BP issues €2bn euro bond

Britain’s BP is borrowing €2bn (£1.72bn) from European investors via a bond issue carried out yesterday, designed to help finance a $20bn (£12.6bn) fund set up to compensate victims of its Gulf of Mexico oil spill. The cost of the deal is substantially less than investors would have demanded prior to the oil firm plugging the Macondo well, but still reflects its weaker balance sheet. Last week, BP made a $3.5bn issue in the US as it returned to bond markets for the first time since 2009.