UK oil giant BP has issued €2bn worth of euro-denominated bonds in deals that hint at growing investment-grade issuance, which has this year contributed less to investment banking revenues than high-yield sales for the first time since 2004.

The company, which wants to prove it can recapitalise itself in the wake of the Gulf of Mexico spill earlier this year, yesterday issued two €1bn tranches of four and seven-year bonds, according to a banker who worked on the deal.