched in August flew in the face of debt capital market tradition. Schneider launched the deal despite received wisdom that fund managers and their peers spend August on the beach and are consequently uninterested in investment decisions.

However, the success of the deal more than vindicated Schneider's decision. One of the largest bonds issued in August over the past six years, its order book was more than twice subscribed and it was issued at the tight end of price guidance.