At a time when public debt issuance has all but dried up – amid the economic uncertainty over the eurozone debt crisis – five banks have landed roles as bookrunners on one of the largest investment grade corporate bonds this week.

BAE Systems, the UK defence company which announced 3,000 job cuts in the country last month, on Wednesday priced a $1.25bn private placement in the US. Outside of the US, the bond was sold on the European public market. The net proceeds of the offering, which will close on October 11, will be used for general corporate purposes, including repayment of indebtedness, BAE Systems said.