The four private equity firms which paid €8bn ($10.1bn) to buy Philips' semiconductors business in August have launched Europe's largest high-yield bond to help finance the deal.

The €4.5bn deal is second in size globally only to RJR Nabisco's $6.1bn (€4.8bn) high-yield bond, sold in 1989. It replaces a €2.37bn deal sold by UK chemicals company Ineos in February, formerly Europe's biggest.

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Philips sets high-yield record

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