Invensys' plan to sell businesses and reduce debt has partly eased the concerns of its bondholders, who will be asked to invest more money this year if the company terms out its bank debt.

While Invensys' shares were down 4p in London trading on Tuesday at 105p, its 5.5% Eurobond due 2005 was trading approximately two cents higher at 90 cents. The bond issue was launched at a price of 99.785 in March 2000 via Deutsche Bank and UBS Warburg.