Fees in the bond markets move continuously. For a newcomer to the high-yield bond market, where issuance is now hitting record levels globally, the total cost of raising a bond can run up to 2.5% as they are at the front of the shifting supply and demand dynamics that drive pricing.

For a company looking to raise €400m for the first time, that could mean total costs of €10m although this can vary widely and be considerably less for repeat issuers. There may be no disclosure requirements, but nor are investors demanding change in 2011.