On the surface, French cable company Numericable's debt issue on Wednesday may not seem like the most exciting of deals. Yet it is set to beat previous records and mark the changing cycles of the markets post-credit crisis.
Numericable initially planned to sell around 6 billion euros ($8.3 billion) worth of debt, but has increased the amount to $7.9 billion euros on the strength of close to $100 billion worth of appetite from investors.
"This marks a real coming of age and maturity of the European high-yield and non-investment grade sector," Ray Doody, head of acquisition leveraged finance, EMEA, at JPMorgan told CNBC.
The success of the deal makes $50 billion plus leveraged acquisitions for good companies feasible, according to Doody.
"There is a shift in terms of the deal size that we as market makers and intermediaries think is possible," he said.
The offering was also attractive to investors because of the mixture of different kinds of bonds.