UK pharmaceutical company GlaxoSmithKline swiftly returned to the corporate bond market yesterday, wrapping up the sale of €3.5bn ($5.15bn) of bonds in one day despite the unrelenting volatility in the credit markets.

The two-tranche euro transaction led by Credit Suisse, Deutsche Bank and Lehman Brothers caught the market by surprise on timing but investors still flocked to the new issue, pushing the order book towards €6bn.