The prospect of massive supply of corporate bonds from the likes of BT and Freddie Mac and the recent period of corporate credit volatility has not detered Spain's national broadcaster from keeping to its funding schedule.

Radio Television Espanola sold €500m ($424m) of three-year bonds on Monday. The company issued deals of the same size in March this year and in July 1999. The difference this time was that RTVE was confident enough in its ability to attract international investors to select four non-Spanish lead managers.