The global head of debt syndicate at the biggest bookrunner of euro bonds has sounded a note of caution over market volatility, even as his team celebrates their role running the largest euro issuance yet from a corporate borrower.

Frederic Zorzi, global head of debt syndicate at BNP Paribas, said it was "not an easy market" in which to issue, despite the success of Belgian brewing company AB InBev's €13.25 billion bond, which priced on March 16.